Peripheral vascular disease (PVD), also known as arteriosclerosis obliterans, arterial insufficiency of the legs, claudication, or intermittent claudication, is a blood circulation disorder that causes the blood vessels in the heart or brain to narrow, spasm or block. Peripheral vascular disease usually causes fatigue and pain in the legs and particularly during strenuous physical activities, which usually subsides with rest. The blood vessels supplying oxygenated blood to the arms, kidneys, intestines, and stomach are usually affected by the peripheral vascular devices. According to the Center for Disease Control and Prevention, around 12 to 20 percent of the population in the age category of 60 years and above, developed PAD, in 2016. The incidence rate of this disease is steadily increasing.
The number of patients suffering from peripheral artery disease is increasing at a steady rate throughout hence the peripheral vascular devices market is likely to grow at substantial rate over the forecast period. The market growth is likely to be driven by the increasing demand for minimum invasive procedures, and rampant advancements in technology. Nonetheless, the market growth is likely to be hindered by strict regulatory framework as well as the complexities associated with the management and treatment of peripheral vascular diseases.
Peripheral vascular devices market taxonomy
On the basis of product type, the global market is segmented into:
North America held the maximum market share in the global peripheral vascular devices market in 2016. The dominance of this region is attributed to the high adoption of minimally invasive surgeries, high healthcare expenditure as well as patient awareness, among others. Asia Pacific is likely to grow at maximum rate over the forecast period. Presence of a large patient pool with unmet medical need is expected to be a major driver for growth of the market in this region. Improving healthcare scenario in emerging economies such as India and China, among others coupled with the growing GDP of these countries and increasing government initiatives are aiding the growth of the peripheral vascular devices market in this region.
Growing geriatric population to drive the market growth
Growing geriatric population, which is highly susceptible to chronic diseases is expected to create a conducive environment for growth of the peripheral vascular devices market. Additionally, presence of unexploited growth opportunities in the emerging markets such as China, India, and Brazil coupled with rising health awareness among the population are also expected to boost growth of the market in the coming years.
Increasing adoption of bio-absorbable stents coupled with increasing health awareness and growing disposable income among the populace create immense opportunities for the manufacturers in the market. Nonetheless, the high costs of these procedures, particularly in emerging economies and product failures are key challenges faced by vendors.
Some of the major companies operating in the global peripheral vascular devices market are Abbot Laboratories, Boston Scientific Corporation, Angioscore, Emboline INC, and Bayer AG.
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