Peripheral Vascular Devices Market to Reach US$ 14,592.7 Million by 2027 - Coherent Market Insights

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.

Statistics:

The global peripheral vascular devices market is estimated to account for US$ 8,918.9 Mn in terms of value in 2020 and is expected to reach US$ 14,592.7 Mn by the end of 2027.

Global Peripheral Vascular Devices Market: Drivers

Approval and launch of new devices is expected to propel growth of the global peripheral vascular devices market over the forecast period. For instance, in September 2019, Terumo Medical Corporation launched R2P MISAGO RX Self-expanding Peripheral Stent at the 31st Transcatheter Cardiovascular Therapeutics (TCT) Conference in San Francisco. R2P MISAGO radial devices, especifically designed for peripheral procedures.

Global Peripheral Vascular Devices Market: Opportunities

Government contracts for peripheral vascular devices is expected to offer lucrative growth opportunities for players in the global peripheral vascular devices market. For instance, in January 2020,       Cook Medical was awarded a new contract with the U.S. Department of Veterans Affairs, which includes products such as the Zilver PTX Drug-Eluting Peripheral Stent, Zenith aortic endografts, and associated interventional devices to treat patients with vascular disease.

Global Peripheral Vascular Devices Market: Restraints

Stringent approval process is expected to hinder growth of the global peripheral vascular devices market. Peripheral vascular devices are categorized as high risk class III medical devices by the medical authorities FDA and CE. As these devices are in close contact with the human body, it complicates the approval process, and makes the approval process stringent and long.

Key Takeaways:

The global peripheral vascular devices market was valued at US$ 8,319.0 Mn in 2019 and is forecast to reach a value of US$ 14,592.7 Mn by 2027 at a CAGR of 7.3% between 2020 and 2027. Major factor driving the growth of global peripheral vascular devices market during the forecast period include technological advancement, and product launches.

Peripheral Vascular Stents held dominant position in the global peripheral vascular devices market in 2019, accounting for 31.0% share in terms of value, followed by Peripheral Transluminal Angioplasty Balloon Catheters and Aortic Stents, respectively. Product launches, and increasing use of stents is supporting growth of the segment.

Market Trends

Launch of facilities for the treatment of peripheral artery disease is expected to propel growth of the global peripheral vascular devices market. For instance, in March 2020, Modern Vascular, a vascular treatment center based in the U.S., started a new facility in Thornton, CO, for the treatment of peripheral artery disease.

Moreover, increasing prevalence of diabetes is also expected to propel growth of the global peripheral vascular devices market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Global Peripheral Vascular Devices Market: Competitive Landscape   

Major players operating in the global peripheral vascular devices market include, Abbot Laboratories, Boston Scientific Corporation, Angioscore, Emboline Inc., BD, Cook Group Inc., Cordis Corporation, Covidien PLC, Edward Lifesciences Corporation, Medtronic Plc, St. Jude Medical, and Bayer AG.

Global Peripheral Vascular Devices Market: Key Developments

Major players in the global peripheral vascular devices market are focused on approval and launch of new devices to expand their product portfolio. For instance, in 2018, Boston Scientific Corporation received the U.S. Food and Drug Administration (FDA) approval for Eluvia, a drug-eluting Vascular Stent system for the treatment of peripheral artery disease (PAD).

Segmentation

• By Product Type
  • Peripheral Vascular Stents
  • Peripheral Transluminal Angioplasty Balloon Catheters
  • PTA Guidewires
  • Atherectomy Devices
  • Chronic Total Occlusion Devices
  • Aortic Stents
  • Synthetic Surgical Grafts
  • Embolic Protection Devices
  • Inferior Vena Cava Filters
• By End User
  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
• By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa