Felton, 26 November
2019 - Peripheral Vascular Device Market size
was estimated at USD 5,888.5 million in 2014 and is expected to grow at a CAGR
of 7.2% over the forecast period. Rising demand for minimally invasive
procedures and growing aging population coupled with changing lifestyles are
some of the key factors driving the growth of peripheral vascular device
market. Increase in peripheral vascular diseases and technological advancements
in the devices is also anticipated to further boost up the demand for these
devices in the market. According to an estimate of Central Disease for Control
and Prevention, about 8.5 million people in the U.S have peripheral artery
disease including 12-20% of individuals ageing 60 years and above.
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Furthermore, rising number of specialists treating
peripheral vascular disease also propel the market growth of these devices.
Introduction of technologically advanced products like drug eluting balloons
further drive the future adoption of such devices. Rising chronic conditions
including diabetes, obesity and end-stage renal disease is one of the crucial
factors anticipated to boost demand for these devices. Some of the key
advantages associated with these devices are minimal scarring and post-surgery
infection that improves the adoption level of these devices among the patients.
However, the market growth is expected to negatively impact the market owing to
factors such as reimbursement issues in developing countries, stringent
regulatory policies, and presence of highly fragmented market.
Product Insights
Based on the products, the market is segmented as peripheral
vascular stents, peripheral transluminal angioplasty balloon catheters, PTA
guidewires, atherectomy devices, chronic total occlusion devices, aortic
stents, synthetic surgical grafts, embolic protection devices, and inferior
vena cava filters. Peripheral vascular stents accounted for the major share of
over 31% in 2014 pertaining to the factors such as rising incidences of
peripheral artery disease and development of new imaging techniques.
Introduction of technologically advanced stents such as drug eluting stents
further boost up demand for such devices. In addition, increase in need for
therapies that reduce the risk of complications such as thrombosis is one of
the factor contributing towards its growth. However, stringent product approval
process, number of product failures, and presence of alternative treatment
options for cardiac disease may restrain the growth of stents in the market.
Peripheral angioplasty balloon catheters held significant market share owing to
introduction of technological advance products like drug coated balloons and
favorable reimbursement policies in developed countries like Germany and the
U.S.
Regional Insight
North America dominated the market with the maximum share of
39% in 2014 owing to rising healthcare expenditure, high R&D activities,
favorable reimbursement policies, increasing awareness, and growing stent
surgeries in the region. Asia pacific region is expected to be the fastest
growing segment with a CAGR of 10% over the forecast period. The growth in the
region is driven by the factors such rising incidence of cardiovascular
disease, improving healthcare infrastructure, large population base unmet
medical needs, and rising disposable income level in emerging countries like India
and China. In addition, cost of surgery is less in this region as compared to
developed nations that is expected to boost medical tourisms, which in turn
anticipated to surge demand for such devices.
Market Segments
Product Outlook
(Revenue, USD Million, 2012 - 2020)
• 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.
Regional Outlook
(Revenue, USD Million, 2012 - 2020)
• North
America
• Europe
• Asia Pacific
• RoW
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