Peripheral Vascular Devices Market Size to Surpass US$ 16.00 Billion by 2032, The Brainy Insights
The market ought to witness a positive growth rate owing to ongoing technological advancements of the peripheral vascular devices. North America region emerged as the largest market for the global peripheral vascular devices market, with a 44.0% share of the market revenue in 2022.
Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global peripheral vascular devices market will grow from USD 10.10 Billion in 2022 to USD 16.00 Billion by 2032. The landscape of managing circulatory health has changed due to the evolution of peripheral vascular devices. These devices, which range from sophisticated interventions that restore blood flow to early detection diagnostic instruments, are essential in improving patient outcomes and quality of life. The field of peripheral vascular devices promises further advancements as technology advances, enabling medical professionals to offer more precise, minimally invasive, and effective treatments for various peripheral vascular disorders. By embracing these advancements, healthcare providers can continue taking necessary steps to improve circulatory health and overall well-being.
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Key Insight of the Peripheral Vascular Devices Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global peripheral vascular devices market. The Asia-Pacific region would significantly expand. Various factors, including change in lifestyle of people, smoking and alcoholism can elucidate the regional market expansion. Hypertension is the term for a persistent increase in blood pressure. Since hypertension is the most prevalent cardiovascular disorder associated with vascular consequences like stroke and coronary heart disease, it is a severe public health concern. Coronary Artery Disease (CAD) prevalence in India is estimated at 7–12% across the country. A recent nationwide survey found that rural residents were more likely to smoke tobacco than urban residents. As a result, this region is experiencing significant demand for peripheral vascular devices.
The angioplasty balloons segment is expected to grow at the highest CAGR during the forecast period.
The type segment is divided into angioplasty balloons, angioplasty stents, catheters and others. The angioplasty balloons segment is expected to grow at the highest CAGR during the forecast period. The segment growth is mainly attributed owing to the growing adoption of minimally invasive procedures and rising prevalence of peripheral artery disease (PAD). Angioplasty balloons possess the ability to restoring blood flow in diseased or narrowed peripheral arteries effectively, thereby reducing the risk of complications and improving patients’’ quality of life. These balloons, crafted with precision engineering and advanced materials, enable healthcare/medical professionals to perform procedures with enhanced accuracy and safety. The rise in adoption of angioplasty balloons is further propelled by the continuous advancements in balloon technologies, such as drug-еluting balloons and advanced coatings, which have demonstrated improved clinical outcomes.
The ambulatory surgical centers segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is divided into hospital, ambulatory surgical centers and specialty clinics. The ambulatory surgical centers segment is expected to augment the market during the forecast period. Ambulatory surgical centers (ASCs) have several advantages that help explain why patients and healthcare providers are becoming increasingly familiar with them. Outpatient surgical procedures are provided by ambulatory surgical centers conveniently and economically. The ambulatory surgical centers provide a structured and practical healthcare experience, enabling patients to complete procedures and return home the same day. This reduces the burden on hospital resources and lowers patients’ overall healthcare costs. Additionally, technological developments in peripheral vascular devices have made it easier to develop minimally invasive procedures that may be carried out in ambulatory surgical centers. These procedures provide quicker recovery times, less complexity, and improved patient outcomes.
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Advancement in market
• In June 2022: The FreedomFlow Peripheral Guidewire was approved by the US Food and Drug Administration (FDA), according to Cardio Flow, Inc., a manufacturer of minimally invasive peripheral vascular devices to treat peripheral arterial disease (PAD).
• In January 2022: The United States Food and Drug Administration (FDA) granted Cook Medical a breakthrough device designation for a brand-new drug-eluting stent below the knee (BTK). This brand-new stent is designed to help those with persistent ischemia that poses a risk to their limbs.
Driver: Growing Minimally Invasive Procedures
The increased preference for minimally invasive operations has accelerated the introduction of peripheral vascular devices. Traditional open operations come with a lengthier recovery period, a higher chance of complications, and higher medical expenses. The minimally invasive procedures let patients heal more quickly, experience less discomfort, and spend less time in the hospital using products like catheters, guidewires, and angioplasty balloons. Because of the alignment of this patient-centred strategy with the more significant healthcare trend of improving patient experiences and maximising healthcare resources, minimally invasive procedures have become a critical factor in the market’s expansion.
Restraint: Regulatory Challenges
Manufacturers of peripheral vascular devices have a formidable challenge when navigating the regulatory environment. Strict regulations, dissimilar approval procedures across various markets, and extensive clinical trial requirements can significantly delay the launch time for new devices. Innovation can be hindered and resources strained by complying with international standards and obtaining regulatory permissions in numerous jurisdictions. These obstacles can prevent manufacturers from introducing novel products and reduce the market’s potential. This factor can restrain the expansion of the global peripheral vascular devices market’s growth and development.
Opportunity: Technological Advancements
The ongoing technological advancements are driving the market’s expansion. The industry of peripheral vascular devices has changed due to advances in materials science, imaging techniques, and less invasive procedures. With the aid of imaging technologies like magnetic resonance angiography (MRA), computed tomography angiography (CTA), and intravascular ultrasound (IVUS), healthcare professionals may now see vascular structures with previously unheard-of clarity. Advances have greatly improved the treatment outcomes in stain design, drug-eluting coatings, and bioresorbable materials, which have decreased complications and accelerated patient recovery. This factor is anticipated to provide lucrative growth opportunities in upcoming years.
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Some of the major players operating in the peripheral vascular devices market are:
• Angioscore Inc.
• Abbott Laboratories
• Edward Lifesciences Corporation
• Jude Medical
• Medtronic Inc.
• Teleflex Medical
• Volcano Corporation
• Boston Scientific Corporation
• Cook Group Inc.
• Cordis Corporation
Key Segments Cover in the Market:
• Angioplasty Balloons
• Angioplasty Stents
• Ambulatory surgical centers
• Specialty clinics
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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