The Peripheral Vascular Devices Market was valued at USD 8307 million in 2020 and is anticipated to grow at USD 11761 million by 2027 recording a CAGR of 7.3% during the forecast period 2021-2027. medical devices that are used in the treatment of various types of vascular diseases that include atherosclerosis, aneurysm, and deep vein thrombosis are called as Peripheral vascular devices. Devices such as Angioplasty balloons, angioplasty stents, endovascular aneurysm repair stent grafts, catheters, and other devices are used in treatment of Peripheral vascular devices. The growing number of persons with peripheral arterial diseases is driving the market for peripheral vascular devices and equipment. Peripheral artery illnesses occur when plaque made up of lipids, cholesterol, and other chemicals clogs arteries in the human body, reducing blood flow to vital organs. Peripheral vascular disease affects around 200 million individuals worldwide, including 40 to 45 million Americans, according to a paper published by Elsevier in 2018. The disease manifests differently in younger groups, but the incidence climbs significantly with age, with PAD affecting over 20% of those over the age of 80. According to the Centers for Disease Control and Prevention (CDC), 8.5 million persons in the United States have peripheral artery disease, with 12-20% of those over 60 years old. The peripheral vascular devices and equipment industry is constrained by strict regulatory processes, product recalls, and failures. Product recalls and failures may have an impact on the companies' brand image in this market. A product recall is issued by the US Food and Drug Administration (FDA) to carry out corrective activities or prevent harmful effects on patients. Medtronic, for example, recalled their pulmonary vein ablation catheter in March 2019 to update its instructions for lowering the risk of phrenic nerve injury. In September 2017, Cook Group has received FDA approval for the two year shelf life for Zilver PTX, the world’s first drug-eluting stent for the treatment vascular disease in the superficial femoral artery (SFA).
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Increase in geriatric population and growing prevalence of chronic diseases and technology advancements in the peripheral vascular devices are expected to drive the market over the forecast period. In addition, several governments across the geographies have increased their expenditure on developing healthcare infrastructure in developing economies, continuous technological innovations in developing peripheral vascular devices, and companies investment in R&D activities to develop the innovative products is widening the scope for growth of peripheral vascular devices market. However, stringent regulatory approval process for peripheral vascular devices and the high treatment cost for some devices such as stents and drug eluting balloons may hinder the growth of market over the forecast period.
Geographically, global peripheral vascular devices market is widespread into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Increased healthcare expenditure in public and private sector to develop the healthcare infrastructure is expected to propel the growth over the forecasted years. North America market holds dominant market share in the global peripheral vascular devices market. Europe market is expected to grow exponentially over a forecast period. Asia Pacific market is expected to show moderate growth over the forecast period.
Latin America
Europe
Asia Pacific
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North America
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.