November 30, 2020
According to the research report titled ‘Global Peripheral Vascular Devices Market Size study, by Product (Angioplasty Balloons, Angioplasty Stents, Catheters, EVAR Stent Grafts, Inferior Vena Cava Filters, Plaque Modification Devices, Hemodynamic Flow Alteration Devices and Other Devices) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global peripheral vascular devices market generated revenues worth USD 8.5 billion in 2019 and is likely to expand with a CAGR of 8.7% between 2020 and 2027.
Growing geriatric population, increased pervasiveness of peripheral vascular diseases as well diabetes, obesity and hypertension are key factors driving the growth of global peripheral vascular devices market.
According to Statista, the elderly people made up 16% of the American population in 2018 and the count is expected to increase by 22% by the year 2050.
For those uninitiated, peripheral vascular devices are employed for the treatment of coronary or peripheral arterial disease. These devices help in decreasing patient interference with reduced disturbance during surgeries.
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Apart from this, innovative product launches and other strategic collaborations among leading companies are also stimulating global peripheral vascular devices industry outlook. In July 2019 for instance, Terumo Corp. introduced MISAGO™ RX Self-expanding Peripheral Stent for treating Iliac Arteries in Japan.
However, numerous product recalls owing to inconsistent performance may hamper the demand for peripheral vascular devices, thereby inhibiting the overall market expansion.
Based on product landscape, global peripheral vascular devices industry is segmented into hemodynamic flow alternation devices, plaque modification devices, inferior vena cava filters, EVAR stent grafts, catheters, angioplasty stents, angioplasty balloons, and other devices.
As per the regional analysis, North America holds the largest market share and is set to record similar growth trends in the forthcoming years, primarily driven by high concentration of major companies, favorable reimbursement policies, growing elderly population and high occurrence of diabetes.
Meanwhile, Asia-Pacific is likely to emerge as a major revenue generator for global peripheral vascular devices market during the forecast period.
The key participants in global peripheral vascular devices market are Biosensors International Group, iVascular SLU, Merit Medical Systems Inc., B. Braun Melsungen AG, Cordis Corp. (Cardinal Health Inc.), Terumo Corporation, Abbott Laboratories, Boston Scientific Corp., Medtronic plc, and Becton, Dickinson & Co. among others.