Global Peripheral Vascular Devices Market

The peripheral vascular devices market’s global size is expected to reach USD 13.4 billion by 2027 from USD 10.3 billion in 2021, at a CAGR of 5.3% from 2021 to 2027. The development of this market is pushed by fast growth in the aging population and the successive increase in the majority of peripheral vascular diseases, good reimbursement scenario for peripheral vascular procedures, increased number of product approvals, increased majority of diabetes, and rising rate of tobacco consumption.

What are Peripheral Vascular Devices?

The Peripheral Vascular devices draw blood and give treatments, including intravenous fluids, drugs, or blood transfusions. A delicate, flexible tube is inserted into a vein, usually in the back of the hand, the lower portion of the arm, or the foot. A needle is inserted into a port to draw blood or give fluids. The Peripheral Vascular Devices Market are segmented by Device Type (Peripheral Vascular Stents, Peripheral Transluminal Angioplasty Balloon Catheters, Peripheral Transluminal Angioplasty Guidewires, Atherectomy Devices, Embolic Protection Devices, and Inferior Vena Cava Filters.

Growth Driver

The Increasing growth in the geriatric population and the succeeding increase in the prevalence of Peripheral Vascular diseases

The fast growth in the geriatric population is one of the significant factors are pushing the need for peripheral vascular devices as this population segment is at a greater risk of developing peripheral vascular diseases, like atherosclerosis and aneurysms. By the World Health Organization (WHO) report, in 2050, the world’s population of 60 years and older will double to 2.1 billion. The number of people aged 75years or more will triple by 2050 to reach 426 million. As a result, age, genetic, and lifestyle factors can lead to plaque buildup in the arteries. Globally, it is calculated that more than 200 million people are suffering from peripheral vascular diseases. Also, according to the Cardiology college of America 2020, peripheral arterial disease (PAD) affects 8.5 million individuals in the US. The majority of these diseases rise with age and are greater than 20% in the patient population aged above 80 years. Additional factors, such as the rising demand for minimally-invasive procedures, mainly for peripheral arterial disease, lifestyle changes, increase in the aging population, and technological advancements, have broadened the range of peripheral vascular devices.

Opportunities

The Increasing growth rate in the emerging markets

Developing markets, such as APAC countries, are predicted to grow in the coming years due to less-stringent regulatory policies and lower challengers. To leverage the high-growth changes in these markets, manufacturers strategically focus on developing their presence in these countries. Moreover, the increasing competition in mature markets further compels manufacturers to focus on emerging markets. In 2016, Medtronic (Ireland) opened its Asia Pacific regional headquarters in Singapore. This outcome will support and support the company’s operations in 80 locations across the Asia Pacific region. Moreover, in 2017, vascular SLU received approval from the Indian government to sell its products in the country. It helped the company in earnings generation and extended its presence in emerging economies.

Restraints

The rise in the availability of alternative treatments

Anticoagulant medication is assumed the first line of treatment for peripheral vascular diseases. The increasing use of new-generation anticoagulants, such as Dabigatran, results in their wide uptake and, in turn, initiates major hindrances for the more significant uptake of peripheral vascular devices. Also, medications, such as statins, are increasingly being operated on to treat peripheral vascular diseases. The increasing use of these drugs may reduce the need for surgeries and limit peripheral vascular devices. Moreover, PAD can be treated with medication such as antiplatelet agents, vasodilators, cholesterol-lowering agents, angiotensin-converting enzyme inhibitors, or angiotensin-receptor blockers.

Pre-covid-19 Impact on the global Peripheral Vascular Devices market

The increase in the adoption of peripheral vascular devices in the geriatric and diabetic population alongside rising reimbursement policies by the government is the major factor for the increase in the demand for peripheral vascular devices. Before the covid-19, the market is constantly growing because of the rise in the patient population and the rise in awareness among the surgeons about the benefits of minimally invasive surgeries.

Covid-19 Impact on the global Peripheral Vascular Devices market

After the worldwide, the COVID-19 explosion has impacted every element of the medical device industry, including the peripheral vascular devices market. In the previous few months, the number of patient hospital visits has declined significantly, despite emergency and outpatient department (OPD) services being available in hospitals. Before commencing any interventional procedure, surgeons run through a series of clinical tests to decide the best treatment for patients. However, patient hospital visits have been reduced significantly due to the lockdown in many countries. As a consequence, the number of diagnostic tests has decreased. It has further reduced the sales of peripheral vascular devices. Globally, many countries have delayed elective surgeries to control the spread of COVID-19. Since 70–80% of peripheral vascular interventional procedures are elective, many of these procedures have been postponed. It is another factor negatively impacting the growth of the peripheral vascular devices market. For instance, as per Medtronic’s financial 2021, Aortic, Peripheral & Venous, the second-quarter revenue of USD 468 million decreased 1.3 % and 1.9 %. Moreover, a medical device manufacturer such as Cardinal Health claims that COVID-19 has negatively impacted its 2021 revenue. The medical device segment has lost USD 63 million in the 4th quarter of 2021 due to elevated supply chain costs and an inventory reserve on certain PPE products.

Post-cover-19 Impact on the global Peripheral Vascular Devices market

Covid-19 is estimated to harm the global peripheral vascular devices market. Furthermore, the COVID-19 pandemic is transforming the way businesses operate closed manufacturing facilities due to lockdowns that have disrupted supply chains and reduced recruitments; however, restoring clinical trials in the COVID-19 pandemic recovery phase 2021, restoring clinical trials has been restored will continue to be a challenge because of restricted access at trial sites. Hence further delay in the clinical trials will impact the growth of the overall peripheral vascular devices market in 2021.

By Product Segmental Analysis

The Hemodynamic flow attention devices segment is expected to grow at the highest in the market. Based on the product segmental, the peripheral vascular devices market is categorized into hemodynamic flow alteration devices, inferior vena cava filters, plaque modification devices, endovascular aneurysm repair stent grafts, angioplasty, and angioplasty balloon. The Embolic Protection Devices is cast to grow at the highest CAGR during the forecast period. The main factors contributing to the growth of this market are growing investments in new technology evolution and the increasing number of regulatory approvals for these devices, and venture capital funding for the development of progressive EPDs.

By Region Segmental Analysis

The global peripheral vascular devices market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America projected for the largest share of the peripheral vascular devices market. Growth in this market can be divided into the growth in the geriatric population and the high majority of peripheral vascular diseases. Similarly, the major market players in this region ensure the high entrance of medical devices. North America monopolized the peripheral vascular devices market in 2019. It is anticipated to increase due to cardiovascular diseases, the growing geriatric population, and the strong presence of industry players in North America. By the International Journal of Epidemiology report, in 2019, around 610,000 people died due to one of the different heart diseases annually in the United States. Furthermore, around 735,000 people in the United States experience heart attacks annually. Europe holds the second-highest place in the market studied, tracked by the APAC region.

Competitors Analysis

Companies include: Medtronic, Boston Scientific Corporation, Abbott, Becton, Dickson and company, Terumo Corporation, Cardinal Health, B.Braun Melsungen AG, Merit Medical systems are the key player in the global peripheral vascular devices market. Key Stakeholders

• Market research and medical consulting firms
• Industry association
• Global Peripheral Vascular Manufacturing firm
• Global Peripheral Vascular providers
• Local government
• Regulatory bodies
• Suppliers
• Retailers

Recent Development

• In 2020, Medtronic received US FDA clearance for its IN. PACT AV drug-coated balloon (DCB) to treat arteriovenous fistula lesions
• In 2019, Boston Scientific Corporation acquired the FDA Approval for its VICI VENOUS STENT System for treating patients with deep venous blockages.

Scope of the Report

Report Attribute	Details
The revenue forecast in 2027	USD 13.4 Billion
Growth Rate	CAGR of 5.3% from 2021 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Boston Scientific Corporation, Abbott, Becton, Dickson and company, Terumo Corporation, Cardinal Health, B.Braun Melsungen AG, Merit Medical systems

Market Modelling

By Type

• Angioplasty Balloon & stent
  • Old/Normal
  • Cutting and Scoring
  • Drug-Eluting

• Catheters
  • Angiography
  • IVUS/OCT
  • Guiding

• Endovascular Aneurysm Repair stent-grafts
  • Abdominal Aortic aneurysm Stent Grafts
  • Thoracic Aortic Aneurysm Stent Grafts

• Inferior Vena Cava Filters
  • Retrievable
  • Thrombectomy

• Hemodynamic Flow Attention Device Marled
  • Embolic Protection Devices
  • Chronic total Occlusion Devices

• Other peripheral Vascular Devices
  • Guidewires
  • Vascular Closure Devices
  • Introduces Sheaths
  • Balloon Information devices

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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