The Peripheral Vascular Devices Market is expected to grow at a CAGR of 6.9% from 2021 to 2028 to reach $12.02 billion by 2028. Peripheral vascular diseases cause the narrowing or blockage of peripheral arteries and veins. Peripheral vascular devices are surgical tools used in minimally invasive treatment procedures for peripheral diseases.
The increasing prevalence of peripheral vascular diseases associated with obesity, diabetes, and hypertension; growing geriatric population; increasing demand for minimally invasive treatment options; and increasing prevalence of disease-causing lifestyles are the major factors driving the growth of this market. In contrast, emerging markets provide immense opportunities for this market. However, product failures and recalls are expected to hinder the growth of this market to a certain extent.
Impact of COVID-19 on Peripheral Vascular Devices Market
The COVID-19 pandemic had a temporary influence on the peripheral vascular devices market. The outbreak of the pandemic led to the imposing of intense lockdowns and restrictions in many countries worldwide. These restrictions and lockdown conditions disrupted supply chains and slowing down production facilities. Hospitals and clinics faced shortages of surgical resources and delays in the procurement of medical devices. Thus, negatively influencing the peripheral vascular devices market.
In addition, there was a decrease in patient outcomes due to the shift from regular healthcare to emergency services. Most patients avoided going to hospitals and clinics to avoid the risk of COVID-19 infection. In contrast, hospitals and clinics postponed elective or non-emergency surgeries to prevent the virus's risk. For instance:
- A survey published in the Journal of Vascular Surgery reported that in the U.S., 91.7% of elective surgeries were canceled during April 2020.
- According to Canadian Institute for Health Information, between March to June 2020, the number of surgeries declined by 47% compared with 2019. It was reported that varicose vein surgeries/vein repairs were declined by 69% compared with 2019.
- According to an article in Vascular News, there was an 80% reduction in beds and 84% reduction of operating rooms for elective surgeries in the first week of the pandemic outbreak, while 43% of the hospitals were not conducting any elective surgeries in Italy.
This lowered the frequency of surgeries negatively influenced the global peripheral vascular devices market. Thus, the COVID-19 pandemic presents a challenge for the peripheral vascular devices market.
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Key Findings of the Peripheral Vascular Devices Market Study:
In 2021, the angioplasty stents segment to dominate the peripheral vascular devices market
Based on type, the peripheral vascular devices market is segmented into angioplasty stents, angioplasty balloons, catheters, endovascular aneurysm repair stent grafts, inferior vena cava filters, plaque modification devices, hemodynamic flow alteration devices, and other types. In 2021, the angioplasty stents segment is estimated to account for the largest share of the peripheral vascular devices market. Factors driving the growth of this segment include reduced restenosis rate associated with these products and their benefits, such as smaller incisions, faster recovery time, and lower risk of complications.
North America: The Largest Regional Market
In 2021, North America is estimated to dominate the peripheral vascular devices market. Factors such as the increasing prevalence of peripheral artery diseases, aortic aneurysms, and pulmonary embolisms; increasing number of obese & diabetic population; and the presence of key players are driving the growth of this regional segment.
Key Players
The report includes a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presence, and key strategic developments adopted by leading market players in the industry over the past four years. The key players profiled in the global peripheral vascular devices market are Abbott Laboratories (U.S.), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (U.S.), BIOTRONIK SE & Co. KG (Germany), Blue Sail Medical Co., Ltd. (China), Boston Scientific Corporation (U.S.), Cardinal Health, Inc. (U.S.), Cook Group (U.S.), Edwards Lifesciences Corporation (U.S.), iVascular (Spain), Koninklijke Philips N.V. (Netherlands), Medtronic Public Limited Company (Ireland), Nipro Corporation (Japan), TE Connectivity LTD. (Switzerland), and Terumo Corporation (Japan), among others.
Scope of the Report:
Peripheral Vascular Devices Market, by Type
- Angioplasty Balloons
- Old/Normal Balloons
- Drug-eluting Balloons
- Angioplasty Stents
- Drug-eluting Stents
- Bare Metal Stents
- Balloon-expandable Stents
- Self-expandable Stents
- Catheters
- Angiography Catheters
- Guiding Catheters
- IVUS/OCT Catheters
- Endovascular Aneurysm Repair Stent Grafts
- Abdominal Endovascular Aneurysm Stent Grafts
- Thoracic Endovascular Aneurysm Stent Grafts
- Inferior Vena Cava Filters
- Retrievable Filters
- Permanent Filters
- Plaque Modification Devices
- Atherectomy Devices
- Thrombectomy Devices
- Hemodynamic Flow Alteration Devices
- Embolic Protection Devices
- Chronic Total Occlusion Devices
- Other Devices
Peripheral Vascular Devices Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- India
- Japan
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report: