Peripheral Vascular Devices Market Estimated to Witness High Growth owing to Rising Prevalence of Peripheral Artery Disorders

The Peripheral Vascular Devices Market involves medical devices used in the diagnosis and treatment of peripheral vascular diseases and disorders. Peripheral vascular devices primarily include peripheral stents, angioplasty balloons, catheters, vein filters, embolic protection devices, and inferior vena cava filters. These devices play a crucial role in improving blood flow and restoring patency in the peripheral arteries and veins by opening narrowed or blocked blood vessels. Rising prevalence of peripheral artery diseases such as peripheral artery disease and venous disorders coupled with a growing aging population is the primary factor driving the demand for peripheral vascular devices.

The global peripheral vascular devices market is estimated to be valued at US$ 12.68 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the peripheral vascular devices market are Abbott Laboratories, Boston Scientific Corporation, Angioscore, Emboline Inc., Becton Dickinson and Company, Cook Group Inc., Cordis Corporation, Covidien PLC, Edward Lifesciences Corporation, Medtronic Plc, St. Jude Medical, Bayer AG., Teleflex Medical, Koninklijke Philips N.V., and Cardio Flow, Inc. These key players account for major share of the market.

The Peripheral Vascular Devices Market Demand has an opportunity in the development of novel drug coated and drug eluting devices to minimize restenosis post procedures. Additionally, focus on development of bio-absorbable stents and scaffolds for peripheral artery diseases will further drive the market growth.

With rising incidence of peripheral vascular disorders globally, there exists significant opportunities for peripheral vascular devices manufacturers for global expansion. Major players are focusing on expanding their presence in emerging markets of Asia Pacific, Latin America, Middle East and Africa through partnerships and joint ventures with regional players.

Market Drivers

Peripheral Vascular Devices Market Size and Trends is rising geriatric population susceptible to various age-related diseases including peripheral artery disorders is a key factor driving the peripheral vascular devices market. As per estimates, over 33% of the global population will be aged 60 or above by 2050. Additionally, growing prevalence of risk factors such as diabetes, obesity, high cholesterol, hypertension and smoking further raises the risks of peripheral vascular complications propelling the demand for peripheral vascular devices.

PEST Analysis
Political: Growing health awareness programs initiated by various governments along with healthcare reforms supporting the use of advanced medical technologies is positively impacting the growth of peripheral vascular devices market.

Economic: Rising disposable income of individuals along with increasing healthcare spending worldwide is boosting the demand for minimally invasive peripheral vascular procedures augmenting the adoption of peripheral vascular devices in several countries.

Social: Increasing prevalence of lifestyle diseases such as diabetes and obesity leading to peripheral artery diseases is fueling the need for efficient treatment options like use of peripheral vascular devices among patients.

Technological: Continuous innovations in developing advanced implantable and interventional devices with improved effectiveness and safety is driving the technological progress in peripheral vascular devices market. New product developments with minimally invasive capabilities are also fueling the market growth.

The peripheral vascular devices market in terms of value is majorly concentrated in North America and Europe owing to well-established healthcare infrastructure and high adoption rate of advanced medical technologies in these regions. Moreover, growing aging population and increasing prevalence of cardiovascular ailments are supplementing the market growth in these geographical areas. However, Asia Pacific region is expected to witness fastest growth during the forecast period due to rising healthcare awareness, improving healthcare spending, and increasing patient pool being treated for peripheral artery diseases in developing nations like China and India.

In terms of fastest growing region, Asia Pacific peripheral vascular devices market is projected to exhibit most lucrative incremental growth through 2031. Factors such as rapidly developing healthcare infrastructure, rising standards of living supporting increased healthcare spending, growing funding for ongoing research and development activities, and increasing penetration of advanced medical devices in emerging economies will propel regional market revenues over the coming years. Moreover, massive patient pool characterized by rising incidences of associated disorders will continue to generate high demand for peripheral vascular devices in Asia Pacific region.

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About Author:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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