(PharmaNewsWire.Com, July 29, 2022 ) According to a new market research report titled, “Peripheral Vascular Devices Market by Type [Angioplasty Balloon, Stents, Catheters (Guiding, IVUS), IVC Filter, Atherectomy, Thrombectomy, Hemodynamic Flow Alteration (Embolic Protection, Occlusion)] and Geography - Global Forecast to 2028,” published by Meticulous Research®, the peripheral vascular devices market is expected to grow at a CAGR of 6.9% from 2021 to reach $12.02 billion by 2028. The growing prevalence of vascular diseases; increasing prevalence of secondary risk factors associated with the development of vascular diseases such as diabetes, obesity, disease-causing lifestyles, and old age; and the rising demand for minimally invasive treatment procedures are the key factors driving the growth of this market.
Peripheral vascular diseases are disorders that cause blockages in blood vessels outside the heart and/or the brain. The blockages are caused due to the accumulation of plaque, narrowing the blood vessels, and reducing blood flow to the body parts. The major risk factors for the development of vascular diseases are smoking, aging, and diabetes. Therefore, the rising global geriatric population; increasing prevalence of smoking, obesity, and diabetes; and the increasing prevalence of vascular diseases are some of the key factors driving the growth of the peripheral vascular devices market. Peripheral vascular devices are used in treating vascular diseases through minimally invasive procedures that are beneficial for patients due to advantages such as lower risks and early recovery. The lockdowns imposed all over the world to curb the COVID-19 pandemic have created many challenges for the peripheral vascular devices industry, such as delays or postponement of elective surgeries, disruptions in supply chains, and decreased patient outcomes, which is expected to get back to normal as the restrictions and lockdowns are lifted gradually.
The peripheral vascular devices market is segmented on the basis of product and geography.
Based on product type, the overall peripheral vascular devices market is segmented into angioplasty balloons, angioplasty stents, catheters, endovascular aneurysm repair (EVAR) stent grafts, inferior vena cava filters, plaque modification devices, hemodynamic flow alteration devices, and other peripheral vascular devices. In 2021, the angioplasty stents segment is estimated to account for the largest share of the overall peripheral vascular devices market. The segment’s large share is attributed to the benefits of angioplasty stent-based treatment procedures, such as smaller incisions, faster recovery times, lower risk of complications, and no requirement for hospital admissions, along with the rising prevalence of peripheral vascular diseases, increasing prevalence of risk factors such as diabetes, obesity, and hypertension, the growing geriatric population; and the increasing prevalence of disease-causing habits such as cigarette smoking and physical inactivity.
The angioplasty stents segment is further segmented into bare-metal angioplasty stents and drug-eluting angioplasty stents. The bare-metal angioplasty stents segment is estimated to accounted for the largest share of the overall angioplasty stents market in 2021. The growth of this segment is primarily attributed to the bare-metal stents’ ability to more successfully reduce the incidence of abrupt vessel closure and restenosis compared to balloon angioplasty. A bare-metal angioplasty stent is a mesh-like tube of thin wire made up of stainless steel, cobalt-chromium, or platinum chromium. The device does not have any drug coating. Bare-metal angioplasty stents are further categorized into balloonexpandable angioplasty stents and self-expandable angioplasty stents, depending on the deployment method.
Based on geography, the peripheral vascular devices market is categorized into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2021, North America is estimated to account for the largest share of the global peripheral vascular devices market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America’s growing healthcare sector; rising prevalence of peripheral vascular diseases; increasing prevalence of risk factors such as diabetes, obesity, and hypertension; the rising demand for minimally invasive treatment options; and increasing prevalence of disease-causing lifestyles, such as cigarette smoking and physical inactivity are the major factors driving the growth of the peripheral vascular devices market in North America.
Some of the key players operating 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.
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