According to FutureWise analysis the market for Peripheral Vascular Devices in 2023 is US$ 11.47 billion, and is expected to reach US$ 17.63 billion by 2031 at a CAGR of 5.50%.
Peripheral arterial disease (PAD) is caused by blocking or narrowing of the blood vessels owing to the build-up of plaque. This condition can result in aneurysms, kidney diseases, the death of tissue, heart stroke in cases when left untreated. As per the National Institute of Health, one in concerning people over 50 years, one in every 20 American has PAD. It has influenced over eight to 12 million people in the U.S, particularly to those over the age of 50.
As the population is constantly increasing, the incidences of disease are rising which could proliferate from over 10 million to reach an overall of 20 million worldwide by 2050. With the ageing of the population around the world, it possibly seems that PAD will be normalised in the upcoming years. Therefore, as per the statistics have revealed, the number of peripheral arterial disease is rising at a quicker pace, which is gradually driving the peripheral vascular devices market. Other factors like the growing demand for minimally-invasive surgeries for peripheral arterial disease, in particular, lifestyle changes, technological advancements and increase in the geriatric population have expanded the market size.
Based on type, the peripheral vascular devices market is bifurcated into embolic projection devices, peripheral guidewires, peripheral stents grafts, peripheral venous thrombectomy device, vena cava filters, angioplasty catheters and PTA balloons. Peripheral vascular stents graft accounts for the largest market share. Angioplasty catheter segment is predicted to showcase substantial growth over the forecast period.
Geographically, the market is fragmented into North America, Europe, Asia Pacific and the rest of the world. North America dominates the peripheral vascular devices market which is followed by the Europe region. The Asia Pacific region is anticipated to proliferate during the forecast period owing to the increasing prevalence of peripheral vascular diseases. Manufacturers of peripheral vascular devices are slowly adopting integral developmental strategies to create innovative devices. Many clinical trials are currently in progress to increase device efficacy and safety.