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Market Overview:
Peripheral vascular devices are used in treatment procedures related to peripheral vascular disease such as angioplasty, atherectomy, stent placement and thrombolysis. These medical devices are used in treatment of vascular diseases affecting lower extremities and abdominal blood vessels outside the heart. Peripheral vascular devices help restore normal blood flow in narrowed or blocked blood vessels. Key advantages of peripheral vascular devices are reduced procedure time and less pain and complications for patients. Growing prevalence of peripheral artery disease and lifestyle diseases like diabetes are major factors driving need for peripheral vascular devices.
The global Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.8 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the peripheral vascular devices market is the technological advancements. Manufacturers are increasingly focusing on development of innovative products with better performance and improved safety profile. For example, newer generation drug-eluting balloons and stents help overcome limitations of conventional balloon angioplasty and bare-metal stenting such as vessel recoil and re-narrowing. Self-expanding and balloon-expandable drug-eluting stents with biodegradable polymers have higher patency rates and reduced risk of in-stent re-stenosis. Miniaturized peripheral vascular devices have enabled treatment of complex vascular anomalies. Such innovations are supporting growth of peripheral vascular procedures.
Porter’s Analysis:
Threat of new entrants: The peripheral vascular devices market requires substantial capital investment for R&D and production facilities, thus posing medium threat from new players.
Bargaining power of buyers: The presence of several players in the market along with availability of alternative treatment options provides moderate bargaining power to buyers.
Bargaining power of suppliers: The key raw materials for manufacturing peripheral vascular devices include metals, polymers, and electronic components which are procured from specialized suppliers with medium bargaining power.
Threat of new substitutes: Although alternative treatment options are available for peripheral vascular diseases, the efficacy and technological advancements in peripheral vascular devices pose low threat from substitutes.
Competitive rivalry: The peripheral vascular devices market is highly competitive with major players continuously striving to develop innovative devices.
Key Takeaways:
The global market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period 2023 to 2030, due to increasing prevalence of peripheral artery diseases and rapid technological advancements.
The market size for peripheral vascular devices was valued at US$ 10,266.8 Mn in 2023. North America currently dominates the market due to developed healthcare infrastructure and rising healthcare expenditure in the region. However, Asia Pacific is expected to witness fastest growth aided by rapidly developing economies, growing medical tourism, and increasing healthcare expenditure.
Key players operating in the peripheral vascular devices market include 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, and Bayer AG. Major players are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
