Digital Health Monitoring is fastest growing segment fueling the growth of Peripheral Vascular Devices Market
Market Overview:
Peripheral vascular devices are used to treat peripheral artery diseases which involves blockage of arteries other than those that supply the heart and brain. These devices help reopen blocked or narrowed parts of arteries. They are minimally invasive and reduces the risk of complications associated with open surgery.
Market key trends:
One of the key trends in the Peripheral Vascular Devices Market Demand is growing preference for minimally invasive procedures. Minimally invasive procedures require only small incisions. They are associated with less trauma to tissues, shorter hospital stays, quicker recovery times, and lower health care costs. Consequently, more number of hospitals and medical professionals are adopting minimally invasive techniques that use stents, catheters, and balloons for revascularization.
Segment Analysis
Peripheral Vascular Devices Market is segmented into various sub-segments which include angioplasty balloons, catheters, stents, inferior vena cava (IVC) filters and plaque modification devices. Among these, the stents segment dominated the market in 2019 and is expected to maintain its dominance over the forecast period. This is due to the increasing prevalence of peripheral artery disease (PAD) worldwide which requires stents to prevent blockage or narrowing of arteries in the legs. Stents help improve blood flow and alleviate PAD symptoms.
Key Takeaways
The global Peripheral Vascular Devices Market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing geriatric population and rising incidence of peripheral artery disease.
Regional analysis
North America accounted for the largest share of the global peripheral vascular devices market in 2019 owing to increasing healthcare spending and well-developed healthcare infrastructure in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rapidly aging population, improving access to healthcare facilities and rising prevalence of vascular diseases in countries like China and India.
Key players
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, and Bayer AG. These players are focusing on new product launches and geographical expansion to increase their market share. For instance, in 2021, Boston Scientific Corporation launched WaveWriter Alpha low-risk product for peripheral vascular intervention.
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