Peripheral Vascular Devices Market Size Worth US$ 17,679.72 million by 2028 Says, The Insight Partners

Peripheral Vascular Devices Market Size Growing at a CAGR of 6.5%

NEW YORK, UNITED STATES, January 19, 2022 /EINPresswire.com/ -- According to The Insight Partners new research study on "Peripheral Vascular Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, and End User," the market is expected to reach US$ 17,679.72 million by 2028 from US$ 11,375.13 million in 2021; it is estimated to grow at a CAGR of 6.5% during 2021–2028. The report highlights trends prevailing in the market and factors driving its growth. The market's growth is attributed to the growing incidence of hypertension, obesity, smoking, and alcoholism and the rising prevalence of peripheral vascular diseases. However, the high cost of peripheral vascular devices hampers the market growth.

Strategic Insights:

Report Coverage Details
Market Size Value in - US$ 11,375.13 million in 2021
Market Size Value by - US$ 17,679.72 million by 2028
Growth rate - CAGR of 6.5% from 2021 to 2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 189
No. Tables - 57
No. of Charts & Figures - 75
Historical data available - Yes
Segments covered - Product and End User
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Vascular devices can be referred to as a medical device, utilized in the case of catheterization post a cardiovascular surgery, for the closure and achieving hemostasis in the artery. The growth of atherosclerotic plaques in arteries that supply blood to organs, limbs, and the head causes peripheral vascular disorders (PVD). Peripheral artery occlusive disease (PAOD), peripheral artery disease (PAD), and peripheral obliterative arteriopathy are all terms used to describe this condition. IVC filters, angiography catheters, EVAR stent grafts, hemodynamic flow alteration, and plague modification devices are among the peripheral vascular devices used to treat peripheral arterial or coronary arterial disease, as well as in peripheral endovascular and coronary procedures. These devices are utilized to reduce patient interference while causing the least amount of disruption during the surgical operation.

Increasing Prevalence of Peripheral Artery Disease and Arterial Embolism

The three most common CVDs worldwide are coronary heart disease, cerebrovascular disease, and peripheral artery disease. Although global cardiovascular disease prevention and control has gained traction in recent decades, efforts have been primarily focused on coronary heart disease and cerebrovascular disease, the world's leading causes of mortality. Despite receiving less attention, peripheral artery disease has emerged as a significant contributor to worldwide deaths and disabilities, with an increasing burden in low-income and middle-income countries (LMICs). A blockage in the blood vessels causes peripheral arterial disease (PAD) or peripheral vascular disease (PVD), which reduces blood flow to the limbs, most commonly the legs.

According to the 2017 Global Burden of Disease report, there were 118.1 million prevalent instances of peripheral artery disease and 10.8 million incident cases globally in 2017, with two-thirds of prevalent cases of peripheral artery disease being asymptomatic. Peripheral artery disease caused 515,600 years lived with disability. In 2017, 70,200 persons died from peripheral artery disease, an increase of 55.7% compared to 2007 and an increase of around 10% in age-standardized deaths. Due to pre-existing factors, such as age, hypercoagulability, cardiac abnormalities, and atherosclerotic disease, surgical and intensive care patients are at a higher risk for arterial embolization. These factors are supporting the global peripheral vascular devices market growth substantially.

Impact of COVID-19 Pandemic on Peripheral Vascular Devices Market

The COVID-19 pandemic is adversely affecting industries worldwide. The outbreak led to significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction in 2020. In the initial days of COVID-19, many sectors were negatively impacted, affecting the total sales of most companies. The companies engaging in the medical devices sector negatively impacted their services in early 2020 due to the temporary shutdown of various manufacturing sectors. However, as lockdown limitations were gradually lifted and COVID-19 vaccination drives started, medical device companies resumed their operations worldwide.

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Based on product, the peripheral vascular devices market is categorized into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, and embolization guidewires. The peripheral vascular stents segment held the largest share of the market in 2021.

Moreover, the peripheral transluminal angioplasty balloon catheters segment is expected to grow at the fastest CAGR of 7.5% from 2021 to 2028, owing to the rise in the use of peripheral transluminal angioplasty balloon catheters for various medical conditions across the globe.

Peripheral Vascular Devices Market: Competitive Landscape and Key Developments

Abbott, Edwards Lifesciences Corporation, Medtronic, Teleflex Incorporated, Boston Scientific Corporation, BD, Cook Medical LLC, Terumo Corporation, B. Braun Melsungen AG, and Cardinal Health Inc. are among the leading companies operating in the peripheral vascular devices market.

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Below is the list of the growth strategies done by the players operating in the peripheral vascular devices:

Dec-2021 Terumo Corporation launched first commercial case of the Aortic Balloon in the United States. The device accommodates physicians in the expansion of the aorta when using TREO and RELAY stent-grafts in endovascular aortic repair.
Sep-2021 Abbott acquired Walk Vascular, LLC to expand peripheral vascular offerings, and incorporate into Abbott's existing endovascular product portfolio. Financial terms of the acquisition were not disclosed by the companies.

Press Release: https://www.theinsightpartners.com/pr/peripheral-vascular-devices-market
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Sameer Joshi
The Insight Partners
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