Global peripheral vascular devices market is estimated to be valued at USD 12.68 Bn in 2024 and is expected to reach USD 19.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
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Global peripheral vascular devices market is expected to witness positive growth over the forecast period due to rising geriatric population globally which are more prone to developing peripheral artery diseases (PAD). Moreover, increasing prevalence of lifestyle diseases such as diabetes and obesity are also contributing to the high risk of peripheral vascular disorders. Growing adoption of minimally invasive endovascular procedures over complex open surgeries boosts demand for peripheral vascular devices. However, high costs associated with peripheral vascular devices may hamper market growth to a certain extent over the coming years.
Increasing prevalence of cardiovascular diseases
Rising prevalence of cardiovascular diseases has emerged as a key driver bolstering growth of the peripheral vascular devices market. Cardiovascular diseases such as arteriosclerosis, peripheral artery disease (PAD), and other atherosclerotic conditions that obstruct blood circulation to limbs are increasingly common worldwide. Growing geriatric population base has further added to the rising disease incidence given the increased susceptibility of cardiovascular disorders with advancing age. PAD is characterized by a blockage in arteries other than the heart, restricting blood flow to limbs. This has driven uptake of devices like angioplasty balloons, stents, embolic protection devices, atherectomy devices, and chronic total occlusion devices. The need for minimally invasive treatment options has further bolstered adoption.
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Technological advances catalyzing market growthContinual technological advancements are responsible for fueling demand for next-generation peripheral vascular devices. Strategic investments by device manufacturers towards the development of technologically superior products with enhanced efficacy, safety and cost-effectiveness have broadened the horizon for peripheral vascular procedures globally. For instance, industry giants are focusing on nanotechnologies and bioabsorbable materials to develop drug-eluting stents, bioresorbable scaffolds, and other innovative stents. These novel product lines are delivering superior clinical outcomes and reducing complications arising from metal allergy as compared to conventional metallic stents. Moreover, the advent of advanced imaging modalities like optical coherence tomography (OCT) has enabled improved visualization during procedures and assessment of the outcomes. OCT facilitates high-resolution, three-dimensional cross-sectional imaging to help physicians optimize device placement.
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Market Challenges: Stringent regulatory guidelinesGlobal peripheral vascular devices market faces several challenges. As newer and more innovative treatment options become available, many legacy products are facing increasing competition. The market remains heavily dependent on reimbursement factors, so changes to insurance and public healthcare spending can impact sales. Stringent regulatory guidelines from bodies like the U.S. FDA mean navigating approvals is a long and expensive process. As healthcare costs rise, there is mounting pressure to develop more cost-effective solutions without compromising clinical outcomes.
Market Opportunities: Growing demand for minimally invasive procedures
The increasing demand for procedures that are less invasive and allow for quicker recovery presents a major opportunity for companies in the peripheral vascular devices market. Over the past decade, there has been significant shift towards minimally invasive surgeries as patients prefer techniques that minimize incisions, scarring and pain while reducing recovery time. Procedures such as balloon angioplasty, stenting and catheter-based therapy have gained popularity as alternatives to open surgeries for conditions affecting arteries and veins.
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Insights, By Product Type: Rising Peripheral Artery Disease Boosts Peripheral Vascular Stents GrowthProduct type segment is sub-segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, and others. Peripheral vascular stents segment is anticipated to hold 25.2% of the market share in 2024. Peripheral artery disease, or PAD, affects people worldwide and causes decreased blood flow and impaired function in the legs. A large contributing factor to PAD's prevalence is the growing rates of risk factors like diabetes, smoking, obesity, and old age. When lifestyle changes and medication are insufficient to manage PAD symptoms, minimally invasive procedures using peripheral stents are often the standard of care. Stents are small expandable tubes that are placed inside narrowed or blocked arteries to help keep them open and improve blood flow. Compared to previous treatment methods, stents provide better and longer-lasting outcomes while reducing recovery times for patients.
Insights, By End User: Hospitals Dominate due to Heavy Patient Volumes and Patient Friendly reimbursement policies
End user segment is sub-segmented into hospitals, specialty clinics, ambulatory surgical centers, and others. Hospitals segment is estimated to contribute the highest share of the peripheral vascular devices market and is projected to hold 47.6% of the market share in 2024. Their centralized operating rooms, specialized clinical staff, and capacity for complex cases make hospitals the natural focal point for performing revascularization procedures. Most patients with advanced PAD that require angioplasty, stenting, or surgical bypass end up undergoing their treatment in a hospital setting rather than ambulatory centers. A major driver of hospital-based care is the rising prevalence of comorbidities among PAD patients. As more individuals live with diabetes, chronic kidney disease, and cardiac issues, their peripheral ischemia is often only one part of complex multi-system diseases. Hospitals can best manage comorbidity-related risks that may arise intra- or post-operatively. Their added capacity for intensive post-op care also assures patients adequate monitoring as they recover. Reimbursement structures further motivate hospitals to serve as hubs for PAD care. Procedure volumes are important for maintaining reimbursement levels as hospital reimbursement shifts to value-based payment models.
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The North America dominates the global peripheral vascular devices market and is projected to hold 44.8% of the market share in 2024. The region has a highly developed healthcare infrastructure and presence of major industry players. Many leading device manufacturers such as Medtronic, Boston Scientific, and Abbott Vascular are headquartered in the U.S. These companies invest heavily in R&D to develop innovative products which strengthens the country's device portfolio. Furthermore, reimbursement policies in the U.S. are favorable for new device adoption. The presence of both private and public payers provides ample funding sources for peripheral procedures. Device pricing is also relatively higher compared to other regions due to the high usage and demand. This enhances revenue generation for companies from the North America market.
Asia Pacific is emerging as one of the fastest growing markets for peripheral vascular devices. There is significant growth potential owing to China’s large patient population and increasing disease burden of peripheral artery disease. The Chinese government is focusing on modernizing its healthcare system and improving access through initiatives such as Healthy China 2030. This will increase the affordability of advanced devices. Additionally, many global companies are actively engaged in expanding their manufacturing and distribution footprint in China to cater to the rising demand. Local device manufacturers are also strengthening their R&D and production capabilities. The growing foreign direct investments in the sector signal strong interest from multinational players to tap into China’s market opportunities. While import duties remain high for certain product categories, trade volumes are progressively increasing.
Peripheral Vascular Devices Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 12.68 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 6.3% | 2031 Value Projection: | US$ 19.45 Bn |
Geographies covered: |
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Companies covered: |
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, Bayer AG., Teleflex Medical, Koninklijke Philips N.V., Cardio Flow, Inc. |
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Restraints & Challenges: |
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*Definition: Peripheral Vascular Devices Market includes medical devices that are used for diagnosis and treatment of peripheral vascular diseases. Some key products in this market are peripheral stents, inferior vena cava filters, angioplasty balloons, angioplasty guidewires, atherectomy devices, venous stents, embolic protection devices, etc. These devices are used by interventional cardiologists and vascular surgeons to open blocked arteries and veins, treat aneurysms, repair damaged vessels, and address other peripheral diseases.
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About Author
Manisha Vibhute
Manisha Vibhute is a consultant with over 5 years of experience in market research and consulting. With a strong understanding of market dynamics, Manisha assists clients in developing effective market access strategies. She helps medical device companies navigate pricing, reimbursement, and regulatory pathways to ensure successful product launches.
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