PERIPHERAL VASCULAR DEVICES MARKET ANALYSIS

Peripheral Vascular Devices Market Size and Trends

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.

Continual 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.