Peripheral Vascular Devices Market is estimated to witness high growth owing to increasing geriatric population and rising prevalence of peripheral artery disease. Global peripheral vascular devices market is estimated to be valued at USD 12.68 billion in 2024, exhibiting a CAGR of 6.3% over the forecast period 2024 - 2031. Furthermore, rapidly growing obese population across globe is also positively impacting the market growth.
Market Dynamics:
Global peripheral vascular devices market growth is driven by various factors such as increasing geriatric population worldwide and rising number of people suffering from peripheral artery disease. This growing aged population is more prone to develop peripheral artery diseases owing to reduced blood flow to lower limbs. Rising prevalence of obesity and diabetes, which are major risk factors for peripheral artery disease, are also contributing to market growth. Increasing regulatory approvals for new vascular devices and rising healthcare expenditure in emerging economies are creating new opportunities for players in this market. However, lack of reimbursements for peripheral vascular procedures in developing nations may hamper market growth.
Increasing prevalence of peripheral artery diseases is driving the market growth
Peripheral artery diseases occur when arteries outside of the heart and brain get narrowed or clogged with deposits of plaque. This buildup is known as atherosclerosis. The most common type of peripheral artery disease affects the leg arteries. As the population ages and risk factors like diabetes, obesity and smoking continue to rise, the prevalence of peripheral artery diseases is increasing substantially. This rising disease burden has created a huge demand for devices used to diagnose and treat various peripheral vascular conditions. Products like angiography catheters, angioplasty balloons, stents and thrombectomy devices are increasingly being used by physicians to restore blood flow in arteries affected by narrowing or blockages. The growing patient pool requiring vascular interventions is a major factor fueling the growth of the peripheral vascular devices market.
Increasing adoption of minimally invasive procedures is propelling market expansion
In recent years, there has been a major shift from traditional open vascular surgeries towards minimally invasive endovascular procedures for treating peripheral artery diseases. Minimally invasive procedures like balloon angioplasty and stenting offer several advantages over open surgeries such as less procedural complexity, reduced hospital stays, lower risks of surgical complications and quicker recovery times. These have become the standard of care for most peripheral vascular indications. Catheter-based treatments also provide better access to treat peripheral lesions throughout the body including ankle and below-the-knee arteries. Rising popularity of minimally invasive techniques has resulted in higher sales of endovascular devices used in these procedures like vascular stents, balloon catheters, and thrombectomy devices. The shift towards minimally invasive vascular interventions is a key driver fueling the growth of the peripheral vascular devices market.
Reimbursement uncertainties pose challenges to market growth
Uncertainty regarding the reimbursement environment creates significant challenges for the peripheral vascular devices market. In the U.S., Medicare reimbursements for peripheral vascular procedures continue to decline year after year. Hospitals and care centers are not adequately reimbursed for the actual device and procedure costs. Similarly, private insurers are also starting to curb spending on vascular treatments by slashing reimbursement amounts. The lack of sufficient payments discourages healthcare facilities from investing in new advanced technologies and limits their ability to deliver high-quality treatment outcomes. It has become difficult for device manufacturers to launch innovative solutions without viable reimbursement pathways. The unpredictability in the reimbursement scenario introduces major bottlenecks in peripheral vascular care and holds back investments and growth opportunities for market players.
Competition from alternative treatment modalities restrains market prospects
Technological advancements have led to the rise of alternative treatment options that can hamper demand for peripheral vascular devices. Advanced drug-eluting balloons and drug-coated stents have emerged as viable alternatives to conventional angioplasty and bare-metal stenting. These help reduce complications in procedures and alleviate the need for multiple follow-up surgeries. Drugs have also become a major treatment choice for peripheral artery disease. Atorvastatin, cilostazol and clopidogrel are prescribed to improve blood flow and reduce plaque formation. Some advanced drug therapies are showing promising results for resolving peripheral blockages. Similarly, non-invasive treatments like focused ultrasound ablation and laser atherectomy offer less risky options compared to endovascular interventions. Growing availability of non-device alternatives pose serious competitive threats to the peripheral vascular devices market.
Development of novel endovascular solutions present lucrative opportunities for growth
Significant opportunities exist for players who develop novel and cutting-edge peripheral vascular devices. Emerging technologies to create next-gen devices for minimally invasive surgeries have great market potential. For example, there is scope for developing smaller diameter percutaneous atherectomy devices for treating below-the-knee peripheral lesions. Advancements in thrombectomy systems promise better outcomes for managing limb-threatening thrombotic conditions. Use of robotics, 3D printing and AI also introduce new possibilities. Companies that invest in R&D to launch novel solutions addressing major unmet clinical needs will have opportunities to gain sizable market shares. Similarly, expanding into emerging Asia Pacific markets through strategic partnerships offers good opportunity for growth.
Link: https://www.coherentmarketinsights.com/market-insight/peripheral-vascular-devices-market-391
Key Development
- On March 04, 2024, BD (Becton, Dickinson and Company), a leading global medical technology company, announced the initiation of patient enrollment in the "AGILITY" investigational device exemption (IDE) study. This study aims to assess the safety and efficacy of the BD Vascular Covered Stent for the treatment of Peripheral Arterial Disease (PAD).
- On February 14, 2024, Efemoral Medical, a developer of advanced interventional bioresorbable therapies, announced that the U.S. Food & Drug Administration (FDA) had granted Breakthrough Device designation to its novel Efemoral Vascular Scaffold System (EVSS). This designation is for the treatment of de novo or restenotic lesions in the infrapopliteal arteries of patients suffering from Chronic Limb Threatening Ischemia (CLTI).
- In March 2023, Shockwave Medical, Inc., a pioneering developer of Intravascular Lithotripsy (IVL) for the treatment of severely calcified cardiovascular disease, announced the commercial availability of the Shockwave L6 Peripheral IVL Catheter in the U.S. This availability follows clearance by the U.S. FDA. The Shockwave L6 catheter is specifically designed to address calcification in major peripheral arterial lesions, including the iliac and common femoral arteries, which are typically challenging to treat.
- In February 2023, Abbott, a renowned medical device company, entered into a definitive agreement to acquire Cardiovascular Systems, Inc. (CSI), a leading manufacturer of innovative atherectomy systems used in the treatment of peripheral and coronary artery disease. CSI specializes in atherectomy devices, a minimally invasive therapy for arterial plaque buildup. These devices complement traditional balloon angioplasty or stent procedures, enhancing the restoration of blood flow in complex arterial disease cases.
Key Players: 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., and Cardio Flow, Inc.
