Peripheral Vascular Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Peripheral Vascular Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Peripheral Vascular Devices Market by Product Type (Percutaneous Transluminal Angioplasty Balloon Catheters [Normal, Drug-Eluting, Cutting, and Scoring], Angioplasty Stents [Drug-Eluting, Bare-Metal, and Expandable], Plaque Modification Devices [Arthrectomy Devices and Thrombectomy Devices], Hemodynamic Flow Alteration Devices [Embolic Protection Devices and Chronic Total Occlusion Devices], Inferior Vena cava Filters [Retrieavable And Permanent], and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to rising technological advancement and increasing prevalence of cardiovascular and peripheral vascular diseases.

The peripheral vascular devices market was valued at USD 9.63 billion in 2023, growing at a CAGR of 7.88% during the forecast period from 2024 to 2030, to reach USD 15.13 billion by 2030. The demand for peripheral vascular devices is primarily being boosted by the rising prevalence of cardiovascular diseases and peripheral vascular diseases, the approval of new and advanced products, and the rising incidence of lifestyle disorders such as diabetes and hypertension. Furthermore, the increase in the geriatric population is also likely to contribute to the peripheral vascular devices market growth.

Peripheral Vascular Devices Market Dynamics:

According to British Heart Foundation 2022, worldwide around 550 million people were suffering from heart and circulatory diseases in 2019. As per the data published by American Heart Association 2022, about 244.1 million people were living with coronary (ischemic) heart disease in 2020 across the world. The same source further mentioned that North Africa, the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates for coronary (ischemic) heart disease in 2020.

According to the European Society for Cardiology (ESC) (2023), each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union. They represent about 45% of all deaths in Europe and 37% in the EU. As per the data provided by the World Health Organization (WHO) 2023, about 1.28 billion people across the globe are suffering from hypertension. It is a serious medical condition and a major risk factor for vascular disorders including peripheral artery disease. Therefore, the peripheral vascular devices market is expected to register high growth in the forecast period due to the rising prevalence of cardiovascular diseases and their risk factors.

However, frequent product failures and recalls and stringent product approval processes may restrain the growth of this peripheral vascular devices market during the forecast period.

Peripheral Vascular Devices Market Segment Analysis:

Peripheral Vascular Devices by Product Type (PTA Balloon Catheters [Normal, Drug-Eluting, Cutting, and Scoring], Angioplasty Stents [Drug-Eluting, Bare-Metal, and Expandable], Plaque Modification Devices [Arthrectomy Devices and Thrombectomy Devices], Hemodynamic Flow Alteration Devices [Embolic Protection Devices and Chronic Total Occlusion Devices], Inferior Venacava Filters [Retrievable and Permanent], and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product type segment of the peripheral vascular devices market, the drug-eluting category under the PTA balloon catheters segment is expected to account for the largest market share during the forecast period. This can be attributed to the advantages offered by drug-eluting balloon catheters. These catheters lead to an effective reduction in the narrowing of arteries, resulting in improved blood flow. It is considered as one of the safest approaches with minimal procedural complications, and faster recovery periods.

Drug-eluting balloon catheters offer immediate, homogenous, and sustained release of drug particles to the vessel wall. They can be used alone or in combination with a bare metal stent without many issues. These balloons are devised in such a way that they hold the potential to inhibit cell division which in turn helps in limiting the amount of restenosis, or blockage re-growth after treatment.

Therefore, various advantages offered by the drug-eluting PTA balloon catheters, are predicted to contribute to the increasing demand for this product type, thereby driving the growth of the overall peripheral vascular devices market.

North America is expected to dominate the overall Peripheral Vascular Devices Market:

Among all the regions, North America is expected to amass the largest share of the peripheral vascular devices market. The growing prevalence of cardiovascular diseases, access to better healthcare infrastructure coupled with the presence of major market players in the region are predicted to be the major influencing factors in driving the overall growth of the market over the forecast period.

According to the Centers for Disease Control and Prevention (CDC) 2023 data, it has been estimated that approximately 900,000 people are affected by deep vein thrombosis (DVT) or pulmonary embolism (PE) each year in the United States. The American Heart Association in 2021 projected that by 2035, more than 130 million US adults will have some sort of heart disease. As per CDC 2021, around 28.7 million people in the US had diabetes in 2019. It has been established that diabetes mellitus (DM) is a major risk factor for cardiovascular diseases, which leads to increased mortality and as well as hastens the disease progression course.

Furthermore, in October 2020, Boston Scientific Corporation received FDA clearance for Ranger™ Paclitaxel-Coated PTA Balloon Catheter which is a drug-coated balloon. It is deployed in the re-opening of the blocked or narrowed arteries in the thigh and knee due to peripheral artery disease (PAD).

Considering the presence of a large patient pool in the US coupled with new product launches, the market for peripheral vascular devices looks promising in the United States, and subsequently in North America.

Key Peripheral Vascular Devices Companies Market:

Some of the key peripheral vascular devices companies operating in the market include Medtronic, Boston Scientific Corporation, B. Braun Melsungen AG, Braile Biomedica, JOTEC GmbH, Edwards Life Sciences Corporation, LeMaitre Vascular, Inc., W. L. Gore & Associates, Inc, Abbott, Cardiovascular Systems, Inc., AngioDynamics Inc, Control Medical Technology, LLC, Walk Vascular, LLC, Transit Scientific, Conic Vascular, and others.

Recent Developmental Activities in Peripheral Vascular Devices Market:

In June 2021, AngioDynamics Inc received 510k clearance from the US Food and Drug Administration for their AlphaVac Mechanical Thrombectomy System. The device is an off-circuit, multi-purpose mechanical aspiration thrombectomy system which is deployed in the non-surgical removal of emboli or thrombi from the vasculature.

In May 2021, Transit Scientific received the CE Mark clearance in the European Union for the XO Score® Scoring Sheath Platform. This device facilitates the dilation of stenotic material in the peripheral vasculature including infrapopliteal, popliteal, and native or synthetic arteriovenous dialysis fistulae.

In January 2021, Cardiovascular Systems, Inc. received the CE Mark for Diamondback 360® Coronary Orbital Atherectomy System. It combines differential sanding and pulsatile forces to treat all calcium modalities, including eccentric (irregular), nodular, and concentric (ring-shaped).

Key Takeaways from the Peripheral Vascular Devices Market Report Study

Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the Peripheral Vascular Devices Market.

Various opportunities are available for the other competitor in the Peripheral Vascular Devices Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current peripheral vascular devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for peripheral vascular devices market growth in the coming future?

Target audience who can be benefited from This Peripheral Vascular Devices Market Report Study

Peripheral Vascular Devices products providers

Research organizations and consulting companies

Peripheral Vascular Devices-related organization, association, forum, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in peripheral vascular devices

Various End-users who want to know more about the Peripheral Vascular Devices market and the latest technological developments in the Peripheral Vascular Devices market.

Frequently Asked Questions for Peripheral Vascular Devices Market:

1. What is a Peripheral Vascular Device?

A peripheral vascular device is a medical device that helps in the treatment of blockages and narrowing of the arteries specifically in the peripheral vasculature.

2. What is the market for Peripheral Vascular Devices?

Global Peripheral Vascular Devices Market was valued at USD 9.63 billion in 2023, growing at a CAGR of 7.88% during the forecast period from 2024 to 2030, to reach USD 15.13 billion by 2030.

3. What are the drivers for Peripheral Vascular Devices Market?

The major drivers of the peripheral vascular devices market are the increasing prevalence of cardiovascular diseases as well as peripheral vascular diseases, the growing elderly population, and technological innovation in product development.

4. What are the key players operating in Peripheral Vascular Devices Market?

Some of the prominent market players operating in the peripheral vascular devices market includes Medtronic, Boston Scientific Corporation, B. Braun Melsungen AG, Braile Biomedica, JOTEC GmbH, Edwards Life Sciences Corporation, LeMaitre Vascular, Inc., W. L. Gore & Associates, Inc, Abbott, Cardiovascular Systems, Inc., AngioDynamics Inc, Control Medical Technology, LLC, Walk Vascular, LLC, Transit Scientific, Conic Vascular and others.

5. What region has the highest share in the Peripheral Vascular Devices market?

North America is expected to account for the largest revenue share in the overall peripheral vascular devices market during the forecast period, 2024 to 2030. This high growth in the market can be attributed to the increasing prevalence of cardiovascular diseases, conducive healthcare system and policies in the region, especially in the US.