New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global peripheral vascular devices market was worth US$ 4.5 Bn in 2021 and t is expected to expand at a high CAGR of 6.6% over the forecast period (2022-2032).
As the number of endovascular interventions increases, a decrease in the risks associated with the procedure creates a favorable situation for the treatment of peripheral vascular diseases, both for providers and payers, creating strong opportunities for the peripheral vascular devices market. The introduction of alternatives to surgical revascularization, which was associated with increased cases of acute recoil and a high rate of stenosis, creates a great opportunity for minimally-invasive techniques. The low cost of peripheral stents such as self-expanding and balloon expanding stents is also driving market expansion.
Advancements in endovascular surgeries during the past decades have broadened the options for treating peripheral vascular disease. Endovascular treatment offers lower risk than traditional open surgical treatment. Endovascular procedures have a long-term positive effect on iliac artery disease, which has an increased risk of occurrence in peripheral arterial disease surgeries.
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The use of balloons and self-expandable stents is the mainstay in endovascular therapy, along with new technologies such as drug-eluting stents, which have increased the treatment options for complex lesions treated by open surgery. Innovation in techniques for treating vascular diseases increases product preference and an associated rise in the number of surgical procedures, which is also expected to drive the market for peripheral vascular devices in the near future.
Key Takeaways from Market Study
- Peripheral vascular stents held 78.5% market share in 2021.
- Peripheral arterial disease indications held 30.3% share of the global peripheral vascular devices market in 2021.
- The iliac artery segment accounted for 48.1% market share in 2021.
- The hospitals segment held a market share of 60.4% in 2021.
- Around 38.3% of the global market share, by region, was accounted for by North America in 2021.
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“Rising adoption of peripheral angioplasty procedures and availability of cost-effective surgeries will drive market growth over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Companies operating in the global peripheral vascular devices market are actively seeking to strengthen their position through product launches, approvals, collaborations, partnerships, and agreements with established as well as emerging market players. This is having a positive impact on the over market.
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- In December 2021, Cook Medical received a three-year contract from Vizient as a preferred physician supplier for peripheral vascular devices. Cook Medical, which was selected as a finalist for the Vizient 2021 award, is now able to provide Vizient members with negotiated price terms and conditions due to the contract.
- Dutch company Koninklijke Philips N.V. announced a deal in August 2020 to acquire Intact Vascular, Inc., a company based in the United States that manufactures medical equipment for minimally-invasive peripheral vascular interventions.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the peripheral vascular devices market in its latest study, presenting a historical demand assessment of 2012-2021 and projections for 2022-2032. The global peripheral vascular devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
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The research study is based on the product (peripheral vascular stents (self-expanding stents, balloon expanding stents, covered stents, drug-eluting stents), drug-eluting balloons, peripheral vascular bioresorbable scaffolds), indication (target artery instability (TAI), access artery injury (AAI), peripheral arterial disease, arteriovenous fistulas, peripheral aneurysms, others), artery type (carotid artery, fem-pop artery, iliac artery, infrapop artery), and end user (hospitals, ambulatory surgical centers/outpatients, cardiac catheterization labs), across seven key regions of the world.
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