Peripheral Vascular Devices Market Frontier: Unexplored Opportunities

Market Overview:

Peripheral vascular devices are used in procedures like angioplasty, stenting, thrombectomy and atherectomy to open narrowed or blocked blood vessels that prevent adequate blood flow. The increasing number of peripheral artery disease patients and rising preference for minimally invasive procedures drive the growth of this market.

The global Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.8 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the peripheral vascular devices market is the rising adoption of peripheral vascular imaging systems. These imaging systems like ultrasound, MRI, CT scan help clinicians identify blockages non-invasively before recommending treatments. With technological advancements, newer generations of peripheral vascular imaging systems provide high resolution images with features like 3D reconstruction capabilities and automated analysis tools, thus improving diagnostic accuracy. Their use in pre-procedure planning and guiding interventions has significantly increased over the past few years.
Segment Analysis
The global peripheral vascular devices market is segmented based on product, end user, and region. Based on product, the peripheral vascular devices market can be segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, Aortic stents, synthetic surgical grafts, Embolic protection devices, and inferior vena cava filters. The peripheral vascular stents segment dominated the market in 2023 due to the increasing cases of peripheral artery disease and growing preference for minimally invasive procedures.

Key Takeaways
The global peripheral vascular devices market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of peripheral artery disease (PAD) and rising geriatric population.

Regional analysis
North America dominated the global peripheral vascular devices market in 2023 and is expected to remain the largest market over the forecast period. This is attributed to factors such as growing patient population, availability of advanced healthcare facilities, favorable government initiatives and rising healthcare spending in the US. Asia Pacific market is expected to exhibit the fastest growth rate owing to rising medical tourism, increasing healthcare expenditure and growing cases of peripheral artery disease in China and India.

Key players
Key players operating in the peripheral vascular devices market include 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, and Bayer AG. Abbott Laboratories dominated the global market in 2023 owing to its wide range of peripheral vascular devices offerings and strong geographical presence across key markets.