Peripheral Vascular Devices Market is Estimated to Witness High Growth Owing to Opportunity Rising Prevalence of Peripheral Artery Disease

Peripheral vascular devices are medical equipment used for diagnosis and treatment of peripheral artery disease. Some key peripheral vascular devices include angioplasty balloons, angioplasty stents, atherectomy devices, embolic protection devices and peripheral vascular grafts. These devices are minimally invasive and help restore blood flow to limbs affected by narrowed or blocked arteries. The increasing prevalence of lifestyle diseases such as diabetes and obesity has augmented the risk of peripheral artery disease, driving the demand for effective treatment options.

The global Peripheral Vascular Devices Market is estimated to be valued at US$ 10,266.08 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 Opportunity: Rising Prevalence of Peripheral Artery Disease
Peripheral artery disease affects more than 200 million people worldwide and causes blockages in arteries other than those directly supplying the heart. If left untreated, it can severely reduce mobility and even lead to amputation. The growing geriatric population combined with sedentary lifestyles has significantly driven the incidence of PAD. As per estimates, over 8.5 million Americans suffer from PAD. Moreover, it has been reported that 30-50% of diabetic patients develop PAD. The rising prevalence of PAD presents lucrative opportunities for peripheral vascular device manufacturers to meet the growing clinical demand for minimally invasive treatments. Early detection and treatment of PAD using devices such as angioplasty balloons, stents and atherectomy systems can help manage the disease effectively.

Porter’s Analysis
Threat of new entrants: The peripheral vascular devices market has moderate threat of new entrants due to high R&D costs and stringent regulations associated with medical devices. However, new startups can target new applications and technologies.
Bargaining power of buyers: Individual buyers have low bargaining power due to inelastic demand for devices during medical procedures and chronic conditions.However,bulk buyers like hospitals have moderate bargaining power.
Bargaining power of suppliers: Leading players have significant control over key materials and components supplying to peripheral vascular devices market giving them moderate bargaining power.
Threat of new substitutes: Substitutes have low threat currently due to lack of innovative minimally invasive substitutes for vascular diseases and conditions.
Competitive rivalry: The market has high rivalry with presence of key global players competing on technology,quality and geographic expansion.

SWOT Analysis
Strength: Advanced technologies such as drug-eluting stents reduce restenosis and reintervention rates. Rising incidence of peripheral arterial diseases increases demand.
Weakness: High costs of treatment limits access in emerging markets. Product recalls affect brand image.
Opportunity: Untapped markets in emerging nations offer significant growth scope. Minimally invasive procedures drive adoption.
Threats: Stagnant reimbursement policies in mature markets hamper revenue. Long approval cycles for new products.

Key Takeaways
The global Peripheral Vascular Devices market is expected to witness high growth during the forecast period of 2023-2030.

Regional analysis: North America remains the largest market for peripheral vascular devices mainly attributed to the rising incidence of peripheral artery diseases caused by growing diabetic and obese population. Also, presence of key players and availability of reimbursement for vascular procedures drive the market in the region. The Asia Pacific peripheral vascular devices market is projected to witness highest growth during the forecast period owing to increasing healthcare infrastructure, large patient base, and growing medical tourism in the region.

Key players operating in the peripheral vascular devices market are 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 maintains leading position in peripheral vascular devices market with wide geographic presence and innovative product offerings.