The Growing Peripheral Vascular Devices Market is driven by Increasing Geriatric Population

The Peripheral Vascular Devices Market has evolved significantly over the past few years. Peripheral vascular devices are used to treat peripheral arterial diseases where there is a reduction in blood flow to the limbs. These devices include angioplasty balloons, stents, catheters, inferior vena cava (IVC) filters, plates and screws. Angioplasty balloons and stents are used to reopen narrowed or blocked arteries in the legs. Catheters are used for minimally invasive surgeries and diagnostic examinations. IVC filters are implanted in the vena cava filter to prevent blood clots from traveling to the lungs. Plates and screws are used for peripheral vascular repairs and reconstruction surgeries. Peripheral vascular devices offer advantages like minimally invasive procedures, faster recovery time and lower risk of complications than open surgeries. The increasing cases of peripheral artery diseases due to growth in risk factors like diabetes, obesity and aging population have fueled the demand for these life-improving devices.

The Global peripheral vascular devices market is estimated to be valued at US$ 12.68 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031.

Key Takeaways

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, Bayer AG., Teleflex Medical, Koninklijke Philips N.V., Cardio Flow, Inc. Abbott Laboratories and Boston Scientific Corporation hold a majority share in the market.

The growing prevalence of peripheral artery diseases and lifestyle diseases has bolstered the demand for peripheral vascular devices. As per estimates, over 200 million people worldwide suffer from peripheral artery diseases.

The Peripheral Vascular Devices Market Demand is witnessing increasing globalization with major players expand their presence worldwide. Favourable medical reimbursements and healthcare infrastructure in developing nations present new growth avenues.

Market Drivers

Rapidly growing geriatric population is a major driver propelling the peripheral vascular devices market growth. As age advances, the risk of developing peripheral artery diseases increases substantially. People aged over 60 years account for a significant portion of peripheral artery disease patients. It is estimated that over 60% of peripheral artery disease patients are aged above 65 in the US. The rising lifespan worldwide has augmented the base of the elderly population susceptible to such vascular issues.

Impact of geopolitical situation on Peripheral Vascular Devices Market growth

The Geopolitical tensions are impacting the growth of the peripheral vascular devices market in several ways. The ongoing Russia-Ukraine conflict has disrupted supply chains and export-import activities between Europe and Russia. This is negatively impacting the availability of raw materials and components for device manufacturing companies in Europe. Furthermore, the economic sanctions on Russia are hindering business expansion opportunities for peripheral vascular device players in the Russian market.

The political instability and civil unrest in various countries are also diverting healthcare resources away from non-communicable diseases and adopting newer technologies. This can potentially slow down the demand growth for advanced peripheral vascular treatment solutions. However, government initiatives to strengthen public healthcare infrastructure and focus on lifestyle disease management may help boost the adoption of peripheral devices over the long run. Companies will need to closely monitor the geopolitical changes and risks of supply chain disruptions while formulating their strategies. Diversifying manufacturing and supplier base internationally can help mitigate such risks.

Concentration of Peripheral Vascular Devices Market by geographical regions

The Peripheral Vascular Devices Market Regional Analysis shows that North America is dominating in terms of value and accounts for over 40% of the global market share. This is attributed to the rising prevalence of peripheral artery diseases, growing geriatric population, availability of reimbursements, and continuous technological advancements. Within the region, the US holds the leading position and is one of the most lucrative markets. However, Asia Pacific is emerging as the fastest growing market for peripheral vascular devices due to improving healthcare infrastructure, growing medical tourism, and increasing economic burden of cardiovascular diseases. China, Japan, and India are expected to drive the future growth momentum in the Asia Pacific peripheral vascular devices market. Other geographical regions like Western Europe and Latin America are also prominent markets but likely to witness moderate growth rates over the forecast period.

Fastest growing region for Peripheral Vascular Devices Market

The Asia Pacific region is poised to be the fastest-growing market for peripheral vascular devices during the forecast period from 2024 to 2031. This growth can be attributed to rapidly growing economies, improving access to healthcare, rising healthcare expenditures, and expanding patient pool of peripheral vascular diseases driven by lifestyle changes and increasing geriatric population. Furthermore, presence of untapped opportunities and growing medical tourism are emphasizing private sector investments towards better infrastructure and technologies. Developing nations like China and India also offer a more favorable business environment in terms of lower manufacturing costs. Major global players are strengthening their presence across Asia Pacific through partnerships, acquisitions, and new product launches to capitalize on the high growth potential. All these favorable factors are anticipated to drive robust growth, and Asia Pacific is projected to emerge as the innovation hub for the peripheral vascular devices market.

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 About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)