Peripheral Vascular Devices Market Report Overview
The peripheral vascular devices market is projected to reach USD 14.4 billion by 2024 from USD 10.3 billion in 2019, at a CAGR of 6.8% during the forecast period. The rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, approval of new and advanced products, and the growing preference for minimally invasive surgeries are driving the growth of the peripheral vascular devices.
Atherectomy devices accounted for the larger share of the plaque modification devices market in 2018
On the basis of type, the plaque modification devices market is segmented into atherectomy devices and thrombectomy devices. In 2018, the atherectomy devices segment accounted for the larger market share mainly due to the increasing incidence of atherosclerosis as a result of the rising global prevalence of obesity.
Embolic protection devices accounted for the largest share of the peripheral vascular devices market in 2018
On the basis of type, the hemodynamic flow alteration devices market is segmented into embolic protection devices and chronic total occlusion devices. In 2018, the embolic protection devices segment accounted for the larger share of the hemodynamic flow alteration devices market. This can be attributed to the advantages of EPDs over CTO devices, such as the ability to capture embolic debris without interrupting continuous blood flow.
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North America dominates the peripheral vascular devices market
North America, which includes the US and Canada, accounted for the largest share of the peripheral vascular devices market in 2018. The large share of this market segment can be attributed to the rising incidence of peripheral vascular diseases (PVDs), growing geriatric population, and the strong presence of industry players in the region.
Growth in this market is majorly driven by the rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, approval of new and advanced products, and the rising prevalence of diabetes. However, the availability of alternative treatments and product failures and recalls are the major factors that are expected to restrain the growth of this market during the forecast period.
Key Players
The major players operating in this market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), Cardinal Health (US), iVascular (Spain), Becton, Dickinson and Company (US), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Biosensors International Group (Singapore), and BIOTRONIK SE & Co. KG (Germany).
Key Developments
- In 2018, Medtronic received FDA approval for its product, Valiant Navion to treat lesions of the descending thoracic aorta, including thoracic aortic aneurysms (TAA), blunt thoracic aortic injuries (BTAI), penetrating atherosclerotic ulcers (PAU), intramural hematomas (IMH), and aortic type B dissections (TBAD).
- In 2018, Boston Scientific received FDA Mark approval for Eluvia, a drug-eluting vascular stent system for the treatment of peripheral artery disease (PAD).
- In 2017, Becton, Dickinson and Company acquired C.R. Bard to strengthen its position in the medical devices segment.
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