The peripheral vascular devices market is projected to reach US$ 17,679.72 million by 2028 from US$ 11,375.13 million in 2021; it is estimated to grow at a CAGR of 6.5% during 2021 to 2028.
Vascular devices can be referred to as a medical device, utilized in the case of catheterization post a cardiovascular surgery, for the closure and achieving hemostasis in the artery. The growth of atherosclerotic plaques in arteries that supply blood to organs, limbs, and the head causes peripheral vascular disorders (PVD). Peripheral artery occlusive disease (PAOD), peripheral artery disease (PAD), and peripheral obliterative arteriopathy are all terms used to describe this condition. IVC filters, angiography catheters, EVAR stent grafts, hemodynamic flow alteration, and plague modification devices are among the peripheral vascular devices used to treat peripheral arterial or coronary arterial disease, as well as in peripheral endovascular and coronary procedures. These devices are utilized to reduce patient interference while causing the least amount of disruption during the surgical operation.
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Peripheral Vascular Devices Market: Strategic Insights
Market Size Value in US$ 11,375.13 million in 2021 Market Size Value by US$ 17,679.72 million by 2028 Growth rate CAGR of 6.5% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Peripheral Vascular Devices Market: Strategic Insights
| Market Size Value in | US$ 11,375.13 million in 2021 |
| Market Size Value by | US$ 17,679.72 million by 2028 |
| Growth rate | CAGR of 6.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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The growth of the peripheral vascular devices market is attributed to the growing incidence of hypertension, obesity, smoking, and alcoholism and the rising prevalence of peripheral vascular diseases. However, the high cost of peripheral vascular devices hampers the market growth.
Lucrative Regions in Peripheral Vascular Devices Market
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Market Insights
Increasing Prevalence of Peripheral Artery Disease and Arterial Embolism
The three most common CVDs worldwide are coronary heart disease, cerebrovascular disease, and peripheral artery disease. Although global cardiovascular disease prevention and control has gained traction in recent decades, efforts have been primarily focused on coronary heart disease and cerebrovascular disease, the world's leading causes of mortality. Despite receiving less attention, peripheral artery disease has emerged as a significant contributor to worldwide deaths and disabilities, with an increasing burden in low-income and middle-income countries (LMICs). A blockage in the blood vessels causes peripheral arterial disease (PAD) or peripheral vascular disease (PVD), which reduces blood flow to the limbs, most commonly the legs. According to the 2017 Global Burden of Disease report, there were 118.1 million prevalent instances of peripheral artery disease and 10.8 million incident cases globally in 2017, with two-thirds of prevalent cases of peripheral artery disease being asymptomatic. Peripheral artery disease caused 515,600 years lived with disability. In 2017, 70,200 persons died from peripheral artery disease, an increase of 55.7% compared to 2007 and an increase of around 10% in age-standardized deaths. Due to pre-existing factors, such as age, hypercoagulability, cardiac abnormalities, and atherosclerotic disease, surgical and intensive care patients are at a higher risk for arterial embolization. These factors are supporting the global peripheral vascular devices market growth substantially.
Product-Based Insights
Based on product, the global peripheral vascular devices market has been segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, and embolization guidewires. The peripheral vascular stents segment held the largest share of the market in 2021. Moreover, the peripheral transluminal angioplasty balloon catheters segment is expected to grow at the fastest CAGR of 7.5% from 2021 to 2028, owing to the rise in the use of peripheral transluminal angioplasty balloon catheters for various medical conditions across the globe.
Peripheral Vascular Devices Market, by Product – 2021 and 2028
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End-User-Based Insights
Based on end-user, the global peripheral vascular devices market is segmented into hospitals and clinics, specialty clinics, ambulatory care centers, and others. In 2021, the hospitals and clinics segment held the largest share of the market. Moreover, the segment is expected to grow at the fastest CAGR of 6.9% during the forecast period, owing to the rise in the number of peripheral vascular diseases across the globe.
Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the peripheral vascular devices market players focus on the partnership strategy to expand their clientele, which, in turn, permits them to maintain their brand name across the world.
Company Profiles
- Abbott
- Edwards Lifesciences Corporation
- Medtronic
- Teleflex Incorporated
- Boston Scientific Corporation
- BD
- Cook Medical LLC
- Terumo Corporation
- B. Braun Melsungen AG
- Cardinal Health Inc
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global peripheral vascular devices market is expected to reach US$ 17,679.72 million in 2028 from US$ 11,375.13 million in 2021. The market is estimated to grow with a CAGR of 6.5% from 2021-2028.
The peripheral vascular devices market based on product is segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, aortic stents, atherectomy devices, PTA guidewires, synthetic surgical grafts, embolization guidewires, and chronic total occlusion devices. In 2021, the peripheral vascular stents segment accounted for the highest share owing to increasing geriatric population, rising cases of hypertension resulting rapidly growing number of surgeries and rising demand for technologically advanced products in developed and developing economies including the US, Germany, U.K., France, Japan, and others. However, the peripheral transluminal angioplasty balloon catheters segment is expected to grow at a CAGR of 7.5% in the forecast period due to rise in demand of minimally invasive surgery
The growth of the market is attributed to the rising incidence of atherosclerosis, smoking, alcoholism, and obesity, coupled with the increasing prevalence of peripheral artery disease and arterial embolism drives the market growth. However, the high costs and complications associated with embolization procedures hampers the market growth.
The disposable pipettes tips market majorly consists of players like Abbott, Edwards Lifesciences Corporation, Medtronic, Teleflex Incorporated, Boston Scientific Corporation, BD, Cook Medical LLC, Terumo Corporation, B. Braun Melsungen AG, and Cardinal Health Inc. among others.
In 2021, Asia Pacific registered as the fastest-growing region in the global peripheral vascular devices market. The market is this region is expected to grow significantly in countries such as China, Japan, and India. The market is driven by growing investments from international players in China and India, improving government support specifically concentrating drug use awareness, increased testing due to drug overuse. Therefore, the region holds huge potential for the peripheral vascular devices market players to grow during the forecast period.
The List of Companies - Peripheral Vascular Devices Market
- Abbott
- Edwards Lifesciences Corporation
- Medtronic
- Teleflex Incorporated
- Boston Scientific Corporation
- BD
- Cook Medical LLC
- Terumo Corporation
- B. Braun Melsungen AG
- Cardinal Health Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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