Global Peripheral Vascular Devices Market - Segmented by Product Type and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Peripheral Vascular Devices Market is expected to witness a CAGR of 7.1% during the forecast period. North America is estimated to dominate the peripheral vascular devices market in 2017, due to the rising incidences of the cardiovascular diseases and presence of major players in this region.
Increase in incidence of Peripheral Arterial Disease (PAD)
Peripheral Arterial Disease (PAD), is caused by a narrowing or blocking of the blood vessels due to a build-up of plaque. This condition can lead to tissue death, heart stroke, aneurysms, or kidney diseases, if left untreated. According to the National Institute of Health, one in every 20 American, who is over the age of 50, has PAD. It has been affecting 8 to 12 million people in the United States, especially those over 50 years. As the population is growing, the prevalence of the disease is increasing, which could grow from 9.6 million to reach 19 million overall globally by 2050. With the aging of global population, it seems likely that PAD will be increasingly common in the future. Hence, the statistics show that the number of PAD is increasing at a faster pace, which is ultimately driving the market of peripheral arterial disease.
Other factors, such as, the rising demand for minimally-invasive procedures, especially for peripheral arterial disease, lifestyle changes, increase in ageing population, and technological advancements have broadened the range of peripheral vascular devices.
Delay in Marketing Approval for Peripheral Vascular Devices due to Stringent Regulations
According to the FDA product classification, majority of the peripheral vascular devices belong to the class III medical devices category. The class III devices are considered to be high risk devices are subjected to strict regulations, to be certified as safe and effective. Owing to the number of regulations, the approval process to distribute the new products is complex, expensive, and time-consuming, which can cause a delay. Hence, due to these regulatory delays and complexities, the market growth is being restrained.
The other factors, such as, lack of proper reimbursement policies for peripheral vascular devices, highly-fragmented market leading to peripheral vascular devices, and price erosion are also restraining the market.
North America is expected to hold the largest share of the market
North America has dominated the peripheral vascular devices market in 2017 and is expected to grow in the future due to factors, such as, rising incidence of cardiovascular diseases, growing geriatric population, and the strong presence of industry players in the region. Europe holds the second largest position in the market, which is being followed by the APAC region.
Key Developments in the Market
April 2017: BD (Becton, Dickinson and Company) and C. R. Bard, Inc. has entered into a definitive agreement.
September 2017: Cook Group has received FDA approval for the two-year shelf life for Zilver PTX, which is the world’s first drug-eluting stent for treatment of vascular disease in the superficial femoral artery (SFA).
Major Players: ABBOTT VASCULAR, THE BOSTON SCIENTIFIC CORPORATION, C.R.BARD, INC., COOK GROUP, CORDIS CORPORATION, COVIDIEN PLC, EDWARD LIFESCIENCES, MEDTRONIC, ST. JUDE MEDICAL, AND VOLCANO CORPORATION, amongst others.
Reasons to Purchase this Report
Current and future global Peripheral Vascular Devices Market outlook in the developed and emerging markets
Various perspectives of the market, with the help of Porter’s five forces analysis
The segment expected to dominate the market
The region expected to witness the fastest growth rate during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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