Peripheral Vascular Devices Market - Growth, Trends, and Forecast (2019 - 2024)
Peripheral arterial disease (PAD) is caused by a narrowing or blocking of the blood vessels due to a plaque build-up. 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 eight 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 the 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 aging population, and technological advancements have broadened the range of the peripheral vascular devices.
Scope of the Report
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.
Key Market Trends
Atherectomy Devices are expected to dominate the overall market
The market on the basis of device type is segmented into peripheral vascular stents, peripheral transluminal angioplasty (PTA) balloon catheters, peripheral transluminal angioplasty (PTA) guidewires, atherectomy devices, chronic total occlusion (CTO) devices, aortic stents, synthetic surgical grafts, embolic protection devices, and inferior vena cava filters. The atherectomy devices segment is expected to dominate the overall market, owing to the increasing prevalence of atherosclerosis, rising obesity, lifestyle-related disorders, and hence, the growing adoption.
North America dominates the peripheral vascular devices market
North America dominated the peripheral vascular devices market in 2018 and is expected to grow in the future due to factors, such as the 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 followed by the APAC region.
The presence of the major market players, such as Abbott, Boston Scientific Corporation, Becton Dickinson and Company, Cook Group, Medtronic, and others is intensifying the market competition. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the globe.
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