Peripheral Vascular Devices Market Analysis and Scope by 2031
The peripheral vascular devices market size is projected to reach US$ 18.5 billion by 2031 from US$ 12.5 billion in 2023. The market is expected to register a CAGR of 5.7% during 2023–2031. The drug eluting stents and balloons are likely to remain key trends in the market.
Peripheral Vascular Devices Market Analysis
Increasing prevalence of peripheral vascular diseases (PVD) is the key factor driving the market's growth. As per the WebMD, 8.5 million people in the United States have PVD. PVD is mostly observed in people aged 60 or more, affecting 12% - 20% of the population of that age group.
Peripheral Vascular Devices Market Overview
Increasing prevalence of peripheral vascular diseases (PVD), increase in conditions such as peripheral artery disease (PAD), deep vein thrombosis (DVT), and varicose veins, rising aging population, development of advanced devices such as bioresorbable vascular scaffolds, growing awareness for peripheral vascular devices, growing investments in healthcare infrastructure, favourable reimbursement policies are factors driving the growth of the peripheral vascular devices market.
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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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Peripheral Vascular Devices Market Drivers and Opportunities
Rising Incidences of Smoking, Alcoholism, and Obesity
High prevalence of smoking, alcoholism, and obesity are contributing to increase in peripheral vascular diseases, thereby increasing the demand for peripheral vascular devices. As per the Centers for Disease Control and Prevention (CDC), in 2021, nearly 12 of every 100 US adults (11.5%) that is around 28.3 million adults in the US smoke cigarettes and over 16 million of them live with a smoking-related disease.
Growing Geriatric Population
Incidence and prevalence of peripheral disease increases with age. Thus, increase in elder population is likely to increase the demand for peripheral vascular devices market. As per the AARP International, Germany is one of the five “super-aged” societies in the world, and its population of people aged 65 and older will grow, reaching 24 million that is around one-third of its total population by 2050.
Peripheral Vascular Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the peripheral vascular devices market analysis are product, and end user.
- The global peripheral vascular devices market, by product is segmented into peripheral vascular stents, PTA guidewires, peripheral transluminal angioplasty balloon catheters, atherectomy devices, aortic stents, chronic total occlusion devices, synthetic surgical grafts, and embolization guidewires. In 2023, the peripheral vascular stents segment held the largest share of the market, whereas, the peripheral transluminal angioplasty balloon catheters segment is expected to witness the fastest CAGR during the forecast period.
- In terms of end user, the market is categorised into hospitals and clinics, specialty clinics, ambulatory care centers, and others. In 2023, the hospitals and clinics segment held the largest share of the market and the same segment is also expected to witness fastest growth during the forecast period.
Peripheral Vascular Devices Market Share Analysis by Geography
The geographic scope of the peripheral vascular devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North America peripheral vascular devices market has been segmented into the US, Canada, and Mexico. Increased peripheral arterial disease, and rising demand for minimally invasive procedures are key factors driving the growth of the market in this region. Additionally, lifestyle changes, increase in aging population, and technological advancements are some of the prominent factors propelling the market growth in North America.
Europe holds a significant market share in the global peripheral vascular devices market. The growth of the market in the region is driven by increasing prevalence of peripheral arterial diseases, rise in the technological advancements, and rising government support.
Peripheral Vascular Devices Market Report Scope
Peripheral Vascular Devices Market News and Recent Developments
The peripheral vascular devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Veterinary Diagnostics market are listed below:
- Shockwave Medical, Inc., a pioneer in the development of Intravascular Lithotripsy (IVL) to treat severely calcified cardiovascular disease, announced the launch of the Shockwave L6 Peripheral IVL Catheter following clearance by the US Food and Drug Administration (FDA). (Source: Shockwave Medical, Press Release, March 2023)
- BD launches PAD treatment study with vascular-covered stent. (Source: BD, Newsletter, March 2024)
Peripheral Vascular Devices Market Report Coverage and Deliverables
The “Peripheral Vascular Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Veterinary diagnostics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Veterinary diagnostics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Veterinary diagnostics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Veterinary Diagnostics market
- Detailed company profiles
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 peripheral vascular devices market is estimated to grow with a CAGR of 5.7% from 2023 to 2031.
The estimated value of the peripheral vascular devices market by 2031 is US$ 18.5 billion
The peripheral vascular devices market majorly consists of the players such as 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
Technological Advancements in Embolization Products and Procedures
Rising incidence of atherosclerosis, smoking, alcoholism, and obesity, coupled with the increasing prevalence of peripheral artery disease and arterial embolism are propelling the market. However, the high costs and complications associated with embolization procedures are hampering the market's growth.
North America dominated the peripheral vascular devices market in 2023
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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