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(Health-NewsWire.Net, October 19, 2020 ) 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, the approval of new and advanced products, and the rising incidence 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.
[314 Pages Report] The global peripheral vascular devices market size is projected to reach USD 12.6 billion by 2025 from USD 9.2 billion in 2020, at a CAGR of 6.5% during the forecast period.
COVID -19 Impact on the Peripheral Vascular Devices Market
In the last few months, the number of patient visits to hospitals has reduced significantly, despite emergency and OPD services being available in hospitals. Before commencing any interventional procedure, surgeons run through a series of clinical tests to decide the best treatment for patients. However, due to the lockdown in many countries, patient visits to hospitals have reduced significantly. As a result, the number of diagnostic tests has reduced. This has further reduced the sales of peripheral vascular devices.
Globally, a majority of countries have postponed elective surgeries to prevent the spread of COVID-19. Since 70–80% of peripheral vascular interventional procedures are elective, many of these procedures have been delayed. This is another factor negatively impacting the growth of the peripheral vascular devices market.
Also, closed manufacturing facilities due to lockdowns disrupted supply chains, and reduced recruitments for clinical trials have further impacted the growth of the overall peripheral vascular devices market in 2020.
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Rapid growth in the geriatric population and the subsequent increase in the prevalence of peripheral vascular diseases
The rapid growth in the geriatric population is one of the major factors driving the demand for peripheral vascular devices as this population segment is at a greater risk of developing peripheral vascular diseases such as atherosclerosis and aneurysms. This is because, with age, genetic and lifestyle factors can lead to a buildup of plaque in the arteries. Globally, it is estimated that more than 200 million people are suffering from peripheral vascular diseases (Source: Elsevier, 2018). According to the same source, the prevalence of these diseases rises with age and is greater than 20% in the patient population aged above 80 years.
Emerging markets such as China, India, Singapore, and Brazil are expected to witness high growth in the coming years owing to the presence of less-stringent regulatory policies and low competition. To leverage the high-growth opportunities in these markets, manufacturers are strategically focusing on expanding their presence in these countries. Moreover, the increasing competition in mature markets is further compelling manufacturers to focus on emerging markets. In 2016, Medtronic (Ireland) opened its Asia Pacific regional headquarters in Singapore. This development will support and strengthen the company’s operations in 80 locations across the Asia Pacific region. Moreover, in 2017, iVascular SLU received approval from the Indian government to sell its products in the country. This helped the company in terms of revenue generation as well as expansion in emerging economies.
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North America accounted for the largest share of the peripheral vascular devices market in 2019
Based on the region, the peripheral vascular devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the peripheral vascular devices market. The large share of North America can be attributed to factors such as the increasing prevalence of diabetes, rising aging population, availability of reimbursement, and the presence of all key players.
Key Players
Prominent players in the peripheral vascular devices 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).
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