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(Health-NewsWire.Net, November 27, 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.
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. Peripheral Vascular Devices Market by Type (Angioplasty Balloon, Stent, Catheters (Angiography, IVUS), Plaque Modification (Atherectomy, Thrombectomy), Hemodynamic Flow Alteration, IVC Filters, Guidewires).
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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Based on type, the catheters market is categorized into angiography catheters, guiding catheters, and IVUS/OCT catheters. Among all the angiography catheters segment accounted for the largest share of the catheters market in 2019. This is due to the high and increasing prevalence of peripheral vascular diseases, coupled with the growing awareness about the benefits of the early diagnosis of PVDs.
Based on type, the hemodynamic flow alteration devices market has been categorized into embolic protection devices and chronic total occlusion devices. Among both, the embolic protection devices segment accounted for the larger share of the hemodynamic flow alteration devices market in 2019. This can be attributed to the advantages of embolic protection devices over chronic total occlusion devices, such as the ability to capture embolic debris without interrupting continuous blood flow. Moreover, an increasing number of interventional procedures for treating peripheral artery diseases.
Region Covered in Peripheral Vascular Devices Market
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.
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Leading Companies
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)
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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