Growth in this market is driven by the rising global prevalence of peripheral artery diseases, increasing geriatric population, and rising prevalence of diabetes. On the other hand, 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.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.8% during the forecast period, the global Peripheral Vascular Devices Market is estimated to reach USD 14.4 Billion by the end of 2024. In 2018, North America formed the largest market segment
Based on type, the market for plaque modification devices is segmented into atherectomy devices and thrombectomy devices. Atherectomy devices held the leading share of the plaque modification devices market in 2018. This is driven largely by the increasing obesity levels worldwide and the increasing number of approvals for new products in this field.
Based on type, angioplasty balloons are classified as old/normal, drug-eluting, and cutting and scoring balloons. Of these, drug-eluting balloons are expected to show the highest growth during 2018–2022, mainly due to the increasing demand for angioplasty procedures. This has ensured a greater focus on product availability and thereby stimulated the approval of new products in the market.
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Embolic protection devices accounted for the largest share of the peripheral vascular devices market in 2018
On the basis of type, the hemodynamic flow alteration devices market is segmented into embolic protection devices and chronic total occlusion devices. In 2018, the embolic protection devices segment accounted for the larger share of the hemodynamic flow alteration devices market. This can be attributed to the advantages of EPDs over CTO devices, such as the ability to capture embolic debris without interrupting continuous blood flow.
What Drives the Market?
The growth of the global market for Peripheral Vascular Devices is primarily influenced by the following factors:
- Rapid Growth in the Geriatric Population and the Subsequent Increase in the Prevalence of Peripheral Vascular Diseases
- Product Approvals
- Increasing Prevalence of Diabetes
Geographical growth scenario of Peripheral Vascular Devices Market
North America, Europe, the Asia Pacific, and the Rest of the World (RoW) are the key regional markets for peripheral vascular devices. Of these, North America held the largest market share in 2018, mainly due to the growing geriatric population, a strong base of industry players in the region, and the increasing prevalence of cardiovascular diseases.
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, approval of new and advanced products, and the rising prevalence 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.
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