According to a report available on Radiant Insights, Inc.; the peripheral vascular devices market is likely to grow significantly by 2025.
Growing geriatric population, technological innovations, increasing incidences of atherosclerosis, high prevalence of aneurysm, and growing demand for minimally invasive surgeries can propel the market during the forecast period (2018 to 2025).
Devices such as stents, balloon catheters, CTO, atherectomy devices, venacava filters, and grafts are extensively used to treat peripheral vascular disease.
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These devices are used to reduce the interference of patients with least disturbance throughout the surgical procedure. Increasing prevalence of venous diseases or chronic venous insufficiency (CVI) is anticipated to boost the market. additionally, eating habits like high consumption of tobacco products, alcohols, and smoking have led to blood clotting, cardiac arrest, and other vascular diseases. This is also expected to increase the demand for these devices. Rising number of endovascular surgeries and increasing demand for technologically advanced devices are likely to increase demand for embolic protection devices in the coming years. These devices are extensively used to remove atherosclerosis from large blood vessels.
For instance, Keystone Heart Ltd., recently launch its Phase II of the REFLECT trial for evaluating the safety and efficiency of the next generation of Keystone Heart -TriGUARD 3 Cerebral Embolic Protection device. This third-generation device is being measured for its capability to defend the brain from emboli at the time of transcatheter aortic valve replacement (TAVR) and reducing the risk of stroke and cerebral damage. This trial is prospective, multicenter, randomized, clinical study intended to assess the safety and effectiveness of comprehensive cerebral protection from emboli released during cardiovascular procedures.
Worldwide peripheral vascular devices market can be segmented on the basis of product, application, and region.
As per application, the market can be categorized into peripheral vascular stents, embolic protection device, PTA balloon catheter, aortic stent graft, and surgical artificial transplant. As per application, the market can be split into the treatment of peripheral blood vessels blockage and the treatment of peripheral blood vessels damaged.
Geographically, the market can be divided into North America, China, Europe, Southeast Asia, Japan, and India.
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North America has been dominating the market due to high prevalence of cardiovascular diseases, increasing elderly population, high awareness among the patients, availability of established healthcare infrastructure, increasing expenditure for healthcare, high adoption of minimally invasive surgeries, presence of established market players, and rise in R&D activities in the region.
Emerging Asian countries including India and China are expected to be the key regions due to existence of large patient pool coupled with potential unmet medical requirements. In addition, increasing disposable income, increasing burden of peripheral vascular diseases (PVDs), rapid infrastructure developments are also expected to support the market growth.
Prominent companies operating in the market include Medtronic, Inc.; Bolton Medical, Inc.; ENDOLOGIX, Inc.; ClearStream Technologies Ltd.; and Abbott Laboratories Vascular Enterprises Limited.
Major manufacturers in the market are concentrating on adopting development strategies to produce next generation devices. Players are making high investments for new technology development and striving for regulatory approvals for these devices. Large numbers of clinical trials are carried out for increasing the safety and efficiency of devices. For instance, MIVI Neuroscience, Inc. recently received CE Mark approval for the R4Q Revascularization Catheter for treating treatment of ischemic stroke. It can be used to remove fresh, soft emboli and thrombi in the peripheral and neurovascular systems.
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