Market Size of Global Peripheral Vascular Devices and Accessories Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Peripheral Vascular Devices & Accessories Market Analysis
The peripheral vascular devices and accessories market is expected to witness a CAGR of 7.1% during the study period, 2022-2027.
The COVID-19 outbreak has impacted every aspect of the medical device industry, including the peripheral vascular devices market. In the initial few months of 2020, the number of patient visits to hospitals has reduced significantly, despite emergency and outpatient department (OPD) services being available in hospitals. The market growth has been also impacted owing to the increasing need for remote monitoring in cardiac patients and the effects of COVID-19 in the patients.
Also, certain studies reported a negative impact of COVID-19 on heart patients which may have a positive impact on the studied market. For instance, according to an article published by Hopkins Medicine in April 2022, titled 'Heart Problems After COVID-19', the coronavirus may directly infect and harm the heart's muscle tissue and the inner surfaces of veins and arteries may also be affected by the coronavirus, which increases the risk of blood clots, inflammation of blood vessels, and damage to tiny blood vessels. All of these complications can reduce blood flow to the heart and other organs, thereby increased the demand of these devices. Hence, COVID-19 is expected to have a significant impact on the market over the forecast period.
The factors propelling the studied market growth are the rising demand for minimally invasive procedures and an increase in the prevalence of peripheral artery diseases. In addition, new product launches and strategic initiatives taken by the key market players will further drive the market growth.
Peripheral arterial disease (PAD), also known as Peripheral vascular disease (PVD), is found to be caused by a narrowing or blocking of the blood vessels due to a build-up of plaque. This condition leads to tissue death, heart stroke, aneurysms, or kidney diseases if left untreated. Therefore, this requires early treatment, thereby driving the market as per the study article 'Lower Extremity Peripheral Artery Disease: Contemporary Epidemiology, Management Gaps, and Future Directions: A Scientific Statement From the American Heart Association,' published in July 2021, peripheral artery disease (PAD) affects nearly 230 million adults worldwide and is associated with increased risk of various adverse clinical outcomes such as coronary heart disease, stroke, and others. Therefore, the high burden of PAD globally and the risk factors associated with it are expected to propel the demand for peripheral vascular devices and accessories and, therefore, the market.
Additionally, strategic initiatives such as product launches, mergers and acquisitions, and others will also lead to lucrative growth of the market. For instance, in November 2021, Otsuka Medical Devices Co., Ltd. Launched BioMimics 3D Vascular Stent System for patients with peripheral vascular disease in Japan. Furthermore, in December 2021, Royal Philips signed an agreement to acquire Vesper Medical Inc., a US-based medical technology company that develops minimally invasive peripheral vascular devices. This acquisition will help Philips to further expand its product portfolio and geographical reach, thereby strategically diversifying the company. Such strategic initiatives will positively contribute to market growth. Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, strict regulations related to product approvals related to peripheral vascular are expected to hinder the market growth during the study period.
Peripheral Vascular Devices & Accessories Industry Segmentation
As per the scope of the report, vascular devices can be referred to as medical devices utilized in the case of catheterization post cardiovascular surgery for the closure and achieving hemostasis in the artery. The peripheral vascular devices and accessories market is segmented by product (peripheral vascular stents, peripheral transluminal angioplasty (PTA) balloons, catheters, atherectomy devices, peripheral accessories, and others), guidewire coating type (hydrophobic coating wires and hydrophilic coating wires) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product | |||||||||||
| Peripheral Vascular Stents | |||||||||||
| Peripheral Transluminal Angioplasty (PTA) Balloons | |||||||||||
| Catheters | |||||||||||
| Atherectomy Devices | |||||||||||
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| Others |
| By Guidewire Coating Type | |
| Hydrophobic Coating Wires | |
| Hydrophilic Coating Wires |
| Geography | ||||||||
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Global Peripheral Vascular Devices and Accessories Market Size Summary
The peripheral vascular devices and accessories market is poised for significant growth, driven by the increasing prevalence of peripheral artery diseases and the rising demand for minimally invasive procedures. The market has been influenced by the COVID-19 pandemic, which, despite initially causing a decline in patient visits, has heightened the need for remote monitoring and increased awareness of cardiovascular complications linked to the virus. This has, in turn, spurred demand for peripheral vascular devices. The market is characterized by strategic initiatives such as product launches, mergers, and acquisitions, which are expected to further propel growth. Key players are actively expanding their product portfolios and geographical reach, contributing to the market's dynamic landscape.
In North America, the market is expected to experience robust growth due to the high prevalence of peripheral artery disease and the region's strong focus on technological advancements and product innovation. The United States, in particular, is anticipated to hold a significant market share, supported by strategic acquisitions and the introduction of new products designed to enhance treatment efficacy. The competitive nature of the market is underscored by the presence of major players like Boston Scientific Corporation, Medtronic plc, and Abbott, who are continuously advancing their offerings to meet the growing demand. As the market evolves, the entry of new companies is likely, driven by the increasing adoption of peripheral vascular devices and the ongoing technological advancements in the field.
Global Peripheral Vascular Devices and Accessories Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Minimally-invasive Procedures
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1.2.2 Increase in Incidence of Peripheral Arterial Disease (PAD)
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1.3 Market Restraints
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1.3.1 Stringent Regulation Related to Peripheral Vascular Devices
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Product
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2.1.1 Peripheral Vascular Stents
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2.1.2 Peripheral Transluminal Angioplasty (PTA) Balloons
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2.1.3 Catheters
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2.1.4 Atherectomy Devices
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2.1.5 Peripheral Accessories
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2.1.5.1 Guidewires
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2.1.5.1.1 Workhorse Guidewires
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2.1.5.1.2 Frontline Finesse Guidewires
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2.1.5.1.3 Extra support Guidewires
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2.1.5.1.4 Specialty Guidewires
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2.1.5.2 Peripheral Vascular Closure Devices
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2.1.5.3 Introducer Sheaths
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2.1.5.4 Balloon Inflation Devices
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2.1.6 Others
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2.2 By Guidewire Coating Type
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2.2.1 Hydrophobic Coating Wires
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2.2.2 Hydrophilic Coating Wires
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Global Peripheral Vascular Devices and Accessories Market Size FAQs
What is the current Global Peripheral Vascular Devices and Accessories Market size?
The Global Peripheral Vascular Devices and Accessories Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Global Peripheral Vascular Devices and Accessories Market?
Boston Scientific Corporation, Abbott, Becton, Dickinson and Company, Medtronic plc and Cook Medical are the major companies operating in the Global Peripheral Vascular Devices and Accessories Market.
