Peripheral vascular disease (PVD) is narrowing of arteries outside the brain and heart. Risk factors for the growth of PVD include hypertension, obesity, diabetes and smoking. More than 5% of the population above the age of 50 years suffers from PVD. Insufficient blood flow and narrowing of arteries are the most common peripheral diseases caused due to plaque buildup. The global market for peripheral vascular devices was valued at USD 4,802.6 million in 2011, with an expected CAGR of 7.1% from 2012 to 2018. The North American region accounts for the largest market share. Asia-Pacific is the fastest growing market, on account of favorable demographic and economic conditions.
The major segments in the market include peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, embolic protection devices and inferior vena cava filters. Embolic protection devices are the fastest growing segment in the total peripheral vascular devices market.
Growth of the global peripheral vascular devices market is fuelled by the rate of population growth globally and the high incidence of peripheral vascular diseases due to increasing aging population. Rising healthcare awareness and increasing disposable incomes are other important factors driving the growth of the market.
Key players such as Abbott Laboratories, Cordis Corporation and Boston Scientific Corporation dominate the market with their global presence. With the increasing aging population in developed economies such as North America and Europe, the demand for peripheral vascular devices would also increase. Asia-Pacific will record a high CAGR, due to the continuous increase in population as well as disposable incomes. Economic growth and technological advancements are primary factors stimulating the growth of peripheral vascular devices market in Asia-Pacific region. Global Peripheral Vascular Devices Market, by Product Types, 2011 (USD Million)
Increasing Awareness and Affluence among Consumers Driving Peripheral Vascular Devices Market
Peripheral vascular disease (PVD) is the narrowing of arteries outside the heart that carry blood to the limbs, the all-important cerebral region, and other internal organs. The main risk factors fueling the growth of the peripheral vascular devices market are obesity, smoking, hypertension, and diabetes. Studies state that more than 5% of the global population above 50 years suffers from PVD. The market for peripheral vascular devices is fueled by the increasing awareness about the disease, rising preference for minimally invasive surgeries, and rising disposable incomes allowing patients to go for more advanced medical procedures.
Peripheral vascular disease is highly correlated with the changing modern lifestyle, addictions, and unhealthy eating habits. People consuming tobacco products, alcohol, and cigarettes are expected to experience cardiac arrest, blood clotting or other vascular diseases at some point in time. Such factors also contribute to the growing peripheral vascular devices market in the world. The global market for peripheral vascular devices is expected to expand due to the number of diagnostic and therapeutic interventions for PVD management across various healthcare platforms.
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Steady Growth Expected for All Product Segments of Peripheral Vascular Devices Market
The PVD market typically includes angiography catheters, IVC filters, hemodynamic flow alteration, plague modification devices, and EVAR stent grafts as the main devices used for treating peripheral arterial conditions. These devices are highly effective and efficient. They are used to decrease the inconvenience experienced by patients during the surgical procedure.
However, the major product segments that have grown impressively in the past few years and contributed to the overall growth in the market are PTA guidewires, atherectomy devices, eripheral vascular stents, chronic total occlusion devices, peripheral transluminal angioplasty balloon catheters, aortic stents, inferior vena cava filters, synthetic surgical grafts, and embolic protection devices.
Of all these products, the market for embolic protection devices is the fastest growing product segment in the global PVD market. Growth in the market for stents is also accelerating as these medical devices are commonly used for treating various problems related to coronary arteries.
All these segments are anticipated to witness continuous growth and demand from various regions in the next four years.
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