(PharmaNewsWire.Com, July 09, 2020 ) According to a new market research "Peripheral Vascular Devices Market by Type (Angioplasty Balloon, Stent, Catheters (Angiography, IVUS), Plaque Modification (Atherectomy, Thrombectomy), Hemodynamic Flow Alteration, IVC Filters, Guidewires), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is projected to reach USD 12.6 billion by 2025 from USD 9.2 billion in 2020, at a CAGR of 6.5%. Factors driving the growth of this market include technological advancements in Peripheral Vascular Devices, rising geriatric population, increasing incidence of aneurysm cases, and increasing preference for minimally invasive surgeries.
Angioplasty stents are estimated to account for the largest share of the Peripheral Vascular Devices Market in 2017.
The Peripheral Vascular Devices include angioplasty stents, angioplasty balloons, catheters, endovascular aneurysm repair stent grafts, inferior vena cava filters, hemodynamic flow alteration devices, and other devices. In 2017, the angioplasty stents segment is expected to hold the largest share of the market. Angioplasty stents are further segmented into bare-metal stents and drug-eluting stents. The drug-eluting stents segment is expected to account for the largest share of the global Peripheral Vascular Devices Market in 2017. Factors driving the growth of this subsegment are the wide range of benefits associated with the use of drug-eluting stents and the widespread availability of these devices across the globe.
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.
The hemodynamic flow alteration devices market is estimated to grow at the highest CAGR during the forecast period.
Hemodynamic flow alteration devices are further segmented into embolic protection devices and chronic total occlusion devices. The embolic protection devices segment is expected to account for the largest share of the global Peripheral Vascular Devices Market in 2017. Market growth can largely be attributed the increasing number of endovascular surgeries, investments for new technology development, and regulatory approvals for these devices.
North America is expected to command the largest share of the market during the forecast period.
Based on region, the Peripheral Vascular Devices Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is estimated to dominate the Peripheral Vascular Devices Market in 2017. This is mainly due to factors such as the rising incidence of cardiovascular diseases, growing geriatric population, and the strong presence of industry players in the region.
Key players in the Peripheral Vascular Devices Market include Medtronic (US), Boston Scientific (US), Abbott Laboratories (US), Terumo (Japan), Cordis (US), B.Braun (Germany), C.R. Bard (US), Biosensors (Singapore), and Biotronik (Germany).
Medtronic accounted for the largest share of the peripheral vascular devices market in 2019. The company mainly focuses on product approvals and launches to strengthen its position in the peripheral vascular devices market. In 2019, the company received US FDA approval for its IN.PACT AV drug-coated balloon (DCB) to treat arteriovenous fistula lesions. Similarly, in 2017, the company received the CE Mark approval for its Valiant Navion thoracic stent graft system. The company also received CE mark approval for the HawkOne 6F Directional Atherectomy System.
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