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.
The peripheral vascular devices market is projected to reach USD 14.4 billion by 2024 from USD 10.3 billion in 2019, at a CAGR of 6.8%.
Catheters market is segmented into angiography catheters, guiding catheters, and IVUS/OCT catheters. In 2018, the angiography catheters segment accounted for the largest share of the catheters market. This is mainly due to the high and increasing prevalence of peripheral vascular diseases, coupled with the increasing awareness about the benefits of the early diagnosis of PVDs.
- In 2018, Medtronic received FDA approval for its product, Valiant Navion to treat lesions of the descending thoracic aorta, including thoracic aortic aneurysms (TAA), blunt thoracic aortic injuries (BTAI), penetrating atherosclerotic ulcers (PAU), intramural hematomas (IMH), and aortic type B dissections (TBAD).
- In 2018, Boston Scientific received FDA Mark approval for Eluvia, a drug-eluting vascular stent system for the treatment of peripheral artery disease (PAD).
- In 2017, Becton, Dickinson and Company acquired C.R. Bard to strengthen its position in the medical devices segment.
Peripheral vascular devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America dominated the market in 2018, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC market is largely driven by the large patient population and increasing focus of major players on this region.
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Key Market Players
Prominent players in the peripheral vascular devices market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), Cardinal Health (US), iVascular (Spain), Becton, Dickinson and Company (US), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Biosensors International Group (Singapore), and BIOTRONIK SE & Co. KG (Germany).