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Growth in this market is driven by the rising 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 during the forecast period.
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% during the forecast period.
“Angiography catheters segment accounted for the largest share of the catheters market in 2018”
On the basis of type, the 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.
“Asia Pacific to register the highest growth rate during the forecast period (2019–2024)”
On the basis of region, the 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).
Medtronic is the leading player of the peripheral vascular devices market, accounting for the largest market share in 2017. The company mainly focuses on organic strategies in order to strengthen its position in the peripheral vascular devices market. It has been investing 7–8% of its total revenue on R&D for launching innovative products in the market.
Boston Scientific is the second-largest player of the peripheral vascular devices market. The company mainly focuses on organic and inorganic strategies in order to strengthen its business operations. For instance, in 2018, the company received FDA approval for Eluvia, a drug-eluting Vascular Stent system for the treatment of PAD. Similarly, in 2015, the company entered into an agreement with C.R. Bard (US) to distribute the Lutonix 035 Drug-coated Balloon Percutaneous Transluminal Angioplasty Catheter (Lutonix DCB) in the US.
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