Market Trends of Global Peripheral Vascular Devices Industry
This section covers the major market trends shaping the Peripheral Vascular Devices Market according to our research experts:
Peripheral Vascular Stents are expected to witness growth over the forecast period
Due to the increase in the number of cardiac disorders there is an increased demand for peripheral vascular stents globally. The American Heart Association (AHA), Heart Disease and Stroke Statistics - 2022 Update data shows that cardiovascular disease (CVD) is listed as the primary underlying cause of death accounting for 19.05 million deaths all over the world in the year 2020. As per the same source, around 7.08 million deaths worldwide were attributed to cerebrovascular diseases in the year 2020. Such a high prevalence of cardiac disease among the population in the country reaped the demand for peripheral vascular stents.
The advancements in technology and increasing product approvals, along with partnerships and collaborations by key players are helping in the market growth. For instance, in March 2022, Cordis, a global cardiovascular technology company, announced the United States Food and Drug Administration (FDA) approval for the S.M.A.R.T. RADIANZ Vascular Stent System, a self-expanding stent specifically designed for radial peripheral procedures The RADIANZ Radial Peripheral System is completed by the recently approved vascular stent system, BRITE TIP RADIANZ Guiding Sheath, and SABERX RADIANZ PTA Catheter. This system was created specially to optimize radial access, produce remarkable results, and increase patient satisfaction.
Furthermore, in October 2021, Boston Scientific Corporation presented favorable clinical trial results for the Eluvia Drug-Eluting Vascular Stent System during a clinical trial presentation at the Vascular InterVentional Advances (VIVA) meeting in Las Vegas. The Eluvia stent outperformed self-expanding bare metal stents (BMS) for the treatment of patients with peripheral arterial disease (PAD) and superficial femoral artery (SFA) lesions up to 210 mm in length, according to data from the EMINENT trial that were presented. The study included 775 patients, making it the biggest drug-eluting stent randomized trial for PAD treatment to date. Such developments are anticipated to fuel the usage of peripheral vascular stents.
Therefore, there is a growth in the Peripheral vascular stents segment of the studied market.
North America Dominates the Peripheral Vascular Devices Market
North America is expected to dominate the market owing to factors such as the rising incidence of cardiovascular diseases, growing geriatric population, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.
According to the Centers for Disease Control and Prevention (CDC)'s article titled 'Heart Disease Facts' published in September 2020, heart disease is the leading cause of death in the United States. The same source also reports that every year about 805,000 Americans have a heart attack. As the number of deaths due to heart diseases is increasing there is a continuous need for the proper treatment of cardiac diseases since peripheral vascular devices provides helps in the treatment of artery blockages and narrowing and hence are expected to show growth over the forecast period.
The increasing product launches, partnerships, and acquisitions particularly in the United States are leading to an increase in market growth. For instance, in March 2022, Siemens Healthineers launched next-generation ACUSON AcuNav Volume 4D ICE Catheter in the United States. As per the company, AcuNav Volume ICE catheter transforms care delivery by enabling the treatment of patients who were previously not able to undergo Structural Heart procedures.
Additionally, in September 2021, Abbott announced the acquisition of Walk Vascular, LLC, a medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots. Walk Vascular's peripheral thrombectomy systems will be incorporated into Abbott's existing endovascular product portfolio. The collaboration enabled Abbott to increase the range of its peripheral vascular services.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.
