Global Peripheral Vascular Devices and Accessories Market Size

Peripheral Vascular Devices & Accessories Market Analysis

The peripheral vascular devices and accessories market is expected to witness a CAGR of 7.1% during the study period, 2022-2027.

The COVID-19 outbreak has impacted every aspect of the medical device industry, including the peripheral vascular devices market. In the initial few months of 2020, the number of patient visits to hospitals has reduced significantly, despite emergency and outpatient department (OPD) services being available in hospitals. The market growth has been also impacted owing to the increasing need for remote monitoring in cardiac patients and the effects of COVID-19 in the patients.

Also, certain studies reported a negative impact of COVID-19 on heart patients which may have a positive impact on the studied market. For instance, according to an article published by Hopkins Medicine in April 2022, titled 'Heart Problems After COVID-19', the coronavirus may directly infect and harm the heart's muscle tissue and the inner surfaces of veins and arteries may also be affected by the coronavirus, which increases the risk of blood clots, inflammation of blood vessels, and damage to tiny blood vessels. All of these complications can reduce blood flow to the heart and other organs, thereby increased the demand of these devices. Hence, COVID-19 is expected to have a significant impact on the market over the forecast period.

The factors propelling the studied market growth are the rising demand for minimally invasive procedures and an increase in the prevalence of peripheral artery diseases. In addition, new product launches and strategic initiatives taken by the key market players will further drive the market growth.

Peripheral arterial disease (PAD), also known as Peripheral vascular disease (PVD), is found to be caused by a narrowing or blocking of the blood vessels due to a build-up of plaque. This condition leads to tissue death, heart stroke, aneurysms, or kidney diseases if left untreated. Therefore, this requires early treatment, thereby driving the market as per the study article 'Lower Extremity Peripheral Artery Disease: Contemporary Epidemiology, Management Gaps, and Future Directions: A Scientific Statement From the American Heart Association,' published in July 2021, peripheral artery disease (PAD) affects nearly 230 million adults worldwide and is associated with increased risk of various adverse clinical outcomes such as coronary heart disease, stroke, and others. Therefore, the high burden of PAD globally and the risk factors associated with it are expected to propel the demand for peripheral vascular devices and accessories and, therefore, the market.

Additionally, strategic initiatives such as product launches, mergers and acquisitions, and others will also lead to lucrative growth of the market. For instance, in November 2021, Otsuka Medical Devices Co., Ltd. Launched BioMimics 3D Vascular Stent System for patients with peripheral vascular disease in Japan. Furthermore, in December 2021, Royal Philips signed an agreement to acquire Vesper Medical Inc., a US-based medical technology company that develops minimally invasive peripheral vascular devices. This acquisition will help Philips to further expand its product portfolio and geographical reach, thereby strategically diversifying the company. Such strategic initiatives will positively contribute to market growth. Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, strict regulations related to product approvals related to peripheral vascular are expected to hinder the market growth during the study period.