Peripheral Vascular Devices Market Size, Share & Trends Analysis Report By Type (Peripheral Stents, PTA Balloons, Catheters, Endovascular Aneurysm Repair Stent Grafts, Plaque Modification Devices), By Region, And Segment Forecasts, 2024 - 2030

Peripheral Vascular Devices Market Trends

The global peripheral vascular devices market size was estimated at USD 9,757.8 million in 2023 and is projected to grow at a CAGR of 6.1% from 2024 to 2030. This growth can be attributed to increase in the prevalence of peripheral vascular diseases (PVDs). According to Center for Disease Control and Prevention (CDC), in North America approximately 6.5 million people aged 40 years and over live with the peripheral arterial disease (PAD).

Smoking, atherosclerosis, diabetes, high cholesterol, and high blood pressure are some of the key high-risk factors that contribute to rise in new cases of PAD worldwide. The peripheral stents, catheters, and Percutaneous Transluminal Angioplasty (PTA) Balloons are some of key devices used by surgeons to avoid artery blockage and smoothen blood circulation in patients with PAD. Thus, increasing prevalence of PVD is anticipated to propel demand for these devices in the coming years, thereby, driving the market growth.

The growing incidence of Peripheral Artery Disease (PAD) can be attributed to the aging population, sedentary behaviors, and a heightened prevalence of contributing risk factors, notably diabetes and smoking. As the prevalence of PAD increases, the demand for peripheral vascular devices dedicated to diagnostic and therapeutic interventions is expected to surge. Heightened awareness regarding PAD and advancements in diagnostic modalities contribute to enhanced precision and early diagnosis of the disease. Consequently, the increasing number of patients requiring medical intervention is expected to improve the demand for peripheral vascular devices.

According to the Vascular Society for Great Britain and Ireland report in 2022, PAD exhibits a noteworthy prevalence, affecting 20% of the demographic aged 60 and above in the UK. This condition possesses a dual threat, comprising the risk of lower limb amputation and heightened vulnerability to adverse conditions, such as heart attacks and strokes. The increasing frequency of PAD diagnosis is expected to increase the need for advanced diagnostic and therapeutic interventions.

Market Concentration & Characteristics

The market for is seeing an increase in the use of bio-absorbable stents to reduce thrombogenic risk factors and improve clinical applicability. The risk of late stent thrombosis is eliminated with bio-absorbable stents, which are constructed of naturally soluble substances that dissolve after implantation. They aid in defending the body against swelling or decreased blood flow, brought on by late-stent thrombosis. Thrombosis is the condition where the stent used for treatment stays inside the body for a prolonged period.

The presence of highly effective alternative treatment options and its growing use is expected to restrain market growth over the forecast period. Anticoagulant drug is considered as a first line treatment option for patients with PVDs. The high efficacy and tolerability associated with anticoagulant, such as Dabigatran, is resulting in their wide use and creating major hurdle for growing use of peripheral vascular devices. Other medications such as vasodilators, cholesterol-lowering drugs, and antiplatelet medicines are also used as an alternative to the PADs.

Moreover, governments, healthcare entities, and patients show an increased inclination toward integrating novel technologies that demonstrate enhanced clinical outcomes and expedited recovery periods. This trend is expected to boost the market growth. Moreover, PAD exhibits a higher incidence among the elderly demographic. As the worldwide population continues to age, the prevalence of PAD is anticipated to surge. The rising aging population amplifies the pool of patients necessitating vascular interventions, fostering the demand for peripheral vascular devices.

Several key players are undertaking various initiatives such as merger & acquisition and new product launch to expand business portfolio. For instance, in September 2021, Abbott acquired Walk Vascular, LLC, a medical device company with a portfolio of a minimally invasive mechanical aspiration thrombectomy system which includes next generation JETi AIO Peripheral Thrombectomy System and JETi Peripheral Thrombectomy System to remove peripheral blood clots. This acquisition strengthens Abbott’s vascular business and is expected to drive market growth.

The key players are concentrating more on manufacturing and selling bio-absorbable stents. For instance, in January 2021, the SYNERGY Megatron bio absorbable polymer coronary stent system, launched by Boston Scientific, received the U.S. FDA approval. The stent is used to treat coronary artery disease by inserting the stents delivery balloon catheter into a blood vessel in the patient’s arm or groin. It is designed for large proximal vessels, such as lesions on the ossicles, and bifurcations. The diameters range from 3.5 mm to 5.0 mm. It has increased strength and the ability to shape vessels into tapered shapes. It is constructed of a unique platinum chromium alloy that is visible on angiography and can aid in precise stent placement.

Type Insights

Based on type, the peripheral stents segment held the market with the largest revenue share of 26.0% in 2023. This dominance can be attributed to the increasing use of stents, owing to high efficacy, safety, and tolerability associated with it. According to the U.S. Food and Drug Administration (FDA), Paclitaxel coated balloon and stents are recommended to treat patients with new and recurring atherosclerotic lesion in the femoropopliteal artery condition. It works to mechanically open the blocked blood vessel. Some of the FDA approved peripheral stents are Zilver PTX and ELUVIA drug-eluting vascular stent system manufactured by Cook Ireland Ltd and Boston Scientific Corporation. The introduction of new peripheral stent is expected to drive market growth.

The peripheral accessories segment is anticipated to grow at the fastest CAGR over the forecast period. The development of improved peripheral accessories that are helpful during peripheral vascular procedures and improve accessibility is likely to increase their use in the upcoming years.

Regional Insights

North America dominated the peripheral vascular devices market with a revenue share of 39.5% in 2023. This is due to the factors such as increasing incidence of cardiovascular diseases, increasing geriatric population which drives the market growth. Also, due to the increasing number of cases with cardiovascular diseases in the U.S., the market growth is rising. Moreover, North America has presence of majority of the industry key players. Many of the industry players have enhanced their product portfolio by entering into strategic collaborations, mergers, partnerships and expanding their novel product launch which boosts market growth.

U.S. Peripheral Vascular Devices Market Trends

The peripheral vascular devices market in U.S is anticipated to grow at the fastest CAGR during the forecast period, as it is characterized by a dynamic regional landscape featuring substantial growth and notable technological progress. The demand for peripheral vascular devices is growing due to several factors such as rising incidence of cardiovascular diseases and an increasing number of clinical trials exploring stent applications in PAD. In March 2024, BD initiated a clinical trial for its experimental vascular-covered stent in individuals diagnosed with PAD. The trial aims to enroll 315 patients and assess the safety and efficacy of the self-expanding nitinol implant featuring a fluoropolymer coating. Although BD currently markets various medical devices catering to PAD, such as the self-expanding Lifestent, the company has recognized the demand for a robust stent capable of effectively navigating lesions and maintaining proximity to the vessel wall. Such initiatives are expected to further contribute to the market expansion.

Europe Peripheral Vascular Devices Market Trends

The peripheral vascular devices market in Europe is anticipated to grow at the fastest CAGR during the forecast period. The rising prevalence of vascular diseases is closely associated with demographic shifts and lifestyle factors, especially in the geriatric population. The growing geriatric population is boosting the demand for peripheral vascular devices for both diagnostic and therapeutic purposes in the region. Continuous progress in medical technology is fostering the creation of cutting-edge, minimally invasive devices designed for vascular interventions.

The UK peripheral vascular devices market has been growing in recent years due to the increasing cases of PAD in this region. For instance, as per the data by The Vascular Society for Great Britain and Ireland in 2022, PAD impacts 20% of individuals aged 60 and above in the UK. It poses a dual threat, with a significant risk of lower limb amputation and an increased susceptibility to associated conditions such as heart attacks & strokes. The increasing incidence of PAD is leading to an increasing demand for advanced diagnostic and therapeutic interventions. These factors are expected to boost the market growth.

The peripheral vascular devices market in France is witnessing intense competition, characterized by the active participation of multinational enterprises and specialized entities striving for market dominance. Key players in the market include Abbott, Boston Scientific Corporation, Cook Medical, Medtronic, and Terumo Corporation.

The Germany peripheral vascular devices market has an advanced healthcare infrastructure characterized by a superior level of medical care. Specialized vascular centers and hospitals, equipped with modern facilities, are expected to significantly impact the diagnosis and treatment of PAD. The country's reputation for advancements in medical research and innovation is well-established. Continual research and development activities are expected to lead to the development of novel technologies and treatment modalities for PAD in the near future.

Asia Pacific Peripheral Vascular Devices Market Trends

The peripheral vascular devices market in Asia Pacific is anticipated to witness at the fastest CAGR over the forecast period, owing to the rising incidence of diabetes which leads to the increasing incidence of peripheral vascular disorders. Moreover, growing demand for minimal invasive treatments, technologically advanced treatments, improving healthcare infrastructure are some of the factors projected to lead the market growth over the forecast period.

The China peripheral vascular devices market growth can be attributed to the active participation of major international medical device corporations and local entities. Prominent global players, including Medtronic, Boston Scientific, Abbott Laboratories, Cook Medical, and Terumo Corporation, are pivotal contributors to the market landscape. Simultaneously, noteworthy local players like MicroPort and Lepu Medical play significant roles.

The peripheral vascular devices market in Japan is expected to witness intense competition, characterized by the active participation of multinational enterprises and specialized entities striving for market dominance. Key players in the market include Cordis Corporation, Abbott, Boston Scientific Corporation, Cook, Medtronic, Terumo Corporation, and ASAHI INTECC CO., LTD., among others.  Some of the key players are involved in mergers & acquisitions, partnerships, and collaborations for product portfolio expansion, which is expected to contribute to market growth. For instance, in February 2023, Penumbra Inc. and Asahi Intecc Group entered into a definitive distribution agreement.

Middle East & Africa Peripheral Vascular Devices Market Trends

The peripheral vascular devices market in Middle East & Africa is anticipated to grow at the fastest CAGR over the forecast period. The Middle East and Africa market is experiencing unique regional dynamics that are impacting the market growth in near future. Notably, the rising prevalence of cardiovascular diseases in the region is a pivotal factor propelling the demand for peripheral vascular devices. For instance, as per the report published by World Heart Federation 2023, in 2019, the North Africa and Middle East region exhibited the second-highest mortality rate due to cardiovascular diseases among both men and women.

The Saudi Arabia peripheral vascular devices market growth is propelled due to the increasing prevalence of chronic conditions such as diabetes, stroke, and obesity, which are known for elevating the risk of peripheral vascular diseases. Moreover, the rising elderly population in Saudi Arabia is expected to drive the demand for peripheral vascular devices. For instance, in August 2021, a research initiative undertaken by the National Institutes of Health provided insights into the prevalence of stroke in Saudi Arabia, revealing an incidence rate of 43.8 cases per 100,000 individuals.

The peripheral vascular devices market in Kuwait is anticipated to grow at the fastest CAGR over the forecast period. The principal factor propelling the market growth in Kuwait is the growing prevalence of cardiovascular diseases, including PAD and Deep Vein Thrombosis (DVT). Cardiovascular diseases pose a substantial health challenge in Kuwait, which is boosting the demand for peripheral vascular devices.

Key Peripheral Vascular Devices Company Insights

Companies are focusing on strategic initiatives, such as the introduction of novel products through customization according to consumers’ needs, partnerships, collaborations, and mergers & acquisitions, to expand their product portfolio and extend leadership positions in the field of cardiology field. Moreover, the competition between key players will turn intense in the coming years as they are focusing more on geographical expansion, strategic collaborations, and partnerships through mergers & acquisitions.

Recent Developments

• In 2024, Cook Group launched its Slip-Cath Beacon Tip Hydrophilic Selective Catheter in the U.S. and Canada. This catheter is designed for vascular and nonvascular procedures, making it a versatile option for medical professionals

• In 2023, Abbott acquired Cardiovascular Systems, Inc. (CSI), a medical device company specializing in treating peripheral and coronary artery disease using an innovative atherectomy system. The deal was worth approximately USD 890 million

• In September, 2022, Teleflex introduced a new portfolio of Arrow Pressure Injectable Midline Catheters in the U.S. and Canada. These catheters are designed to address the issue of line identification confusion that can arise while using the Arrowg+ard Blue Advance Midline and the traditional Arrow Midline, both of which come in single & double lumen options

• In March, 2018, Terumo Corporation acquired assets associated with a large bore vascular closure device from Medeon Biodesign, Inc., a publicly traded medical device company based in Taiwan. The deal involved an upfront payment of USD 20 million. The acquisition is funded through cash reserves

Peripheral Vascular Devices Market Report Scope

Global Peripheral Vascular Devices Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global peripheral vascular devices market report based on type, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Peripheral Stents

    • Iliac Artery Stents

    • Femoral Artery Stents

    • Carotid Artery Stents

    • Renal Artery Stents

    • Other Peripheral Stents

  • PTA Balloons

  • Catheters

    • Angiography Catheters

    • Guiding Catheters

    • IVUS/OCT Catheters

  • Endovascular Aneurysm Repair Stent Grafts

    • Thoracic Endovascular Aneurysm Stent Grafts

    • Abdominal Endovascular Aneurysm Stent Grafts

  • Plaque Modification Devices

    • Atherectomy Devices

    • Thrombectomy Devices

  • Peripheral Accessories

    • Guidewires

      • Workhorse Guidewires

      • Specialty Guidewires

      • Extra Support Guidewires

      • Frontline Finesse Guidewires

    • Peripheral Vascular Closure Devices

    • Balloon Inflation Devices

    • Introducer Sheaths

  • Inferior Vena Cava Filters

    • Permanent Filters

    • Retrievable Filters

  • Hemodynamic Flow Alteration Devices

    • Chronic Total Occlusion Devices

    • Embolic Protection Devices

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait