London, March 30, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Peripheral Vascular Devices Market by Type [Angioplasty Balloon, Stents, Catheters (Guiding, IVUS), IVC Filter, Atherectomy, Thrombectomy, Hemodynamic Flow Alteration (Embolic Protection, Occlusion)] and Geography - Global Forecast to 2027”, published by Meticulous Research®, the peripheral vascular devices market is expected to grow at a CAGR of 6.2% from 2020 to reach $11.13 billion by 2027.
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Peripheral vascular diseases cause blockage or narrowing of blood vessels in the neck, arms, legs, or abdomen, except in the heart and brain vessels. This blockage or reduced blood supply in peripheral vessels increases the risk for heart attacks or strokes and, when left untreated, can lead to amputations. Several surgeries are used to treat peripheral vascular diseases, such as balloon angioplasty and stenting, ablation, artery bypass, embolization, and vena cava filter placement, among others. These treatment procedures are carried out using peripheral vascular devices, such as angioplasty balloons, angioplasty stents, catheters, EVAR stent grafts, inferior vena cava filters, atherectomy devices, thrombectomy devices, embolic protection devices, chronic total occlusion devices, and other devices.
The increasing prevalence of peripheral vascular diseases associated with obesity, diabetes, and hypertension; growing geriatric population; increasing demand for minimally invasive treatment options; and increasing prevalence of disease-causing lifestyles are the major factors driving the growth of this market.
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Impact of COVID-19 on the Peripheral Vascular Devices Market
On March 11, 2020, the WHO declared COVID-19 a pandemic and instructed nations to take immediate action to prevent and minimize transmission. Lockdowns and restrictions were implemented in countries all over the world. As a result, normal healthcare services were shifted to emergency-only services. Elective and non-emergency surgeries were thus postponed in hospitals and clinics. During the peak of the pandemic, an estimated 28 million activities were canceled or postponed.
- The impact of the first wave of COVID-19 presented as a substantial challenge for Germany's surgical care system. Significant delays in the urgent and semi-elective surgical procedures may have been observed due to a reduction in bed and operating room capacity.
- According to a study published in the Heart Journal, substantial reductions in the activities were observed in the U.K., with reductions in carotid endarterectomy, peripheral arterial procedures, and aortic aneurysm repairs.
- According to the Journal of Vascular Surgery, the supply chain posed issues for devices such as thrombectomy catheters and peripheral vascular grafts in Italy. According to an article in Vascular News, there was an 80% reduction in beds and 84% reduction of operating rooms for elective surgeries in the first week of the pandemic outbreak, while 43% of the hospitals were not conducting any elective surgeries in Italy.
Moreover, due to global lockdowns, there was also a disruption in the supply chain and a slowdown in production. This resulted in delays in medical device procurement and surgical resource availability. As a result, the COVID-19 pandemic poses a challenge to the peripheral vascular devices market, which may temporarily hinder the market growth.
The peripheral vascular devices market is mainly segmented by type [angioplasty balloons (old/normal balloons, drug-eluting balloons, cutting & scoring balloons); angioplasty stents (drug-eluting stents, bare-metal stents (balloon-expandable stents, self-expandable stents)); catheters (angiography catheters, guiding catheters, IVUS/OCT catheters); endovascular aneurysm repair stent grafts (abdominal aortic aneurysm stent-grafts, thoracic aortic aneurysm stent grafts); inferior vena cava filters (retrievable filters, permanent filters); plaque modification devices (atherectomy devices, thrombectomy devices); hemodynamic flow alteration devices (embolic protection devices, chronic total occlusion devices); and other devices]; and geography. The study also evaluates industry competitors and analyses the market at the regional and country level.
Based on type, the peripheral vascular devices market is segmented into angioplasty stents, angioplasty balloons, catheters, endovascular aneurysm repair stent grafts, inferior vena cava filters, plaque modification devices, hemodynamic flow alteration devices, and other types. In 2020, the angioplasty stents segment accounted for the largest share of the overall peripheral vascular devices market. Factors driving the growth of this segment include reduced restenosis rate associated with these products and their benefits, such as smaller incisions, faster recovery time, and lower risk of complications.
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Based on geography, this research report analyzes and provides comprehensive analysis for North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2020, North America dominated the global peripheral vascular devices market, followed by Europe and Asia-Pacific. Factors such as the increasing prevalence of peripheral artery diseases, aortic aneurysms, and pulmonary embolisms; increasing number of obese & diabetic population; and the presence of key players are driving the growth of this regional segment.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years. The peripheral vascular devices market has witnessed numerous new product launches, approvals & clearance, agreement, collaboration, and partnerships, and acquisitions in recent years.
The key players operatig in the global peripheral vascular devices market are Abbott Laboratories (U.S.), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (U.S.), BIOTRONIK SE & Co. KG (Germany), Blue Sail Medical Co., Ltd. (China), Boston Scientific Corporation (U.S.), Cardinal Health, Inc. (U.S.), Cook Group (U.S.), Edwards Lifesciences Corporation (U.S.), iVascular S.L.U. (Spain), Koninklijke Philips N.V. (Netherlands), Medtronic Public Limited Company (Ireland), Nipro Corporation (Japan), TE Connectivity LTD. (Switzerland), and Terumo Corporation (Japan), among others.
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Scope of the Report:
Peripheral Vascular Devices Market, by Type
- Angioplasty Balloons
- Old/Normal Balloons
- Drug-eluting Balloons
- Angioplasty Stents
- Drug-eluting Stents
- Bare Metal Stents
- Balloon-expandable Stents
- Self-expandable Stents
- Catheters
- Angiography Catheters
- Guiding Catheters
- IVUS/OCT Catheters
- Endovascular Aneurysm Repair Stent Grafts
- Abdominal Endovascular Aneurysm Stent Grafts
- Thoracic Endovascular Aneurysm Stent Grafts
- Inferior Vena Cava Filters
- Retrievable Filters
- Permanent Filters
- Plaque Modification Devices
- Atherectomy Devices
- Thrombectomy Devices
- Hemodynamic Flow Alteration Devices
- Embolic Protection Devices
- Chronic Total Occlusion Devices
- Other Devices
Peripheral Vascular Devices Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific
- China
- India
- Japan
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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