The global peripheral artery disease (PAD) medical device market size was significantly robust in 2022 and is expected to register a steady revenue CAGR over the forecast period. Key factors providing impetus to market revenue growth are rising incidence of cardiac disorders, cerebrovascular illnesses, coronary heart diseases, rheumatic heart disease, and other ailments. In addition, lifestyle changes, rising consumption of dangerous items such as tobacco and cigarettes, poor diet, and lack of physical activities are some of key factors expected to drive market revenue growth.
Peripheral artery disease (PAD) medical devices are non-invasive vascular diagnostic devices. These devices are primarily used to detect PAD that can prove fatal or harmful if not treated or remains undiagnosed. Narrowing down of arteries due to fat accumulation, arteries in legs getting clogged, or less blood flow in body are some of the most common symptoms of PAD. As a result, leg muscle pain, walking difficulty, amputation, or a general decline in quality of life may occur in patients. Besides, arteries in heart, brain, and kidneys can all be affected due to blocking or clogging of peripheral arteries in patient’s legs. Improved healthcare infrastructure, increasing healthcare spending, and rising disposable income are other factors expected to drive demand for advanced PAD medical devices globally.
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Major Factors Driving Growth Of The Global Peripheral Artery Disease (PAD) Medical Device Market:
Revenue growth of the global Peripheral artery disease (PAD) medical device market is significantly driven by rising need for minimally invasive procedures particularly for diseases such as PAD, along with lifestyle changes, presence of large geriatric population globally, and advancement in technology. With rising global population, prevalence of the disease is expected to rise to 19 million worldwide by 2050. Therefore, presence of a large patient pool is expected to further drive market growth during the forecast period.
Factors Restraining Growth Of The Global Peripheral Artery Disease (PAD) Medical Device Market:
To avoid spread of COVID-19, majority of countries have postponed elective surgeries. This has negatively impacted the adoption of various medical procedures including PAD, since 70–80 % of PAD procedures are elective. In addition, reduced number of clinical trials across hospital settings and disrupted supply chain due to closed manufacturing units owing to lockdown are other factors expected to cause a slow-down in market growth to a certain extent going ahead.
Opportunities For Players Operating In The Peripheral Artery Disease (PAD) Medical Device Market:
Favorable government initiatives and reimbursement policies as well as increasing awareness about modern non-interventional therapy procedures for peripheral artery disease treatment choices among local population are some key factors expected to continue to open up lucrative business opportunities for major players and new entrants in the market. In addition, supportive government initiatives focusing on promoting health awareness are other factors expected to support market growth.
Global Peripheral Artery Disease (PAD) Medical Device Market Leading Product Type Segment:
Based on product type, the peripheral vascular stent segment is expected to reach the highest revenue share over the forecast period. Peripheral vascular stent implants keep a blocked or clogged artery open so that blood can flow through it. This stent opens artery and stays in place permanently. In addition, the stent is inserted into peripheral artery through catheter and is widely used for treatment of PAD.
Global Peripheral Artery Disease (PAD) Medical Device Market Leading End-Use Segment:
Based on end-use, the hospital segment is expected to dominate all other segments in terms of revenue generation over the forecast period. Rising geriatric population and increasing awareness regarding unhealthy lifestyle are major factors driving growth of this segment.
North America Accounts For Largest Revenue Share In Global Peripheral Artery Disease (PAD) Medical Device Market:
Among regional markets, North America emerged as the largest market for Peripheral Artery Disease (PAD) medical devices in 2020, with the highest revenue share in 2020. Revenue growth in the North America market is mainly attributed to rising prevalence of cardiac and urological diseases, presence of large number of research institutes, and well-developed healthcare infrastructure in countries such as the United States and Canada. Rising acceptance rate of advanced technologies and altering peripheral artery disease treatment practices are factors further driving market revenue growth.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
The Asia Pacific Peripheral Artery Disease (PAD) medical device market is expected to register the fastest growth in CAGR over the forecast period. This is due to rapid rise of healthcare sector in countries such as India and China as well as a rising investments in development of PAD medical devices. In addition, improving healthcare infrastructure, availability of affordable products, and technological advancements are other factors expected to drive market growth. Rising awareness among people due to alarming increase in obesity caused by irrational lifestyle changes is another factor expected to boost market growth in this region.
Major Companies Profiled In The Report:
- Воѕtоn Ѕсіеntіfіс
- Јоhnѕоn & Јоhnѕоn
- Аbbott Lаbоrаtоrіеѕ
- Аngіоѕсоrе Іnс.
- Еdwаrd Lіfеѕсіеnсеѕ Соrроrаtіоn
- Ѕt. Јudе Меdісаl
- Vоlсаnо Соrроrаtіоn
- Сооk Grоuр Іnс.
- Соrdіѕ Соrроrаtіоn
Strategies And Objectives Of Major Companies:
- In 2009, C.R.Bard gained clearance for its LifeStent FlexStar and FlexStarXL devices designed specifically for treatment of PAD in SFA and proximal popliteal arteries.
- In June 2009, Cook Medical announced Food and Drug Administration (FDA) approval of Advance PTA balloon catheter for use in femoral arteries, in addition to iliac and renal arteries.
- In 2012, Cook Medical announced the first drug-eluting, self-expanding stent, approved by the FDA.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, the global Peripheral Artery Disease (PAD) medical device market is segmented on the basis of product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2023-2032)
- Peripheral Vascular Stent
- PTA Guidewires
- Peripheral Transluminal Angioplasty Balloon Catheters
- Aortic Stents
- Embolic Protection Devices
- Inferior Vena Cava Filters
- Chronic Total Occlusion Devices
End-Use Outlook (Revenue, USD Billion; 2023-2032)
- Medical Equipment Manufacturing Organization
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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