According to a new market report published by Transparency Market Research "Peripheral Vascular Devices Market (Peripheral Vascular Stents, PTA Balloon Catheters, Guidewires, IVC Filters, Atherectomy, Chronic Total Occlusion, Embolic Protection Devices, Synthetic Surgical Grafts, Aortic Stents) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the global peripheral vascular devices market was valued at USD 4.8 billion in 2011 and is estimated to reach a market worth USD 7.8 billion in 2018 at a CAGR of 7.1% from 2012 to 2018.
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The growth of the peripheral vascular devices market is driven by factors such as rising incidence of peripheral vascular diseases, increasing minimally invasive procedures and the aging population. The Asia-Pacific region offers future growth prospects to the peripheral vascular devices industry owing to vast unmet medical needs and rising disposable income of patients.
Geographically, the North American peripheral vascular devices market held majority of the market share of approximately 41% in 2011 owing to its developed economy. However, due to rise in aging population and increase in number of peripheral and lower limb procedures, the demand for peripheral vascular devices is expected to increase in the coming years.
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Emerging countries such as India, China and other Latin American countries will see a healthy growth in the study period. Economic growth and improvements in healthcare facilities in emerging economies is expected to boost the demand in these regions. However, with a double digit growth rate, the Asia-Pacific region will emerge as the fastest growing market due to the rapidly growing population, growing economies, increasing awareness and rising disposable incomes.
Peripheral vascular stents represented the largest segment of the total peripheral vascular devices market accounting for more than 25% share in 2011, whereas embolic protection devices represent the fastest growing segment during the forecast period. New market players are coming up with next-generation products which address the issues raised by surgeons regarding earlier products and meet their demands.
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Some of the key players in this market include Abbott Vascular, Boston Scientific Corporation, Cordis Corporation, Medtronic Inc. and others. Large players acquire smaller players to expand their current peripheral vascular devices portfolio and also to expand their geographical presence.