Global Peripheral Vascular Devices Market to Observe Significant Growth on account of Technological Advancements

Inkwood Research estimates that the Global Peripheral Vascular Devices Market is evaluated to project a CAGR of 11.10% in terms of revenue during the forecasting years of 2021-2028.

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Peripheral artery disease entails the build-up of plaque in arteries carrying blood from the heart to the legs, arms, and other limbs. The condition also increases the risk of several other peripheral disorders such as stroke, heart attack, ischemic attack, and coronary heart disease. The global peripheral vascular devices market is accredited to numerous factors, including the aging population and lifestyle changes. Moreover, new product launches and technological innovations across peripheral vascular devices further augment the market growth.

Technical Advancements to Fuel Market Growth

The growing number of patients suffering from peripheral vascular diseases has demanded the development of novel tools and approaches, using innovative technologies. In this regard, peripheral vascular disease treatments have observed a significant revolution, over recent years. For instance, peripheral stents have made treatments easier, thereby allowing easy blood flow into the targeted blood vessel or artery. The stents possess improved flexibility, durability, and self-expanding characteristics. Moreover, the governments of the majority of nations, worldwide, are now approving products made with innovative technologies, thereby resulting in their increased adoption.

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Peripheral Vascular Stents is the Dominating Device Type

The peripheral vascular stents segment is primarily propelled by the rapidly rising patient pool, requiring immediate stent placement, the growing government initiatives, and the technological innovations across peripheral vascular interventions.

For instance, in 2017, the Indian government introduced stent capping for cardiac procedures. This initiative considerably curbed healthcare expenditures, enhanced the accessibility of treatment, and positively impacted market growth. Moreover, the government of India is also undertaking initiatives for including cardiac catheters, balloons, peripheral stents, and covered stents, under the National List of Essential Medicines (NLEM), 2015.  

Asia-Pacific Expected to be the Leading Region by 2028

The Asia-Pacific region is densely populated, with China and India accounting for nearly 38% of the overall population. However, India is anticipated to overtake China by 2027, in terms of population, as per the United Nation’s 2019 World Population Prospects report. With the aging population across the Asia-Pacific, and lifestyle changes, the incidence of chronic conditions observes a rapid increase within the region. Also, the population’s affordability continues to augment with the increase in insurance policies, thereby further reinforcing the market growth.

The global market witnesses increased competition among its major players. The companies also undergo mergers and acquisitions, for extending their present product portfolio. Product developments, in addition to the extension of applications for approved products, are some of the key strategies adopted by players, to maintain a competitive edge within the global peripheral vascular devices market.

Leading firms operating in the market are, Medtronic Inc, Abbott Laboratories, Edward Lifesciences Corporation, etc.

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