Report : North America Peripheral Vascular Devices Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Peripheral Vascular Stents, Peripheral Transluminal Angioplasty Balloon Catheters, PTA Guidewires, Atherectomy Devices, Chronic Total Occlusion Devices, Aortic Stents, Synthetic Surgical Grafts, and Embolization Guidewires) and End User (Hospitals & Clinics, Ambulatory Care Centers, Specialty Clinics, and Others)
At 6.8% CAGR, the North America Peripheral Vascular Devices Market is speculated to be worth US$ 6,522.05 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America peripheral vascular devices market was valued at US$ 4,116.66 million in 2021 and is expected to reach US$ 6,522.05 million by 2028, registering an annual growth rate of 6.8% from 2021 to 2028. Rising incidences of atherosclerosis, smoking, alcoholism, and obesity and increasing prevalence of peripheral artery disease and arterial embolism are the critical factors attributed to the market expansion.
Of late, the alarming rise in peripheral artery diseases has been a primary concern across the region. Atherosclerosis, smoking, alcoholism, and obesity are the key factors that increase the risk of developing these diseases. Atherosclerosis is a condition in which fatty deposits build up on the inside walls of the arteries, reducing blood flow. People over the age of 40 and in general good health have a 50% chance of getting severe atherosclerosis, with the risk increasing as they get older. The disease affects most people over the age of 60, yet it goes unnoticed most of the time. The increasing prevalence of atherosclerosis is boosting the peripheral vascular devices market substantially. As per the WHO, in 2021, around 1.13 billion people were suffering from hypertension, a leading cause of premature deaths. Obesity is associated with high blood pressure, dyslipidemia, diabetes, or insulin resistance, and higher fibrinogen and C-reactive protein levels, all of which increase the risk of cardiovascular diseases (CVDs). Obesity has been associated with a greater risk of high blood pressure. To compete with existing products in the market, a few significant players are developing and introducing novel products and technologies, while others are acquiring and partnering with other companies. Thus, the increasing prevalence of hypertension, smoking, alcoholism, and obesity requiring mobility assistance is favoring the growth of this market across the region.
On the contrary, high costs and complications associated with embolization procedures hurdles the growth of North America peripheral vascular devices market.
Based on product, the North America peripheral vascular devices market is segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, and embolization guidewires. The peripheral vascular stents segment held 33.2% market share in 2021, amassing US$ 1,367.01 million. It is projected to garner US$ 2,245.24 million by 2028 to expand at 7.3% CAGR during 2021–2028.
Based on end user, the North America peripheral vascular devices market is segmented into hospitals & clinics, ambulatory care centers, specialty clinics, and others. The hospitals & clinics segment held 37.6% market share in 2021, amassing US$ 1,547.19 million. It is projected to garner US$ 2,513.82 million by 2028 to expand at 7.2% CAGR during 2021–2028.
Based on country, the North America peripheral vascular devices market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 68.4% market share in 2021. It was assessed at US$ 2,814.30 million in 2021 and is likely to hit US$ 4,519.78 million by 2028, exhibiting a CAGR of 7.0% during the forecast period.
Key players dominating the North America peripheral vascular devices market are Abbott, B. Braun Melsungen AG, BD, Boston Scientific Corporation, Cardinal Health Inc, Cook Medical LLC, Edwards Lifesciences Corporation, Medtronic, Teleflex Incorporated, and Terumo Corporation among others.
- In Sep 2021, Abbott acquired Walk Vascular, LLC to expand peripheral vascular offerings, and incorporate into Abbott's existing endovascular product portfolio. Financial terms of the acquisition were not disclosed by the companies.
- In Sep 2021, Boston Scientific Corporation acquired California based Devoro Medical, Inc to expand its peripheral intervention product portfolio. Boston Scientific has been a strategic investor in Devoro Medical since 2019 and presently holds an equity stake of approximately 16%. As a result, the transaction consists of an upfront payment of approximately USD 269 million for the 84% stake not yet owned and up to USD 67 million upon achievement of certain clinical and regulatory achievement.
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