Global Peripheral Artery Disease Market Grows at a Staggering CAGR of 8.35%

Introduction

Peripheral artery disease (PAD) affects blood vessels located outside of the heart and brain. PAD is caused by the accumulation of plaque in the arteries that supply blood to the brain, organs, and limbs. Plaque is composed of fat, cholesterol, calcium, fibrous tissue, and other substances. PAD typically affects the arteries in the legs, but it can also impact the arteries that supply blood to the head, arms, kidneys, and stomach. The market for peripheral artery diseases is expanding due to factors such as the rapid growth of the elderly population and the resulting rise in peripheral artery disease prevalence, as well as an increase in product approvals. Product recalls and market expansion, however, are problematic. In addition, the prevalence of diabetes and hypertension is on the rise, which increases the likelihood of peripheral artery disease. The introduction of innovative treatment products, such as drug-eluting stents, and favorable reimbursement conditions for the treatment of peripheral artery disease also contribute to the expansion of the market.

Market Dynamics

The Increasing Elderly Population Globally Drives the Market

The proportion of elderly people in the global population is projected to increase from 5.3% to 9.2% by 2025. Asia is home to the majority of elderly people, or 217 million. China has 87 million elders, and this number is expected to increase to 300 million by 2025. India will have 194 million senior citizens by 2031, up from 51 million today. As a result, chronic conditions and acute diseases become more prevalent as people live longer. Moreover, smoking, diabetes, hypertension, and hypercholesterolemia are the primary risk factors for peripheral artery disease. Peripheral artery disease, which has become the leading cause of disability among those over the age of 50 and those with diabetes, affects approximately 8.5 million Americans aged 40 or older. The risk of developing PAD increases with age; 3% of people under the age of 60 are affected, while 15% to 20% of people over the age of 70 are affected.

New Innovative Advancements give an Opportunity for Exponential Growth

In recent years, there have been advancements in peripheral artery disease treatment options. As a result of technological advancements, bio-engineered stents, EPC capture stents, and dual therapy stents have been created. Additionally, peripheral stents can prevent plaque accumulation and vessel collapse. The 360-degree orbital atherectomy system, for instance, is a new stent placement therapy alternative. During this procedure, a surgeon uses a catheter-based device to remove plaque buildup from clogged arteries. Without the use of a stent, drug-coated balloons are used to treat a vessel segment and deliver the antiproliferative drug paclitaxel to the vessel wall, thereby reducing the risk of restenosis. Recent FDA approval of drug-coated balloons contributes to the market's expansion. Additionally, minimally invasive endovascular procedures, such as angioplasty or atherectomy, are increasingly preferred over bypass surgery as the initial treatment for PAD. Endovascular therapies consist primarily of atherectomy and balloon angioplasty with stent placement. Additionally, atherectomy is advantageous for removing arterial plaque using a stent or catheter. The introduction of new interventional treatment options is what drives the market growth.

Regional Analysis

North America region is the highest contributor to the market and is expected to grow at a CAGR of 7.5% during the forecast period. This is primarily due to an increase in the number of elderly individuals and patients with diabetes and hypertension complications. In addition, the market is expanding due to people's increasingly unhealthy lifestyle choices, such as unhealthy eating habits, excessive alcohol consumption, smoking, obesity, and lack of physical activity. The American Heart Association estimates that more than 8.5 million Americans suffer from peripheral artery disease (PAD) annually. It is anticipated that more individuals will use advanced peripheral arteries disease devices such as peripheral angioplasty balloons, peripheral stents, peripheral catheters, inferior vena cava (IVC) filters, plaque modification devices, hemodynamic flow alteration devices, and peripheral accessories in order to fuel market growth. North American healthcare systems, facilities, and payers are highly regarded. As the incidence of health-related diseases and disorders increases, so makes the demand for improved healthcare services, technologically advanced devices, and effective treatment methods. In addition, as the demand for highly qualified medical professionals to operate these facilities increases, there are more employment opportunities in the region.

Europe is expected to witness dynamic growth in the peripheral artery disease market, with a CAGR of 8.4% during the forecast period due to an increase in smoking among people and cardiovascular diseases. Due to factors such as the increasing prevalence of peripheral diseases in the country, the peripheral artery disease market in Germany is growing steadily. Europe's market growth factors include an increase in the prevalence of chronic diseases, an aging population, and improved detection and screening techniques for the early diagnosis of several peripheral diseases. Positive clinical results, a decline in product failure rates, and the emergence of new technologies, such as drug-eluting stents, which offer high efficiency and minimize the risk of the device malfunction, all contribute to the expansion of the market. In addition, an increase in blood pressure, diabetes, and cardiac cases, as well as changes in lifestyle, are driving market growth in the region.

Asia-Pacific is expected to witness a significant CAGR of 9.45% in the peripheral artery disease market during the forecast period due to the existence of significant untapped opportunities, including growing healthcare budgets and rising disposable income. Increasing geriatric populations also contribute to a rise in demand for peripheral artery disease devices, which drives the market growth. Moreover, the Asia-Pacific region has a high population density, with China and India constituting 38% of the world's population. As a result of population aging and changes in lifestyle, the prevalence of chronic diseases in this region is on the rise. In addition, as insurance policies become more affordable for the general public, the expansion of the market is bolstered.

The LAMEA region is expected to witness a moderate CAGR of 9.1% in the global peripheral artery disease market during the forecast period. In Latin America, peripheral diseases are becoming more prevalent. This is primarily due to the ineffective treatment infrastructure in these nations. In addition, Latin American countries have lower gross national incomes and consequently invest less in the development of new technologies. Consequently, there is a growing demand for effective treatment systems. The increase in demand is luring a number of significant Western players to invest in the Latin American market in order to expand their businesses. Future technological advancements, coupled with the concentration and investment of market leaders, are anticipated to create a number of market expansion opportunities. In addition, people can now afford the cost of a complete procedure, which is expected to rise in the near future as a result of the economic growth in these nations. Consequently, it is anticipated that the peripheral artery disease market will expand rapidly during the forecast period.

Key Highlights

• The global peripheral artery disease market was valued at USD 4.45 billion in 2022. It is projected to reach USD 9.15 billion by 2031, growing at a CAGR of 8.35% during the forecast period (2023-2031). 
• Based on service type, the global peripheral artery disease market is bifurcated into peripheral angioplasty balloons, plaque modification devices, peripheral stents, peripheral catheters,   hemodynamic flow alteration devices, inferior vena cava (IVC) filters, and peripheral accessories. The peripheral stents segment is the highest contributor to the market and is expected to grow at a CAGR of 7.5% during the forecast period
• North America region is the highest contributor to the market and is expected to grow at a CAGR of 7.5% during the forecast period.

Competitive Players

Competitive Analysis:

The global peripheral artery disease market's major key players are Abbott Laboratories, Cardinal Health, Inc., Boston Scientific Corporation, Cook Medical, Becton, Terumo Corporation, Koninklijke Philips N.V Dickinson and Company, AngioDynamics, Inc., BIOTRONIK, and B. Braun Melsungen AG.

Recent Developments

Market News:

• In January 2022, Abbott Laboratories launched a new Biowearables category to track glucose, ketones, and alcohol in the body for a better understanding of health and wellness.
• In October 2022, Abbott Laboratories is planning to spend USD 500 million to construct a new baby-formula plant to ramp up its production capacity to meet the increasing demand.
• In July 2022, Terumo India signed a strategic partnership with Sensible Medical Innovations for the commercial distribution of ReDS Pro in India.

Segmentation

Global Peripheral Artery Disease Market: Segmentation

By Type

• Peripheral Angioplasty Balloons
• Plaque Modification Devices
• Peripheral Stents
• Peripheral Catheters
• Hemodynamic Flow Alteration Devices
• Inferior Vena Cava (IVC) Filters
• Peripheral Accessories

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA