The Global Peripheral Vascular Device Market Size is observed to gain traction owing to the factors such as increasing research and development for developing several new product, and rising funding by the private organisations.
Peripheral vascular disorder (PVD) is a blood circulation disorder that causes the blood vessels outside the brain and the heart to narrow block decreasing blood flow in the body. This is caused due to arteriosclerosis, or hardening of the arteries. There are two main types of PVD namely Functional PVD, and Organic PVD. PVD typically causes pain, fatigue, and damages tissues. There is continuous increase in the number of patients suffering from PVD, which is primarily driving the market. The risk factors that cause PVD are smoking, high blood pressure, diabetes, high cholesterol, and age. According to CDC, about 8.5 million of people in the U.S. suffer from PVD.
The PVD when not diagnosed properly at an early stage leads to the chronic health issues that can be even life taking such as impotence, pale skin, restricts mobility, infections to the bones, and blood streams. The medications that are commonly used for treatment of PVD includes antiplatelet agents, and anticoagulants. It can be diagnosed with the help of ultrasound, angiography, MRA, and CTA. PVD can be prevented by improving the health standards and lifestyle of an individual, that includes avoiding smoking, controlling blood sugar level, 30 min of regular exercise, and intake of healthy diets.
The global peripheral vascular device market is primarily driven by growing number of patients suffering from cardiovascular diseases globally. According to WHO, it was estimated that approximately 17.7 million individuals globally suffer from cardiovascular diseases and accounts for around 31% of global deaths. Additionally, rising cases of disorders such as diabetes, and increasing preference for the sedentary lifestyle would add on the growth of this market during the forecast period. Moreover, increasing incidences of smoking, would also support the market growth.
While, increasing number of technological advancements for developing new devices along with the strong R&D funding and investments on healthcare by the governments of developing and developed economies, increasing number of and unmet needs for effective treatments influence the market growth during the forecast period.
However, side effects caused due to the medical treatment, and difficulty in diagnosis at early stage can hinder the growth of peripheral vascular device in the near future.
The global is segmented on the basis of product type, and geography.
On the basis of product type, market is segmented into:
Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America region is expected to dominate the peripheral vascular device market over the forecast period. North America holds major share of the global market owing to the continuous technological developments by increasing R&D investments by the major players and government, and increasing number of key players invest in this region. Additionally, the increased awareness in the public for the treatment of coronary heart disease, and PVD influences the growth of entire industry. Moreover, the rising number of geriatric population, new generation of drug eluting balloons, & bioabsorbable stents and increased sedentary lifestyle preference would also drive this market.
However, Asia Pacific is observed to grow faster during the forecast period. Increasing geriatric population and number of patients suffering from PVD, changing lifestyle, rising preference for sedentary lifestyle, and increased government expenditure for developing healthcare infrastructure are the major factors that anticipate to govern the peripheral vascular disease market in Asia Pacific during upcoming years.