Rising Geriatric Population to Influence Prevalence of Peripheral Vascular Disease, Leading to Increased Demand for Peripheral Vascular Devices, Reports TMR
Although concentrated, the global market for peripheral vascular devices market demonstrates a highly competitive landscape, finds a report by Transparency Market Research (TMR). The top five players, namely Abbott Vascular, Boston Scientific Corp., Cordis Corp., Medtronic Inc., and C.R. Bard Inc., collectively held a share of more than 80% in the overall market in 2012; however, there was not much difference in the individual shares of these participants.
These players are highly dependent on research and development of new products to sustain the competition. However, they will need to focus more on consolidation activities in order to capture a greater share in the coming years.
According to TMR, the global market for peripheral vascular devices reached US$6.3 bn in 2015. Rising at a CAGR of 7.10% between 2012 and 2018, the market is likely to present an opportunity worth US$7.7 bn by the end of the forecast period. Currently, peripheral vascular stents are witnessing a higher demand than other peripheral vascular devices. During the forecast period, the segment is likely to retain its dominance, expanding at a CAGR of 7.20%.
Despite Exhibiting Moderate Growth, North America Will Remain Dominant Region
In this study, Asia Pacific, North America, Europe, and the Rest of the World have been identified as the key geographical segments of the worldwide market for peripheral vascular devices. Of these, North America has emerged as the leading contributor to this market. The increase in peripheral vascular surgeries, propelled by the rise in the elderly population, has been driving the demand for these devices in North America, though at a modest pace.
“Despite exhibiting moderate growth, North America will remain dominant in the global market over the forecast period,” says an analyst at TMR. Asia Pacific, on the other hand, is expected to offer the most promising opportunities in the near future on the account of a large base of the geriatric population and unmet medical needs. The rise in healthcare expenditure, thanks to the increasing disposable income of consumers, is also expected to boost the demand for peripheral vascular devices in this region over the next few years, states the report.
Increase in Geriatric Population Reflects Positively on Demand for Peripheral Vascular Disease
“The significant rise in the prevalence of peripheral vascular disease (PVD), triggered by the increasing geriatric population across the world, is the key driving force behind the escalating demand for peripheral vascular devices,” observes the TMR report’s author.
According to the WHO, the global geriatric population (people over 60 years of age) is likely to increase from 760 million in 2011 to nearly 2 billion by 2050. As elderly people have lower immunity, they are more prone to health conditions, such as high blood pressure, diabetes, and obesity. These conditions are the main factors behind the development of PVD, therefore, the growing geriatric population has a great impact on the demand for peripheral vascular devices.
Increasing Reports of Infections from Peripheral Vascular Implantations to Hamper Market’s Growth
Although the future of the market seems promising, the increasing reports of infections from peripheral vascular implantations is likely to hamper the adoption of peripheral vascular devices in the coming years. The stringent approval process from government bodies is also expected to create hindrances in the growth trajectory of this market in the near future, notes the study.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Peripheral Vascular Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.”
The global Peripheral Vascular Devices Market is segmented into:
- Peripheral Vascular Stents
- PTA Balloon Catheters
- IVC Filters
- Chronic Total Occlusion
- Embolic Protection Devices
- Synthetic Surgical Grafts
- Aortic Stents
- Asia Pacific
- North America
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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