Peripheral artery disease Market

Rise in demand for minimally invasive procedures is driving the market growth

Market CAGR for peripheral artery disease is being driven by the rising demand for minimally procedures. Growing demand for less invasive procedures and an uptick in peripheral arterial disease (PAD) cases are negatively impacting the market's expansion. Peripheral artery disease (PAD), which affects more than 200 million individuals worldwide and is linked to high mortality and morbidity, is described in the American Heart Association's 2021 report. The ageing of the world's population will probably lead to an increase in PAD cases in the future.

Thus, as per the statistics, the number of PAD is growing more quickly, which ultimately is pushing the market for peripheral vascular devices.

Lower extremity peripheral artery disease (PAD) affects more than 230 million people worldwide and is associated with rising risk of a count of unfavorable clinical outcomes, including cardiovascular diseases like coronary heart disease and stroke and limb outcomes, as per a study published by American Heart Association in August 2021 and titled "Lower Extremity Peripheral Artery Disease Contemporary Epidemiology, Management Gaps, and Future Directions." Over the projected period, the market for peripheral vascular devices would benefit from the rising prevalence of PAD.

Other than COVID-19, which had a substantial impact on market, the COVID-19 pandemic had a detrimental impact on treatment and diagnostic methods. It also had a negative impact on research and development activities in the sector. The fact that many studies indicated that persons with heart illnesses were particularly vulnerable to COVID-19 also contributed to the decline in patient traffic to hospitals and diagnostic facilities.

For instance, the National Centre for Biotechnology Information reported that during the COVID-19 pandemic, cardiac procedural activity in England drastically decreased, with a deficit of about 45,000 procedures, with no increase in the risk of mortality for the majority of cardiac procedures performed during the pandemic. This finding has been supported by a research titled "Impact of COVID-19 on cardiac procedure activity in England and associated 30-day mortality," which was published by the National Centre for Biotechnology Information in May 2021. This study demonstrates how COVID-19 has a detrimental effect on cardiology services.

The investigation was also carried out in England. The investigation was also carried out in England. Thus, driving the Peripheral Artery Disease market revenue.

The increasing prevalence of Peripheral Artery Disease (PAD) is a primary driver for the Global Peripheral Artery Disease Market Industry. As populations age, the incidence of PAD is expected to rise, particularly among individuals over 50 years. In 2024, the market is projected to reach 2.9 USD Billion, reflecting the growing need for effective treatment options. Factors such as diabetes, hypertension, and smoking contribute to this trend, leading to a higher demand for diagnostic and therapeutic solutions. The Global Peripheral Artery Disease Market Industry must adapt to these changing demographics to meet the needs of an expanding patient population.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Peripheral Artery Disease market area will dominate this market, owing to an increase in the instances of cardiovascular diseases. In addition, the solid presence of industry players will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 PERIPHERAL ARTERY DISEASE MARKET SHARE BY REGION 2023 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Peripheral Artery Disease market accounts for the second-largest market share due to the rising smoking, and obesity among the population within the region. Further, the German Peripheral Artery Disease market held the largest market share, and the UK Peripheral Artery Disease market was the fastest growing market in the European region

The Asia-Pacific Peripheral Artery Disease Market is expected to grow at the quickest CAGR from the period of 2023 to 2032. This is due to growing healthcare expenditures and growing geriatric population. Moreover, China’s Peripheral Artery Disease market held the largest market share, and the Indian Peripheral Artery Disease market was the fastest growing market in the Asia-Pacific region.

Leading market players are undergoing various innovations activity to diversify their product & service offerings, which will help the Peripheral Artery Disease market, grow even more. Market participants are undertaking various strategic tactics to grow their presence, with key market developments including new product innovations, contracts & agreements, mergers & acquisitions, higher investments, partnerships, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Peripheral Artery Disease industry must offer cost-effective items.

The producers are utilizing locally available raw materials to stand in the competition in the Peripheral Artery Disease industry to benefit clients and increase the market sector. In recent years, the Peripheral Artery Disease industry has offered some of the most significant advantages to medicine. Major players in the Peripheral Artery Disease market, including Philips N.V., Braun Melsungen AG, Medtronic, Bayer AG, Boston Scientific Corporation, Becton Dickinson and Company, Terumo Medical Corporation, Biotronik Cardinal Health., and others, are attempting to increase market demand by investing in research and development operations.

Becton Dickinson and Co. (BD) is a manufacturer and distributor of medical equipment, reagents, and instruments is. Syringes and pen needles, intravenous catheters, infusion pumps, disposables, automated medication dispensing and supply management systems, pre-fillable drug delivery systems, respiratory ventilation and diagnostic equipment and consumables, items for the secure collection and transportation of diagnostic specimens, instruments and reagent systems to detect a variety of infectious diseases and cancers, and clinical research tools are among its main products.

Researchers who are working in the branch of life sciences, hospitals, clinics, the pharmaceutical sector, and the general public can all benefit from BD's products. In August 2022, The first-in-human trial of a peripheral sirolimus drug-coated balloon (DCB) has begun, according to BD (Becton, Dickinson and business) (NYSE BDX), a top  medical technology business.

Koninklijke Philips NV (Philips) is a diversified technology firm that creates and produces consumer electronics and medical solutions. Diagnostic imaging, enterprise diagnostic informatics, image-guided therapy, ultrasound, monitoring and analytics, sleep and respiratory care, population health management, linked care informatics, and therapeutic care are all sectors in which the business provides products and solutions. Products available include power toothbrushes, brush heads, baby bottles, sterilisers, breast pumps, shavers, groomers, trimmers, and items for skin, hair, and hair removal. It also sells personal care and dental healthcare items.

In August 2020, A deal to acquire Intact Vascular, Inc., a company based in the United States that creates medical equipment for minimally invasive peripheral vascular operations, was announced by Royal Philips.