The global peripheral vascular devices market has been forecast to increase at a compound annual growth rate (CAGR) of 7.75%, to reach a valuation of US$22,720 million by 2018.
Key factors contributing to growth within the peripheral vascular devices market include the increasing incidence of abdominal aortic aneurysms (AAAs) and peripheral arterial disease (PAD), along with the increase in patent grants and US Food and Drug Administration (FDA) approvals.
With the increase in the aging population, excessive smoking, average hypertension, and cholesterol levels, as well as the presence of genetic and co-morbid influences among patients, the number of cases of acute Peripheral Vascular Diseases (PVD) is also increasing across the globe.
The US and Europe dominate the peripheral vascular devices market mainly because of the increasing incidence of peripheral vascular disease among the population and the technological advances in the healthcare sector.
The US peripheral vascular devices market is expected to reach an estimated value of US$7200 million by 2018, while the European peripheral market was valued at US$903.1 million in 2012 and is expected to experience a steady growth.
Countries like China and India provide a good deal of opportunities to the peripheral vascular devices market since these countries have a growing old age population. The elderly are more prone to peripheral vascular diseases and therefore such markets could generate a good amount of sales of peripheral vascular devices in the future.
However, the adverse effects of cardiac pacemakers could yet pose a challenge to the growth of the market.
Key players dominating the global peripheral vascular devices market include Abbott Laboratories, Boston Scientific Corp., C.R.Bard Inc., Cordis Corp., and Medtronic Inc.