North America Leads Global Peripheral Vascular Device Market as Minimally Invasive Procedures Rise

Global Peripheral Vascular Device Market: Growth Surge Fueled by Technological Advancements and Rising Prevalence of Vascular Diseases

Global market for Peripheral Vascular Devices poised for continued growth driven by innovations and increasing chronic disease rates.

Market Overview
The global Peripheral Vascular Device Market, valued at USD 23.99 billion in 2024, is set to grow significantly, reaching USD 37.34 billion by 2034. The market is expected to experience a CAGR of 4.52% from 2025 to 2034. This growth is attributed to the increasing prevalence of peripheral artery disease (PAD), an aging population, and advancements in minimally invasive technologies.

Market Scope
The Peripheral Vascular Device Market encompasses devices such as stents, catheters, endografts, atherectomy devices, and stent-grafts, widely used in treating vascular conditions. The surge in demand for devices for treating PAD, along with technological innovations like drug-eluting stents, is creating ample market opportunities.

Segmentation Insights
The market is segmented by device type, application, material, modality, and region.

Device Type: Stents dominate the market with over 35% market share in 2023, followed by catheters and endografts. Technological developments in drug-eluting stents are driving market growth.
Application: The market is driven by increasing cases of coronary artery disease (CAD), peripheral arterial disease (PAD), and venous thromboembolism (VTE).
Material: The metallic segment, known for its durability and strength, remains dominant. However, biodegradable and polymer-based materials are gaining traction due to their bioresorbable benefits.
Modality: Minimally invasive procedures account for the largest share of the market due to improved patient outcomes and faster recovery times compared to traditional surgery.

Regional Analysis
North America leads the market, owing to high healthcare expenditure and advancements in medical technologies. Europe follows closely, with significant growth expected in the APAC region due to an aging population and expanding healthcare infrastructure. South America and the Middle East & Africa regions are also anticipated to show steady growth, driven by greater awareness and improving healthcare systems.

Key Market Drivers

Prevalence of Peripheral Artery Disease: The growing incidence of PAD is significantly contributing to the market’s expansion. PAD is increasingly common due to lifestyle factors like obesity, smoking, and aging.
Technological Innovations: Advancements in device technology, including the development of drug-eluting stents and new imaging techniques, are enhancing treatment efficacy.
Rising Healthcare Expenditure: Increased spending on healthcare, especially in emerging economies, is boosting the adoption of peripheral vascular devices.

Key Players
The market is highly competitive with major players such as Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, and Terumo Medical Corporation. These companies focus on R&D and expanding product portfolios to stay ahead of the competition.

Recent Developments

Terumo Medical Corporation received FDA approval for its GORE VIABIL Vascular Graft in January 2023.
Medtronic launched its IN.PACT AV Access Drug-Coated Balloon System in February 2023.
Abbott Laboratories acquired Cardiovascular Systems, Inc. for $850 million in March 2023, boosting its vascular device offerings.

Outlook
The Peripheral Vascular Device Market is expected to continue its growth trajectory, driven by increased vascular disease incidences, the demand for less invasive surgical options, and continuous product innovations.

For more insights or to access a free sample of the market research report, please visit MRFR's Peripheral Vascular Device Market.

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