Rise in prevalence of cardiovascular diseases and surge in number of diabetes and hypertension patients drive the growth of the global vascular disease devices market.
PORTLAND, Ore, Feb. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Vascular Disease Devices Market by Product (Stents, Balloons, Catheters, Plaque Modification Devices, Hemodynamic Flow Alteration Devices, and Others), and End User (Hospitals and Cardiac Centers, and Ambulatory Surgical Center): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global vascular disease devices industry generated $26.52 billion in 2020, and is expected to reach $51.80 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.
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Prime determinants of growth
Rise in prevalence of cardiovascular diseases and surge in number of diabetes and hypertension patients drive the growth of the global vascular disease devices market. However, product recall and failure hinder the market growth. On the other hand, R&D activities in vascular diseases present new opportunities in the coming years.
Covid-19 Scenario
- The global vascular disease devices market has been impacted negatively during the pandemic due to partial or complete stoppage of manufacturing activities, disruptions in supply chain, and reduced demand for devices.
- The Covid-19 pandemic led to surge in number of Covid-infected patients in hospitals and put a pressure on the healthcare system. Many vascular disease surgeries were postponed and this reduced the demand for vascular disease devices market.
- Advancements in vascular devices and enhanced healthcare infrastructure is expected to boost the growth of the vascular disease devices market post-pandemic.
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The stents segment to continue its lead position during the forecast period
Based on product type, the stents segment held the highest share in 2020, accounting for more than two-fifths of the global vascular disease devices market, and is estimated to continue its lead position during the forecast period. This is attributed to increased cardiovascular surgeries and rise in number of hospitals. However, the balloons segment is estimated to witness the fastest CAGR of 7.9% from 2021 to 2030, owing to rise in demand of balloons for angioplasty.
The hospitals and cardiac centers segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals and cardiac centers segment accounted for the highest share in 2020, contributing to more than four-fifths of the global vascular disease devices market, and is estimated to maintain its leadership status throughout the forecast period. This is due to increase in number of hospitals & clinics and rise in cardio vascular diseases. However, the ambulatory surgical centers segment is expected to manifest the fastest CAGR of 7.2% from 2021 to 2030. This is attributed to surge in number of ambulatory surgery centers and the impact of Covid-19 pandemic.
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North America to maintain its dominance by 2030
Based on region, North America contributed to the highest market share in 2020, holding around two-fifths of the global vascular disease devices market, and is expected to maintain its dominance by 2030. This is attributed to rise in the prevalence of coronary diseases, presence of key players for manufacturing & development of vascular devices, and increase in number of hospitals in the region. However, Europe is estimated to portray the largest CAGR of 6.7% during the forecast period, owing to rise in number of hospitals, presence of good healthcare infrastructures, and government initiatives for coronary surgeries.
Leading Market Players
- Medtronic
- Boston Scientific Corporation
- Abbott Laboratories
- Becton Dickinson and Company
- Terumo Corporation
- Cordis
- B. Braun Melsungen Ag
- Ivascular
- Merit Medical
- Koninklijke Philips N.V.
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