Vascular disease devices market is expected to grow by 2028 due to increasing PAD cases among people. Stents sub-segment is expected to be highly dominant. Market in the Asia-Pacific region is predicted to witness better growth opportunities.
NEW YORK, July 13, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Vascular Disease Devices Market by Product (Stents, Balloons, Catheters, Hemodynamic Flow Alteration Devices, Plaque Modification Devices, and Inferior Vena Cava Filters), End-user (Hospitals & Cardiac Centers and Ambulatory Surgical Center), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
According to the report, the global vascular disease devices market is anticipated to generate a revenue of $22,610.3 million by 2028, growing rapidly at a CAGR of 6.9% during the forecast period 2021-2028.
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Dynamics of the Vascular Disease Devices Market
Drivers: Increasing number of patients suffering from atherosclerosis and unhealthy dietary habits like smoking and obesity among people are the main factors expected to drive the global vascular disease devices market by 2028. Additionally, growing demand for cath labs and strategic alliances among significant market players is also predicted to bolster the market growth during the forecast period.
Opportunities: Growing prevalence of periphery artery disorders (PAD) among people and changes in their lifestyles are some of the factors anticipated to offer ample growth opportunities for the global vascular disease devices market in the 2021-2028 timeframe. Moreover, adoption of new strategies and innovations by vendors for enduring the competitive market environment is also estimated to offer abundant growth opportunities for the vascular disease devices market.
Restraints: Sky-rocketing prices of vascular disease devices is the prime reason projected to impede the market growth.
Covid-19 Impact on the Vascular Disease Devices Market
The onset of the Covid-19 pandemic has had a disastrous impact on most businesses and industries, including the global vascular disease devices market. Strict lockdowns imposed by governments across the world led to declined manufacturing capacity of the vascular disease devices. Moreover, many surgeries were postponed due to strict government regulations to perform only critical surgeries of the emergency department. All these factors are anticipated to cause huge revenue loss of the global vascular disease devices market.
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Segments of the Vascular Disease Devices Market
The report has fragmented the vascular disease devices market into several segments based on product, end-user, and regional analysis.
- By product, the stents sub-segment of the global vascular disease devices market is projected to have the fastest growth rate and generate a revenue of $6,715.3 million during the 2021-2028 timeframe. This growth is attributed to their increasing demand among the people suffering from atherosclerosis since stents can easily cure the blocks formed by fats in veins or arteries. In addition, stents are highly reliable and provide accurate results, thus being a highly preferred product. These factors are predicted to propel the sub-segment's growth by 2028.
- By end-user, the hospitals and cardiac centers sub-segment is anticipated to hold a dominant market share and surpass $14,244.5 million by 2028. This rapid growth is attributed to the growing preference of hospitals and cardiac centers for treatments and surgeries. Moreover, the sub-segment also provides better accessibility and expertise of treating diseases, making it a reliable option for patients. These factors are estimated to augment the sub-segment's growth rate during the analysis timeframe.
- By region, vascular disease devices market in the Asia-Pacific region is expected to have a significant growth rate of 7.7% CAGR due to increasing unhealthy lifestyles and habits like smoking, obesity, and lack of physical exercises. Furthermore, increasing peripheral artery diseases among people is also predicted to uplift the market's growth in the Asia-Pacific region during the 2021-2028 forecast period.
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Key Vascular Disease Devices Market Players
Some key market players are
- Abbott Laboratories
- Terumo Corporation
- B. Braun Melsungen Ag
- Medtronic
- Becton
- Dickinson and Company
- Boston Scientific Corporation
- Venus Medtech
- Cordis
- Merit Medical
These prominent players are undertaking various strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in February 2022, Cardiovascular Systems Inc., a leading medical devices manufacturing company that commercializes interventional treatments solutions for patients with coronary and peripheral artery disease, announced its partnership with Innova Vascular Inc., another medical device company in California, to introduce a new line of thrombectomy devices to remove blood clots from veins and arteries. Inquire Here before buying Full Report
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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