Peripheral Artery Disease Market Expected to Reach $10.8 Billion by 2035

According to a new report published by Allied Market Research, titled, “Peripheral Artery Disease Market," The peripheral artery disease market was valued at $4.5 billion in 2023, and is estimated to reach $10.8 billion by 2035, growing at a CAGR of 7.7% from 2024 to 2035.

Peripheral arterial disease (PAD) is a common circulatory condition where narrowed arteries reduce blood flow to the limbs, typically the legs. This narrowing is usually caused by atherosclerosis, a buildup of plaque consisting of fatty deposits and cholesterol in the arterial walls. As a result, affected individuals may experience symptoms such as leg pain, cramping, numbness, weakness, or heaviness, especially during physical activity. Peripheral arterial disease is a significant risk factor for other cardiovascular problems, including heart attack and stroke.

The peripheral artery disease market size is expected to register significant growth owing to a rise in adoption of minimal invasive procedures and surge in prevalence of the peripheral artery disease. Minimally invasive procedures, such as angioplasty and atherectomy, is highly adopted by healthcare professionals and patients for treating peripheral artery disease because they involve smaller incisions, use advanced technologies like catheters and stents, and often allow for quicker patient recovery. According to 2023 article by National Library of Medicine, it was reported that balloon angioplasty or stent placement provides a minimally invasive, percutaneous treatment option for patients with peripheral artery disease symptoms that do not respond to exercise or medical therapy.

One key factor driving minimal invasive procedures adoption is the lower risk associated with minimally invasive interventions. Patients typically experience reduced trauma to surrounding tissues, less pain, and a decreased likelihood of complications compared to open surgeries. Furthermore, minimal invasive procedures are often performed on an outpatient basis or with shorter hospital stays, which can contribute to cost savings for healthcare systems. Thus, the rise in adoption of the minimal invasive procedures is expected to significantly contribute in the growth of peripheral artery disease market size.

In addition, according peripheral artery disease market analysis, rise in prevalence of peripheral artery disease is expected to drive growth of the market. According to 2023 article by American College of Cardiology, it was estimated that around 12 million Americans suffer from peripheral artery disease. Peripheral artery disease is primarily associated with aging and is exacerbated by risk factors such as diabetes, obesity, smoking, and hypertension. With an aging global population and an increase in these risk factors, the prevalence of peripheral artery disease has been steadily increasing over the years. The growing prevalence of peripheral artery disease has resulted in a higher demand for diagnostic and therapeutic interventions. As more individuals are diagnosed with prevalence of peripheral artery disease, there is a greater need for effective treatment options to manage symptoms and improve outcomes. Thus, rise in prevalence of peripheral artery disease is expected to positively impact the peripheral artery disease market growth.

The peripheral artery disease industry is segmented by product type, end user, and region. By product type the market is bifurcated into drugs and devices. By end user, the market is divided into hospitals, specialized clinics and ambulatory surgeries centers. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).

Major key players that operate in the peripheral artery disease industry are Philips N.V., Braun Melsungen AG, Medtronic, Bayer AG, Boston Scientific Corporation, Becton Dickinson and Company, Terumo Medical Corporation, Biotronik, Cardinal Health, Abbott. By product type, the market is classified into drugs, and devices. The drugs segment dominated the peripheral artery disease market share in 2023 and is expected to maintain its dominance during the forecast period. This is attributed to the fact that the patient needs to take the drugs for life time once diagnosed with peripheral artery disease. On the other hand, the device in majority of the cases purchased only once in the lifetime by the patient.

By End User, the market is classified into hospital and specialized clinics. The hospital segment dominated the  peripheral artery disease market share in 2023. This is attributed the fact that treating peripheral artery disease often requires advanced medical interventions such as angioplasty, stenting, or bypass surgery. These procedures are typically performed in hospital settings where specialized equipment, operating rooms, and skilled medical personnel are readily available.

However, according to peripheral artery disease market trends analysis the specialty clinics segment is anticipated to register fastest growth during the forecast period owing to advancement in technology that have led to the development of minimally invasive procedures for treating peripheral artery disease, such as endovascular angioplasty and stenting. Specialty clinics equipped with the necessary imaging and interventional tools can perform these procedures on-site, catering to patients seeking less invasive treatment options with shorter recovery times.

On the basis of region, North America accounted for the largest share in 2023 and is expected to remain dominant during the forecast period, owing to well-established healthcare infrastructure and rise in prevalence of peripheral artery disease. However, according to peripheral artery disease market forecast analysis Asia-Pacific is anticipated to witness notable growth, owing to rise in geriatric population and unhealthy lifestyle. 

Key Findings of the Study   

• On the basis of product type, the drugs segment dominated the peripheral artery disease market share in terms of revenue in 2023. 
• On the basis of end user, the hospital segment dominated the market in terms of revenue in 2023. However, the specialty clinics segment is expected to register the highest CAGR during the forecast period.
• On the basis of region, North America dominated the market in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.