According to a new report published by Allied Market Research, titled, “Peripheral Artery Disease Market by Product Type, and Region: Opportunity Analysis and Industry Forecast, 2020–2027,"The peripheral artery disease market size accounted for $3,524.77 million in 2019, and is expected to reach $5,715.12 million by 2027, registering a CAGR of 8.5% from 2020 to 2027.
Peripheral artery disease is characterized by the build of plaque in arteries carrying blood form heart to legs, arms, and other limbs. Peripheral artery disease also increases the risk of other peripheral disorders such as heart attack, coronary heart disease, stroke, and ischemic attack.
Moreover, favorable reimbursement scenario for peripheral artery disease treatment and advanced peripheral treatment products such drug-eluting stents, in, turn, boosts the market growth. The introduction of new interventional treatment options such as atherectomy drives the market growth. Atherectomy is beneficial for removing the build-up of plaque in arteries with the help of stent or catheter. Thus, with the increase in prevalence of calcified and hard lesions the market for atherectomy is expected to grow. However, restenosis (reoccurrence of peripheral artery disease post treatment) is expected to impede the peripheral artery disease market growth.
As per the industry experts, long term effect of COVID-19 outbreak is expected to be witnessed over the coming years. The outbreak has led to a situation of financial crisis in many countries. Thus, the number of vascular surgeries has been significantly reduced according to the guidance provided by the American College of Surgeons, including surgeries related to peripheral arterial disease (PAD). This measure is expected to keep hospital beds and healthcare providers available for COVID-19 patients, as well as to save personal protective equipment (PPE) and reduce viral transfer among patients and between patients and staff.
There is an increase in number of aging populations worldwide. According to a WHO report, around 125 million people were above 80 years in 2019, and the number is expected to reach 2 billion by 2050, which is estimated to constitute about 16% of the total world population. Moreover, there is a positive correlation between elderly individuals and increase in incidences of disorders such as diabetes and hypertension, which, in turn, increases the risk for peripheral artery diseases. Hence, increase in geriatric population is expected to have a positive impact on the peripheral artery disease market.
The market for peripheral artery diseases have witnessed a huge increase, owing to advanced treatment options such as atherectomy devices, which are used to debulk plaque before treatment with a stent. Therefore, with increase in prevalence of calcified and hard lesions and improving atherectomy procedure, the market is expected to grow in the future. In addition, other new interventional products such as drug coated balloon stents and drug eluting stents also fuel the market growth.
On the basis of type, the peripheral stents segment is expected to dominate the market throughout the analysis period as these significantly reduce the risk associated with the build-up of plaque in the arteries. Furthermore, plaque modification devices is expected to register highest CAGR of 9.5% during the forecast period.
North America accounted for major share of the global peripheral artery disease market in 2019, and is expected to remain dominant throughout the forecast period. Asia-Pacific is projected to register the highest CAGR of 9.4% during the forecast period, owing to increase incidence of population suffering from diabetes, obesity, and high blood pressure. In addition, increase in healthcare expenditure and introduction of interventional products such as drug-coated balloon offer a lucrative opportunity for the peripheral artery disease market growth.
Key Findings Of The Study
- The study provides an in-depth analysis, current trends, and future estimations of the global peripheral artery disease market to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the peripheral artery disease market growth is provided.
- By type, the plaque modification devices segment is anticipated to grow at a CAGR of 9.5% from 2020 to 2027.
- Extensive analysis of key segments of the industry help to understand the types of products used across various geographies.