According to a new report published by Allied Market Research, titled, "Peripheral Artery Disease Market by Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global peripheral artery disease market was valued at $3,136 million in 2016, and is projected to reach $4,980 million by 2023, growing at a CAGR of 6.8% from 2017 to 2023. The peripheral stents segment held more than two-fifth share of the total market in 2016.
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Peripheral artery disease is a circulatory disease in which plaque builds up in the arteries of legs, heads, and other limbs. Increase in geriatric population and rise in number of patients suffering from peripheral artery disease, are expected to drive the market growth. Moreover, favorable reimbursement scenario for peripheral artery disease treatment and advanced peripheral treatment products such drug-eluting stents in turn boosts the market growth. However, restenosis (reoccurrence of peripheral artery disease post treatment) is expected to impede the market growth.
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. Plaque modification devices is expected to register highest CAGR of 7.6% during the forecast period.
Key Findings of the Peripheral Artery Disease Market:
- Atherectomy devices is projected to grow at a CAGR of 7.9% during the forecast period.
- Chronic total occlusion devices accounted for more than two-fifth of the share of the global peripheral artery disease market, in 2016.
- Aspiration thrombectomy segment is expected to register the highest CAGR of 10.3% during the analysis period.
- Drug-eluting stents is expected to grow at the CAGR of 7.7% during the forecast period.
- France and Germany collectively contributed for more than one-third share of the European peripheral artery disease market in 2016.
- Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific peripheral artery disease market in 2016.
Asia-Pacific is projected to register the highest CAGR of 7.9% during the forecast period, owing to increase in 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 market growth.
The major companies profiled in the report include Abbott Laboratories, Boston Scientific Corporation, Cook Medical, Cardinal Health, Inc., C. R. Bard, Inc., Medtronic plc, Terumo Corporation, The Spectranetics Corporation, AngioDynamics, Inc., BIOTRONIK, and B. Braun Melsungen AG.