Vascular Disease Devices Market Statistics - 2030
The global vascular disease devices market was valued at $26,522.24 million in 2020, and is projected to reach $ 51,802.14 million by 2030, registering a CAGR of 6.50% from 2021 to 2030. Vascular diseases are conditions that affect natural blood circulatory system of the body. Vascular diseases include peripheral artery disease (PAD). The vascular diseases include stroke, peripheral artery disease (PAD), abdominal aortic aneurysm (AAA), carotid artery disease (CAD), arteriovenous malformation (AVM), critical limb-threatening ischemia (CLTI), pulmonary embolism (blood clots), deep vein thrombosis (DVT), chronic venous insufficiency (CVI), and varicose veins. High blood pressure, cholesterol deposition, vascular injury, genetic, and infections can affect the natural circulatory systems. In addition, obesity, diabetes, alcohol consumption, and tobacco smoking increase the risk of vascular diseases.
The specially designed devices such as vascular stents, balloons, and catheters, are used to treat vascular malfunction or plaque from veins to restore the natural blood flow. Stents are often used to treat narrowed coronary arteries that supply the heart with oxygen-rich blood. The stent holds open the narrowed arteries to allow adequate blood to flow to the heart. In balloon angioplasty, a balloon is attached to a catheter that's inserted into an artery and at the place where deposits of plaque have closed off or narrowed the channel for blood flow, the balloon is inflated.
The growth of the global vascular disease devices market is majorly driven by an increase in vascular diseases, such as atherosclerosis, pulmonary embolism, deep vein thrombosis, and other cardiac disorders as well as increase in number of hospitals and surgery centers boost the diagnosis and treatment of diseases. For instance, according to the report of the American Heart Association, in 2019, 197.2 million people were living with ischemic heart disease (IHD). In addition, an increase in cardiovascular disorders is one of the key drivers of the market. According to the World Health Organization (WHO), an estimated 17.9 million people died from cardiovascular diseases (CVDs) in 2019.
Moreover, advancement in vascular disease devices is anticipated to contribute toward the growth of the market. For instance, Becton, Dickinson, and Company (BD), a leading supplier of innovative medical devices, received approval from the U.S. FDA in 2019, for the ‘Venovo’ venous stent, the first stent indicated to treat iliofemoral venous occlusive disease, which has obstructed or narrowed blood flow specific to the iliac and femoral veins located near the groin. However, product failure and product recalls restricted the market growth during the forecast period.
global vascular disease devices market segmentation
The vascular disease devices market is segmented on the basis of product, end-user, and region. By product, the market is mainly categorized into stents, balloons, catheters, plaque modification devices, hemodynamic flow alteration devices, and others.
The stents are further divided into coronary stents, peripheral stents, and stents-related products. The coronary stents are divided into drug-eluting stents, bare-metal coronary stents, and bioabsorbable stents.
The peripheral stents are further classified as iliac, femoral-popliteal, renal, and carotid. The stent-related products are classified as synthetic grafts and vena cava filters. The balloons are further classified into bare/normal balloons, drug-coated balloons, and scoring balloons. The catheters are classified as angiography, IVUS/OCT, and guiding. Depending on end-user, it is categorized into hospitals & cardiac centers and ambulatory surgical centers.
Stents segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Region-wise, the market is analyzed across North America (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), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).
Depending on product, the stents segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in cardiovascular diseases. However, the balloons segment is expected to witness considerable growth during the forecast period, owing to rise in the geriatric population.
By End User
Hospital & cardiac centers segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Depending on end-user, the hospitals & cardiac centers segment was the major contributor in 2020 and is expected to maintain its lead during the forecast period, owing to an increase in the number of hospitals and surgery centers. However, the ambulatory surgical center segment is expected to witness considerable growth during the forecast period, due to the cost effectiveness of ambulatory surgical centers.
North America garnered the major share in the vascular disease devices market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of chronic diseases, presence of key players for manufacturing & development of vascular disease devices, increase in the number of hospitals & diagnostic centers and initiatives taken by government for the treatment of vascular diseases in the region. However, Asia-Pacific is expected to register the highest CAGR of 7.30% from 2021 to 2030, owing to an increase in the number of vascular surgeries, and a high population.
The key players operating in the global vascular disease devices market include Medtronic, Boston Scientific Corporation, Abbott Laboratories, Becton Dickinson and Company, Terumo Corporation, Cordis, B. Braun Melsungen Ag, Ivascular, Merit Medical, and Koninklijke Philips N.V.
North America was holding a dominant position in 2020 and would continue to maintain the lead over the analysis period.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global vascular disease devices market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global vascular disease devices market growth.
Vascular Disease Devices Market Report Highlights
By END USER
Key Market Players
Terumo Corporation., Merit Medical Systems, Inc., BRAUN MELSUNGEN AG, Becton Dickinson And Company., Medtronic Plc., Abbott Laboratories., Cordis, IVASCULAR, Koninklijke Philips N.V. (Philips), Boston scientific corporation.
Vascular disease is a group of multiple conditions that affect the natural blood circulation system in the body.
The vascular disease devices include stents, balloons, catheters, and vena cava filters. The stents and balloons are inserted into the vessels to restore the natural blood flow. Vena cava filters are used to prevent blood clots from moving from the vein in the legs to the lung, which would result in a life-threatening pulmonary embolism.
The factors such as increase in the prevalence of vascular diseases such as ischemic heart & stroke, the rise in the geriatric population, advancements in vascular disease treatment, and the surge of obesity mainly due to sedentary nature of many forms of work. In addition, an increase in the number of diabetes and hypertension patients is expected to drive the growth of the vascular disease devices market. Moreover, the rise in the number of alcohol consumers and tobacco smokers further boost the growth of the market.
North America is expected to witness the highest growth, in terms of revenue, owing to rise in the prevalence of coronary artery diseases, the presence of key players for manufacturing and developing vascular disease devices, and increase in number of hospitals and surgical centers, in the region.
However, the high cost of surgery and product recalls & failures can hamper the market growth.