The market for peripheral artery disease was $3,524.77 million in 2019 and is predicted to grow to $5,715.12 million by 2027, with a CAGR of 8.5 percent between 2020 and 2027.
Peripheral artery disease (PAD) is a cardiovascular condition in which constricted arteries restrict blood flow to the limbs. This is caused by fat deposits (plaques) in artery walls, limiting blood circulation to organs, limbs, and the head. PAD mostly affects arteries in the legs, but it can also damage arteries carrying blood from the heart to the head, kidneys, arms, and stomach.
One of the key causes driving demand for peripheral vascular devices is the growing expansion of the senior population, which is at a higher risk of acquiring peripheral vascular disorders like atherosclerosis and aneurysms.
The market for peripheral artery disease market is divided into two categories: kind and geography. Peripheral angioplasty balloons, peripheral catheters, peripheral stents, inferior vena cava (IVC) filters, plaque modification devices, hemodynamic flow alteration devices, and peripheral accessories are the different types of peripheral angioplasty balloons.
Due to technical advancements in stents such as drug-eluting and drug-coated stents, the peripheral stents segment led the international market in 2019 and is expected to continue this trend during the projected period. Furthermore, expanding access to peripheral stents within angioplasty and traditional open surgery is likely to boost the global market’s development, implying that they will be in demand during the projection period.
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The peripheral arterial disease market is divided into four regions: North America, Asia-Pacific, Europe, Latin America, and the Caribbean. In 2019, North America held the greatest market share. The area’s dominance is mostly due to high minimally invasive surgery adoption rates and increased healthcare spending. Furthermore, Europe was the second-largest market for peripheral arterial disease treatment. Furthermore, in the projection period, an increase in the ageing population is anticipated to enhance the demand for peripheral arterial devices.
The most attractive market for peripheral arterial disease is expected to be Asia-Pacific. A big patient pool with unsatisfied medical requirements is one of the major factors contributing to this area’s quickest growth.
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The peripheral artery disease market is expected to develop due to factors like an increase in the elderly population and, as a result, a rise in the prevalence of peripheral artery diseases and a rise in product approvals. Furthermore, the expansion of the peripheral artery disease market is fueled by increased diabetes occurrences. Restenosis (recurrence of peripheral artery disease after therapy) is a stumbling block to market expansion. Furthermore, ever-changing lifestyle choices like smoking, bad eating habits, obesity, excessive alcohol use, and a lack of physical activity make people more prone to peripheral artery disease, driving market expansion. According to the American Heart Association, peripheral artery disease (PAD) affects roughly 8.5 million Americans each year.
Due to the outbreak, several markets are declining, including the market for peripheral artery disease. The pandemic has negatively influenced the peripheral artery disease market, as most governments have implemented lockdown measures to combat the outbreak. Furthermore, the American College of Surgeons (ACS) has published guidelines for vascular surgery patient triage, recommending that non-emergency peripheral vascular treatments like endovascular treatment for claudication be postponed. Furthermore, due to new government regulations or hospital rules, vascular surgeries in areas severely afflicted by COVID-19 have been reduced to life or limb-saving instances.
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