The compound annual growth rate (CAGR) of the global peripheral vascular devices market will be more than 7 % during the forecast period from 2022 to 2030. The rising demand for the P.V.D. devices can be seen due to increasing numbers of cases of peripheral vascular disease and growing numbers of geriatric population. Not to mention, the number of improved products being introduced as well as an increasing number of diabetic patients across the world are also likely to contribute to the growth of the market during the forecasted period.
PVD (or Peripheral Vascular Disease) is a medical condition where blood arteries become narrow. It results in a reduction of adequate blood flow in the human body. Apart from heart and brain vessels, PVD also affects and can cause constrictions or blockages in the veins of body parts such as the neck, arms, legs, and stomach.
Factors affecting the Peripheral Vascular Devices Market
Impact of COVID-19 pandemic
The pandemic induced by Covid-19 has negatively impacted the global market of peripheral vascular devices. Due to the increased risk of spreading viruses in hospitals, many patients avoided going to the hospitals for fear of getting infected. Medical procedures such as surgeries requires the patient to go through several clinical tests. In the wake of the Covid-19 pandemic, all elective surgeries and non-emergencies terminated, resulted in a drop in demand for peripheral vascular devices. In addition, the network of distribution and supply has slowed, influencing the overall global market growth.
Regional Insights
The leading market share in both manufacturing and demand for peripheral vascular devices is recorded in North America, mainly due to increased awareness among patients, increasing expenditures in health care infrastructure, and the popularity of minimally invasive procedures. During the forecasted years, the Asia-Pacific region is forecast to emerge as a prominent market due to improved healthcare infrastructure and increasing patient numbers.
Key players in the global peripheral vascular devices market
Segment Analysis
By Type
By Region