Market Highlights
Peripheral Artery Disease Market is estimated to be valued at USD 23,624.01 Million by 2025 and is expected to register a CAGR of 4.84% during the forecast period.
Peripheral artery diseases (PAD) are the diseases of the blood vessels located outside the brain and heart. PAD occurs when plaque builds up in the arteries that carry blood to the head, organs, and limbs. Factors such as rapid growth in the geriatric population and the subsequent increase in the prevalence of peripheral artery diseases, along with increasing product approvals, are driving the growth of the peripheral artery disease market. Additionally, rising cases of diabetes are also driving the growth of the peripheral artery disease market. However, product recalls and failures are hampering the market growth.
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Key Players
Market Research Future (MRFR) recognizes Koninklijke Philips NV (Netherlands), B. Braun Melsungen AG (Germany), Cook (US), Medtronic (Ireland), Bayer AG (Germany), Boston Scientific Corporation (US), Becton, Dickinson, and Company (BD) (US), Terumo Medical Corporation (Japan ), Biotronik (Germany), Cardinal Health (US) as the Key Players in the Global Peripheral Artery Disease Market.
Key Findings of the Study
- The Global Peripheral Artery Disease Market is projected to reach over USD 23,624.01 million by 2025 at a 4.84% CAGR during the review period of 2019 to 2025.
- The US held a market share of 80.7% in 2018. Initiatives of major players and rising peripheral artery disease are driving the market growth. For instance, according to the American Heart Association, peripheral artery disease (PAD) affects over 8.5 million Americans yearly. Additionally, the American Diabetes Association, in 2015, stated that 30.3 million Americans, or 9.4% of the population, had diabetes. Moreover, USD 327 billion were spent in the US in 2017 for diabetes.
- Based on the treatment type, the device segment accounted for the largest market share of 55.5% in 2018.
- On the basis of end-user, the hospitals and clinics segment accounted for the largest market share of 48.0% in 2018.
Segment Analysis
The Global Peripheral Artery Disease Market has been segmented on the basis of Treatment Type and End User. The market, based on treatment type, has been segmented into devices, and drugs. Devices are further segmented into angioplasty balloon, angioplasty stents (stenting), catheters, plaque modification devices (atherectomy), hemodynamic flow alteration devices, and others. Drugs are further sub-segmented into lipid-lowering drugs, blood pressure-lowering drugs, glucose regulating drugs, and blood clot preventing drugs. The global peripheral artery disease market, by end-user, has been categorized as hospitals and clinics, ambulatory surgery centers, and others.
Regional Analysis
Geographically, the global peripheral artery disease market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. As per MRFR analysis, the Americas was the largest market for peripheral artery disease in 2018 and is expected to remain dominant during the review period. The growth of the Americas is due to the high prevalence rate of diabetes, rising healthcare expenditure, and increasing cases of obesity. Additionally, constantly changing lifestyle habits such as unhealthy dietary habits, excessive alcohol consumption, smoking, obesity, and lack of physical activity are making individuals more susceptible to peripheral artery disease and is driving the market growth. For instance, according to the American Heart Association, peripheral artery disease (PAD) affects over 8.5 million Americans yearly.
Additionally, the American Diabetes Association, in 2015, stated that 30.3 million Americans, or 9.4% of the population, had diabetes. Moreover, USD 327 billion were spent in the US in 2017 for diabetes
Europe would follow the Americas in terms of value during the forecast period. The European market is expected to register a sturdy growth rate during the forecast period due to rising cardiovascular disorders and increasing cigarette smoking population. Additionally, the rising older population in the European Union is driving the growth of the peripheral artery disease market in Europe.
Asia-Pacific is expected to represent the highest market growth potential over the forecast period due to the growing patient pool and increasing technological advancements. The fast growth of the Asia-Pacific region is due to the increasing per capita income along with government initiatives to enhance the quality of healthcare and rising diabetes being the major concern in this region
The Middle East and Africa are expected to represent a modest market growth from 2019 to 2025. The Middle East would hold a substantial market share over the assessment period due to increasing obesity issues, rising initiatives by governments to improve patient care, and favorable reimbursement policies
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