Peripheral Interventions Market 2021 Global Industry Size, Share, Growth, Trends, Company Profiles And 2027 Future Market Analysis
The global peripheral interventions market share is slated to witness a major upsurge over the forthcoming years, owing to the rapid technological advancements, and high preference for non-invasive procedures worldwide. There has also been an increase in hospital admissions of patients with cardiovascular diseases, alongside robust demand for interventional procedures with increased recovery rate, thereby providing lucrative growth opportunities for the peripheral vascular interventions business.
In light of the COVID-19 pandemic, various operating facilities like ambulatory surgical centers and catheterization laboratories have registered a decline in their procedural volume. Additionally, the decreasing number of patients visiting the emergency departments in highly impacted regions has moderately affected the industry share. However, the gradual relaxation of the coronavirus restrictions will favor the demand for peripheral intervention products over the forecast spell.
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As per Global Market Insights, Inc. estimates, the global peripheral interventions market size is anticipated to surpass $11.5 billion by 2027.
The global peripheral interventions industry will amass considerable gains in years ahead, on account of the rising prevalence of peripheral artery diseases cancer, and atherosclerosis, along with the high geriatric population pool. Furthermore, rapid advances in technology to deliver improved care and treatment outcomes as well as the increased efficiency of advanced devices during the non-invasive peripheral intervention procedures will amplify industry outlook.
In terms of segmentation by product, the guide wires segment recorded remuneration of around $400 million in 2020 and is likely to witness remarkable growth over the foreseeable future. This segmental expansion can be attributed to the increasing adoption of guidewire technology during interventional procedures. The accelerated product demand is also due to its expanding applications in carotid, AAA (abnormal aortic aneurysm), renal, as well as lower limb interventions, coupled with its capability to deliver optimal devices with high durability, maneuverability, and crossability of target lesions.
With regards to the application spectrum, the global peripheral interventions market from the peripheral artery disease segment is set to exhibit a CAGR of 7.8% through 2027, due to the life-threatening conditions of people with atherosclerosis and other PADs. The segmental growth can further be credited to the escalating risks of plaque build-up in arteries caused by the excessive consumption of fat-rich and high-carbohydrate foods. Major players in the industry are also entering various agreements to expand their product portfolio. To illustrate, in August 2020, Royal Philips inked an agreement to acquire Intact Vascular, Inc. to drive its image-guided therapy portfolio and optimize the treatment of numerous patients with PAD.
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Based on end-use, the ambulatory surgical centers segment is expected to depict a CAGR of 7.5% through 2027, driven by the mounting patient pool undergoing interventional procedures in these centers in developed economies. Over the past years, emerging countries have been witnessing the robust adoption of innovative technologies, alongside the rapid expansion of the facility network. In addition, myriad benefits provided by these centers such as low costs, reduced stay, convenient environment, and the availability of skilled professionals will boost segmental expansion over the coming years.
From a regional perspective, the Asia Pacific peripheral interventions industry is projected to exhibit a 16.9% CAGR through 2027. The growth of the regional industry can be credited to the rising elderly population, increasing healthcare expenditure and subsequent development of sophisticated healthcare facilities, high disease prevalence, and strong awareness about the presence of non-invasive treatments.
The competitive landscape of the peripheral interventions market comprises of companies such as Becton Dickinson & Company, Boston Scientific Corporation, Medtronic, Abbott Laboratories, Johnson & Johnson, and Cardinal Health, among others. These firms are implementing strategies such as new product launches, M&A, and business expansions to gain a competitive edge and expand business across the globe.
For example, in March 2021, Cardiovascular Systems acquired the peripheral support catheter portfolio of WavePoint Medical, for use in various peripheral vascular intervention procedures. These products were also designed to provide guidewire support in lesion crossing as well as guidewire exchanges.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Peripheral interventions industry 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 End-use trends
2.1.5 Regional trends
Chapter 3 Peripheral Interventions Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing prevalence of peripheral artery disorders
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