The global peripheral vascular devices market size is projected to reach USD 12.6 billion by 2025 from USD 9.2 billion in 2020, at a CAGR of 6.5% during the forecast period. Growth in this market is majorly driven by the rapid growth in the geriatric population and the associated increase in the prevalence of peripheral vascular diseases, the approval of new and advanced products, and the rising incidence of diabetes. However, the availability of alternative treatments and product failures and recalls are the major factors that are expected to restrain the growth of this market during the forecast period.

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OPPORTUNITY: Emerging Markets

Emerging markets such as China, India, Singapore, and Brazil are expected to witness high growth in the coming years owing to the presence of less-stringent regulatory policies and low competition. To leverage the high-growth opportunities in these markets, manufacturers are strategically focusing on expanding their presence in these countries. Moreover, the increasing competition in mature markets is further compelling manufacturers to focus on emerging markets. In 2016, Medtronic (Ireland) opened its Asia Pacific regional headquarters in Singapore. This development will support and strengthen the company’s operations in 80 locations across the Asia Pacific region. Moreover, in 2017, iVascular SLU received approval from the Indian government to sell its products in the country. This helped the company in terms of revenue generation as well as expansion in emerging economies.

Prominent players in the peripheral vascular devices market are Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), Cardinal Health (US), iVascular (Spain), Becton, Dickinson, and Company (US), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Biosensors International Group (Singapore), and BIOTRONIK SE & Co. KG (Germany).

Based on the region, the peripheral vascular devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the peripheral vascular devices market.