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Peripheral Vascular Devices And Equipment Global Market Report 2022
Major players in the peripheral vascular devices and equipment market are Medtronic, Boston Scientific Corporation, Abbott, Cook group, Angiomed GmbH & Co, Medizintechnik KG, Terumo Corporation, ENDOLOGIX inc, Bolton medical Inc, and JOTEC.
New York, May 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Peripheral Vascular Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277197/?utm_source=GNW
The global peripheral vascular devices and equipment market is expected to grow from $7.06 billion in 2021 to $7.76 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The market is expected to grow to $10.48 billion in 2026 at a compound annual growth rate (CAGR) of 7.8%.
The peripheral vascular devices and equipment market consists of sales of peripheral vascular devices and equipment and related services. Peripheral vascular devices and equipment are used to treat peripheral vascular diseases which are slow and progressive blood circulation disorders caused by blockages, narrowing, or spasms in blood vessels outside the heart and brain including arteries and veins.
The main types of peripheral vascular devices and equipment are peripheral vascular stents, percutaneous transluminal angioplasty balloons, catheters, PTA guide wires, atherectomy devices, chronic total acclusion devices, aortic stents, synthetic surgical grafts, embolic protection devices, and inferior vena cava filters.The catheter is a tubular medical device for insertion into canals, vessels, passageways, or body cavities to permit injection or withdrawal of fluids or to keep a passage open.
The applications involved are the treatment of peripheral blood vessels damaged and the treatment of peripheral blood vessels blockage. The various end-users are hospital applications and clinic applications.
North America was the largest region in peripheral vascular devices and equipment market in 2021.Western Europe was the second-largest region in peripheral vascular devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The peripheral vascular devices and equipment market is driven by the rising number of people with peripheral artery diseases.Peripheral artery diseases are caused when arteries in the human body are blocked by plaque consisting of fats, cholesterol, and other substances restricting their blood flow to important organs.
Lower extremity peripheral artery disease (PAD) affects >230 million adults worldwide and is associated with increased risk of various adverse clinical outcomes (other cardiovascular diseases such as coronary heart disease and stroke and leg outcomes such as amputation.The disease is different in younger populations; but, the incidence rises sharply, with over 20% of people over 80 years old having PAD.
According to the Center for Disease Control and Prevention (CDC), approximately 8.5 million people in the USA are suffering from peripheral artery diseases, of which 12-20% are aged above 60 years.
Stringent approval processes, product recalls and failures act as a restraint to the peripheral vascular devices and equipment market.Product recalls and failures potentially affect the brand image of the companies within this market.
According to the US Food and Drug Administration (FDA), a product recall is made to perform corrective actions or prevent hazardous effects to patients.For instance, in March 2019, Medtronic recalled its pulmonary vein ablation catheter to update its instructions for reducing the potential for phrenic nerve injury.
To reduce incidences associated with the peripheral devices and ensure that the devices are safe and have the least adverse reactions, FDA is restricting devices for use, sending field safety notices, and making product recall to correct the devices. These stringent approval processes and regulatory policies may impact the peripheral devices and equipment market.
Bio-absorbable stents are gaining popularity in the peripheral vascular devices and equipment market to eliminate thrombogenic risk factors and enhance clinical applicability.Bio-absorbable stents are made of natural soluble materials that disappear after insertion and eliminate the risk of late stent thrombosis.
They help in protecting the body from inflammation or reduced blood flow due to late-stent thrombosis (a condition where the stent used for treatment stays inside the body for a prolonged period).Companies in this market are increasing their focus on developing and commercializing bio-absorbable stents.
For instance, in 2020, Boston Scientific is demanded to start its Synergy Megatron bioabsorbable polymer coronary stent system.It is intended for large proximal vessels, including over main, bifurcations, and ostial lesions.
It is made in 3.5 mm to 5.0 mm diameters. It owns enhanced strength and the capacity to create tapered vessels.
In May 2019, the Medicines and Healthcare products Regulatory Agency (MRHA), a regulatory body for medical devices of the UK, sent an urgent field safety notice to Medtronic, a medical device manufacturer, on its MAHURKAR™* and Argyle™* Acute Hemodialysis Catheters, as the priming volume values and instructions printed on the MAHURKAR™* and Argyle™* acute catheters are higher than required to fill each lumen.These devices impacted patients’ health and aided to hematoma following heparin flush.
To reduce incidences associated with these devices, MRHA is sending field safety notices and medical device alerts to correct the peripheral vascular devices.
In September 2021, Boston Scientific, a US-based manufacturer of medical devices acquired Devoro Medical, Inc for an undisclosed amount.This acquisition of devoro medical inc will add the WOLF platform and advances efforts to ensure physicians have the right tools to improve procedural efficiencies.
Devoro Medical, Inc, is a US-based manufacturer of medical technology.
The countries covered in the peripheral vascular devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, and Australia.
Read the full report: https://www.reportlinker.com/p06277197/?utm_source=GNW
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