Peripheral Artery Disease Market Scenario
Following a careful analysis of the global peripheral artery disease market, Market Research Future (MRFR) concludes that it will reach the valuation of USD 3.47 billion by 2023. The market is set to rise from its previous value of USD 2.23 billion in 2016, at a CAGR of 6.5% during the forecast period (2017-2023).
Growth Factors and Key Restraints
Rise in Geriatric Population
There has been a dramatic surge in the number of aging people worldwide. As per a WHO report, at least 524 million people were above the age of 65 in the year 2010, and the prediction is that number will be reaching 1.5 billion by 2050. This figure is expected to constitute almost 16% of the total global population. Furthermore, the number of elderly individuals is directly proportional to the number of disorders amongst them, like hypertension and diabetes, increasing the risk for peripheral artery disease. Thus, the expanding geriatric population will leave a positive impact on the growth of the global market in the years to come.
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Advanced Treatment Options
The peripheral artery disease market size is all set to expand significantly from 2017 to 2023, with a key reason being the increasing advanced treatment options as well as tools like atherectomy devices. These kinds of tools are used for debulking the plaque before using a stent for treatment. Thus, with the surging prevalence of calcified and hard lessions coupled with the upgraded atherectomy procedure, the overall growth of the market is going to be highly promising in the forthcoming years. Apart from this, other latest interventional products like drug eluting stents and drug coated balloon stents will also prove to be instrumental in the lucrative growth of the market during the conjectured time frame.
Increase in Research and Development Expenditure
Adding on to the list of growth drivers, one factor that will give a substantial boost to the market growth is the rising research and development expenditure. As per reports by European Federation of Pharmaceutical Industries and Association, in 2016, the R&D expenditure in the Pharmaceutical Industry was estimated at a whopping value of EUR 35000 million. Moreover, as per the Centers for Disease Control and Prevention, in 2015, the per capita national health expenditure was approximately USD 9,990, with the total national health expenditure being USD 3.2 trillion. Also, few reports suggest that out of total national health expenditures in the United States (US), the prescription drugs accounted for 10.1% of the total share.
Rising Trends in Peripheral Artery Disease Market
At present, the peripheral artery disease market is governed by numerous players. Also, as a result of the increasing research and development expenditure, a number of existing as well as new marketers are progressively developing advanced drugs that can control this specific condition.
For instance, Medtronic is one such company in the peripheral artery disease market, that is one of the largest standalone medical equipment development company in the world. The company boasts of a diverse portfolio of a range of products like NC Sprinter RX/ OTW Noncompliant Balloon Dilatation Catheter, NC Euphora Noncompliant Balloon Dilatation Catheter, Euphora Semicompliant Balloon Dilatation Catheter, among others.
Peripheral Artery Disease Market Segmentation
The market for peripheral artery disease is segmented on the basis of devices, drugs and types of diseases.
The global peripheral artery disease market, by the types of devices, is segmented into stents, angioplasty balloon catheters, drug-eluting balloons, atherectomy devices and others. Stents is sub-segmented into balloon-expandable and self-expandable, whereas the atherectomy devices are sub-segmented into rotational, orbital, laser and directional.
The types of drugs used for treating peripheral artery disease include lipid-lowering drugs, blood pressure lowering drug, glucose regulating drug, clot preventing drug and others.
The types of diseases mentioned in the report are blood clotting disorders, lymphedema, atherosclerosis and others.
Peripheral Artery Disease Market Regional Insight
The regional segments in the global peripheral artery disease market are Asia Pacific, Europe, North America, and the Middle East & Africa.
With the largest share in the global market, North America seems to be on an upward trajectory due to the increasing number of people suffering from major or minor peripheral diseases. Moreover, the increasing obese and diabetic patients in the region has accelerated the demand for the drugs needed for the treatment of peripheral artery diseases. Other factors working in favor of the regional market include the growing awareness regarding the disease, favorable reimbursement policies, as well as expanding geriatric population.
On the other side, the growing population in the Asia Pacific region coupled with the speedy rate of development is luring numerous manufacturers to the region. This will be a key reason for the lucrative growth rate of the regional market in the coming years. Apart from this, Asia Pacific also presents lucrative opportunities to the market, in the form of surging awareness among patients about the latest interventional treatment options.
The growth drivers of the peripheral artery disease market in Europe include the improved screening and detection of the disease, the rising geriatric population, and the continuous advancements in technology. Of course, the strikingly improving healthcare infrastructure and the healthcare industry has also been one of the most important factors in the market growth over the years.
The Middle East and Africa peripheral artery disease market will also be making somewhat similar strides as other regional markets, backed by the growing interest for minimally invasive strategies, evolving lifestyle, maturing population and the upsurge of peripheral artery diseases.
Peripheral Artery Disease Market Key Vendors
Bayer HealthCare Pharmaceuticals (Germany), TheraVasc Inc. (US), Abbott Laboratories (U.S), AstraZeneca Plc. (UK), Boston Scientific Corporation (U.S), Johnson & Johnson (U.S), Medtronic (Ireland), Betagenon AB (Sweden), nGes MG, Inc. (Japan), Proteon Therapeutics, Inc. (US), Merck & Co., Inc. (US), Angioscore, Inc. (U.S), Symic Bio, Inc. (US), CardioVascular BioTherapeutics, Inc. (US), Bristol-Myers Squibb Company (US), Sanofi S.A. (France), are among some of the top players in the global peripheral artery disease market.
Peripheral Artery Disease Industry Developments
February 2019 - Mercy Hospital (US) is all set to offer a supervised exercise therapy program for those afflicted with symptomatic Peripheral Artery Disease (PAD). The 12-week supervised exercise therapy program will involve treadmill walking, along with various other exercise modalities, supervised by exercise physiologists, who will ensure the safety of patients.
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