Peripheral Artery Disease Global Market Report 2024

The peripheral artery disease market size has grown strongly in recent years. It will grow from $3.97 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The expansion observed during the historical period can be ascribed to several factors, including the rising prevalence of risk factors, a growing aging population, advancements in clinical research and evidence-based medicine, heightened awareness, and the implementation of screening programs. Additionally, government healthcare initiatives have played a significant role in fostering this growth.

The peripheral artery disease market size is expected to see strong growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period is linked to a heightened focus on patient-centric care, progress in minimally invasive procedures, the integration of digital health and remote monitoring, advancements in regenerative medicine approaches, and the adoption of targeted drug therapies. Notable trends expected during this period encompass health equity initiatives, the incorporation of wearable devices, the expansion of home-based rehabilitation, the emphasis on patient-reported outcomes (PROs), and a discernible shift toward outpatient settings.

The anticipated growth in the peripheral artery disease market is primarily driven by the increasing prevalence of peripheral artery diseases. Peripheral artery disease, characterized by the narrowing or blockage of arteries outside the heart, particularly in the legs, results in diminished blood flow and potential complications. Treatment for peripheral artery disease aims to alleviate symptoms, improve mobility, and reduce the risk of severe complications, contributing to enhanced patient well-being. Notably, data from HMP Communications LLC in April 2023 revealed a global rise in peripheral artery disease prevalence, increasing from 11.3 million in 1995 to 21 million in 2020, with projections estimating it to reach 23.8 million by 2030. This upsurge in prevalence is a key factor propelling the growth of the peripheral artery disease market.

The significant driver for market growth is the expanding size of the aging population. As the proportion of older individuals in the population steadily rises, there is an associated increase in the likelihood of developing atherosclerosis, a major risk factor for peripheral artery disease. Atherosclerosis involves the narrowing or blockage of arteries due to the accumulation of fatty deposits, leading to reduced blood flow to the limbs. According to the World Health Organization's October 2022 report, the global aging population is expected to substantially increase, with 1 in 6 people worldwide projected to be aged 60 years or older by 2030. This demographic shift is accompanied by a rise in individuals aged 80 years or older, expected to triple between 2020 and 2050. Consequently, the aging population is anticipated to drive demand for peripheral artery disease treatments, contributing to the overall growth of the market.

The peripheral artery disease market is witnessing a significant trend towards technological advancements, with major companies adopting advanced surgical treatments to maintain their market positions. A notable example is Genesis MedTech Group, a Singapore-based medical device company, introducing the Chocolate Touch paclitaxel DCB catheter in November 2022. This percutaneous transluminal angioplasty (PTA) catheter is designed for treating patients with superficial femoral artery and popliteal artery disease. The Chocolate Touch drug-coated balloon, a pioneering catheter in the field, integrates therapeutic agent administration with a next-generation angioplasty platform for treating peripheral artery disease. It features pillow-such as structures covered with a therapeutic chemical, providing an alternative therapy to standard drug-coated balloon angioplasty. The unique design increases the balloon surface, enabling more effective medication delivery to the vessel wall and eliminating the need for permanent implants.

The growth of the peripheral artery disease market is expected to be propelled by increasing obesity rates. Obesity, characterized by the excess accumulation of body fat with negative health implications, is a significant contributing factor to peripheral artery disease (PAD). PAD involves the narrowing or blockage of blood vessels supplying blood to the legs, resulting in pain and difficulty walking. Notably, as of May 2022, the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) reported that over 2 in 5 adults (42.4%) have obesity, with about 1 in 11 adults (9.2%) experiencing severe obesity. This upward trend in obesity rates is driving the demand for peripheral artery disease treatments.

In April 2023, Abbott Laboratories, a prominent US-based medical device company, acquired Cardiovascular Systems Inc. The acquisition, conducted for an undisclosed amount, expands and enriches Abbott's peripheral and coronary artery disease portfolio. Cardiovascular Systems Inc., a US-based medical device company specializing in manufacturing peripheral artery disease products, brings innovative atherectomy systems to further enhance Abbott's offerings in this medical domain.

Major companies operating in the peripheral artery disease market report are Cardinal Health Inc., Vascular Solutions Inc., Bayer AG, Abbott Laboratories, Medtronic plc., Koninklijke Philips N.V. (Royal Philips), B. Braun Melsungen AG., Terumo Corporation, Edwards Lifesciences, Becton Dickinson and Company (BD), Boston Scientific Corporation Incorporated, Cook Group Incorporated, Merit Medical Systems Inc., NuVasive Inc., Arjo AB, Penumbra Inc., BIOTRONIK SE and Co. KG, Natus Medical Inc., AngioDynamics Inc., Shockwave Medical Inc., Cardiovascular Systems Inc., Endologix LLC., LeMaitre Vascular Inc., Silk Road Medical Inc., WL Gore and Associates Inc., MicroPort Scientific Corporation, Bard Peripheral Vascular Inc., Lombard Medical Inc., Avinger Inc., Ra Medical Systems Inc.

North America was the largest region in the peripheral artery disease market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral artery disease market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the peripheral artery disease market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The peripheral artery disease market consists of revenues earned by entities by providing peripheral artery disease management services and therapies such as diagnosis, angioplasty, atherectomy, lithoplasty, endovascular, vascular surgery, and rehabilitation. The market value includes the value of related goods sold by the service provider or included within the service offering. The peripheral artery disease market also includes sales of guidewires, bare metal, drug-eluting, compression stockings, and exercise equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.