Global Peripheral Arterial Diseases (PAD) Market Size, Share & Trends Analysis Report by Treatment Device (Adenocarcinomas, Carcinoid Tumors, Lymphomas, Sarcomas, and Gastrointestinal Stromal Tumors (GISTS Peripheral Vascular Stents, Peripheral Transluminal Angioplasty Balloon Catheters, PTA Guidewires, Atherectomy Devices, Chronic Total Occlusion Devices, Aortic Stents, Synthetic Surgical Grafts, and Others), By Drugs (Cholesterol-Lowering Drugs, High Blood Pressure Lowering Drug, Blood Sugar Regulating Drug, and Blood Clot Preventing Drug), By End-User (Hospitals and Clinics, Diagnostic Centres, and Research Institute) Forecast, 2022-2028
The global peripheral arterial diseases(PAD) market is anticipated to grow at a CAGR of 7.9% during the forecast period. Extra cholesterol and other fats accumulate in the walls of the arteries, causing PAD. This extra build-up, which is known as plaque, narrows a patient's artery and decreases blood flow. The rising prevalence of PAD has been a significant driver of market growth. For instance, according to the American Heart Association, around 8.5 million individuals in the US in 2019 suffering from PAD, which most of them age 65 and older. With the rising geriatric population by 2050, an estimated 19 million people in the US will have PAD.
Furthermore, the other factors that are affecting the growth of the peripheral arterial disease market include the rising habit of smoking, increasing high blood pressure patients, rising diabetes patients, and geriatric population, among others. For instance, according to World Health Organization (WHO), by 2050 the population with 60 years or above is expected to have 2 billion across the globe. As per the Center for Disease Control and Prevention, in 2019 around 34.1 adults in the US smoke cigarettes. Nearly 14 of every 100 US adults with age 18years or older smoked cigarettes, which is accounted for 14%.
Certain factors, such as the high cost of PAD care and the absence of reimbursement policies in low-income countries, are limiting the global PAD market's development. In addition, lack of awareness about PAD diagnosis and treatment in underdeveloped countries hinders the market growth. However. increasing healthcare infrastructure in developing economies such as China and India is expected to fuel market growth. Furthermore, a robust pipeline of drugs for these diseases contributes significantly to the global development of the PAD industry.
Impact of COVID-19 Pandemic on Global PAD Market
The global PAD market is hit by the outbreak of COVID-19 since December 2019. It has a sudden and dramatic impact on healthcare. The COVID-19 pandemic has had a negative effect on the PAD industry due to a decrease in patient visits to hospitals. As a result, the amount of diagnostic tests has also decreased, negatively impacting the industry. The outbreak of COVID-19 has disrupted the supply of raw materials and products, and manufacturing units across the globe. As doctors frontline warriors fighting against COVID-19, all other treatment procedures were postponed except emergency cases. The COVID-19 pandemic shows severe symptoms in people, who are already suffering from chronic disease. This has impacted that people did not visit the hospital not to get exposed to the virus. The market will witness “V” shape recovery in near future owing to the restart of key industries in major economies.
The global PAD market are segmented based on treatment device, drugs, and end-user. Based on the treatment device, the market is segmented into peripheral vascular stents, peripheral transluminal angioplasty balloon catheters, PTA guidewires, atherectomy devices, chronic total occlusion devices, aortic stents, synthetic surgical grafts, and others. In this other treatment devices includes embolic protection devices and inferior vena cava filters. Among these, the peripheral stents segment dominated the market in 2020 and is anticipated to continue to grow throughout the forecast period, due to the technological advancement in stents such as drug-eluting and drug-coated stents. Based on the drugs, the market is segmented into cholesterol-lowering drugs, high blood pressure-lowering drugs, blood sugar-regulating drug, and blood clot-preventing drugs. Apart from this, by end-users, the market is segmented into hospitals and clinics, diagnostic centers, and research institutes.
Global PAD Market Share by Treatment Device, 2020 (%)
Global PAD Market Share by Treatment Device
Peripheral Vascular Stents Segment holds the significant share in the PAD Market
Among the treatment devices for PAD, the peripheral vascular stents segment held the highest share in 2020 and is also anticipated to grow during the forecast period. The most frequent use of stents is to cure complications with the coronary arteries. It's a mesh channel' which is inserted into arteries or veins or other normal passages in the body to relieve or avoid a disease-induced, localized flow restriction. The increasing access to peripheral stents in angioplasty and conventional open surgery is expected to increase the global market growth, implying that they will remain in demand over the forecast period. There are several different types of stents in the market, including drug-eluting stents, bare-metal stents, bioabsorbable stents, covered stents, dual-therapy stents, and bioengineered stents. Peripheral stents are most often used in combination with balloon angioplasty to clear veins to allow blood to circulate freely into narrowed veins in the body, as well as to repair an aneurysm.
The global PAD market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others0, and the Rest of the World (the Middle East and Africa, and Latin America). North America has been predicted to dominate the global PAD market due to high awareness among the population towards the PAD diagnosis and treatment. Additionally, the growing geriatric population and advanced drug discovery for these diseases in the region motivates the PAD market. In addition, high adoption rates of minimally invasive surgeries and higher healthcare expenditure in the region are also fueling the market growth. For instance, according to the National Health Expenditure Accounts (NHEA), in the US in health care spending rose to 4.6% in 2019, which is around $11,852 per person.
Global PAD Market Growth, by Region 2022-2028
Global PAD Market Growth, by Region
Asia-Pacific is projected to have a considerable growth in the global PAD market
Asia-Pacific is anticipated to hold a considerable market share in the global PAD market. In the region, China and India are showing rapid progress. The rapidly developing healthcare infrastructure and medical tourism are the factors that are growing the market demand in the region. For instance, government initiatives have affected the price of stents in India, which promotes its adoption and enables market growth in the country. The presence of a large patient pool with unmet medical needs is one of the major factors contributing to this fastest growth of the region.
Furthermore, the peripheral arterial disease market is projected to expand owing to the GDP growth and government initiatives. It also witnesses growth due to the various startups such as Shukun Technology, a Chinese startup, which is expected to expand the regional market in the near future. Tricon Health Services, an Indian start-up, is another example of new entrants entering the industry that can further boost industrial development over the projected timeframe. Other emerging entrants, such as Cardiotrack, Cardiac Design Labs, and Little Moppet Heart Foundation, among others are expected to propel the Asia-Pacific region market.
Market Players Outlook
The key players of the PAD market include Abbott Laboratories, Boston Scientific Corp., Bayer AG, Medtronic, PLC, B. Braun Melsugen AG, Sanofi SA, and Cook Group Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global peripheral arterial diseases market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
Table of Contents
- Current Industry Analysis and Growth Potential Outlook
- Impact of COVID-19 on the Global Peripheral Arterial Diseases Industry
- Recovery Scenario of Global Peripheral Arterial Diseases Industry
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
5.1.1. Peripheral Vascular Stents
5.1.2. Peripheral Transluminal Angioplasty Balloon Catheters
5.1.3. PTA Guidewires
5.1.4. Atherectomy Devices
5.1.5. Chronic Total Occlusion Devices
5.1.6. Aortic Stents
5.1.7. Synthetic Surgical Grafts
5.1.8. Others (Embolic Protection Devices and Inferior Vena Cava Filters)
5.2. Global Peripheral Arterial Diseases Market by Drugs
5.2.1. Cholesterol-Lowering Drugs
5.2.2. High Blood Pressure Lowering Drug
5.2.3. Blood Sugar Regulating Drug
5.2.4. Blood Clot Preventing Drug
5.3. Global Peripheral Arterial Diseases Market by End-User
5.3.1. Hospitals and Clinics
5.3.2. Diagnostic Centres
5.3.3. Research Institutes
6.1.1. United States
6.2.6. Rest of Europe
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
A selection of companies mentioned in this report includes:
- Abbott Laboratories
- AngioDynamics, Inc.
- AstraZeneca PLC
- B. Braun Melsungen AG
- Bayer AG
- Becton, Dickinson and Co. (BD)
- BIOTRONIK SE & Co. KG
- Boston Scientific Corp.
- Cardinal Health, Inc.
- Cook Group Inc.
- Edwards Lifesciences Corp.
- ENDOCOR GmbH
- Johnson & Johnson Services, Inc.
- Medtronic, PLC
- Merit Medical Systems Inc.
- Philips Electronics Nederland B.V.,(Spectranetics Corp.)
- Sanofi SA
- Shockwave Medical, Inc.
- Terumo Corp.
- VentureMed Group, Inc
- Venturis Therapeutics, Inc.