Peripheral Vascular Device Market Research Report By Device Type (Stents, Catheters, Endografts, Atherectomy Devices, Stent-Grafts), By Application (Coronary Artery Disease, Peripheral Arterial Disease, Venous Thromboembolism, Renal Artery Disease, Carotid Artery Disease), By Material (Metallic, Biodegradable, Polymer-Based, Nitinol-Based, Platinum-Based), By Modality (Invasive, Minimally Invasive, Non-Invasive) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Peripheral Vascular Device Market Overview

As per MRFR analysis, the Peripheral Vascular Device Market Size was estimated at 21.01 (USD Billion) in 2022.

The Peripheral Vascular Device Industry is expected to grow from 21.96(USD Billion) in 2023 to 32.7 (USD Billion) by 2032. The Peripheral Vascular Device Market CAGR (growth rate) is expected to be around 4.52% during the forecast period (2024 - 2032).

Key Peripheral Vascular Device Market Trends Highlighted

The Peripheral Vascular Device Market is witnessing a surge in demand due to the increasing prevalence of peripheral artery disease (PAD). The aging population and the rise in lifestyle-related diseases, such as diabetes and cardiovascular disorders, are driving the market growth. Technological advancements, such as the development of minimally invasive devices, are further contributing to the market expansion.Opportunities lie in untapped emerging markets, where the growing healthcare infrastructure and rising disposable incomes are expected to boost demand. Additionally, the focus on developing personalized and remote patient monitoring devices is creating new avenues for market growth.Recent trends include the adoption of robotic-assisted surgical procedures, which offer enhanced precision and efficiency. The integration of artificial intelligence (AI) and machine learning (ML) technologies is also gaining traction, aiding in more tailored and effective patient care.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Peripheral Vascular Device Market Drivers

Increasing Prevalence of Peripheral Artery Disease

Peripheral artery disease (PAD) is a common condition that affects millions of people worldwide. It occurs when the arteries in the legs or arms become narrowed or blocked, reducing blood flow to the affected limbs. PAD can cause a variety of symptoms, including pain, numbness, and weakness in the legs or arms. In severe cases, PAD can lead to amputation. The increasing prevalence of PAD is a major driver of growth in the global peripheral vascular device market.As the population ages, the risk of developing PAD increases. Additionally, the increasing prevalence of obesity, diabetes, and smoking are also contributing to the rise in PAD cases. This is leading to a growing demand for peripheral vascular devices, such as stents, angioplasty balloons, and atherectomy devices, which are used to treat PAD.

Technological Advancements

Technological advancements are another major driver of growth in the global peripheral vascular device market. In recent years, there have been significant advances in the development of new and improved peripheral vascular devices. These advancements have led to the development of devices that are more effective, less invasive, and easier to use. For example, the development of drug-eluting stents has improved the long-term patency of stents and reduced the risk of restenosis.Additionally, the development of new imaging technologies has made it possible to more accurately diagnose and treat peripheral vascular disease. These technological advancements are expected to continue to drive growth in the global peripheral vascular device market in the coming years.

Rising Healthcare Expenditure

Rising healthcare expenditure is another factor that is driving growth in the global peripheral vascular device market. As healthcare costs continue to rise, governments and private insurers are looking for ways to reduce costs. Peripheral vascular devices can help to reduce healthcare costs by reducing the need for hospitalizations and surgeries. For example, stents can be used to treat peripheral artery disease without the need for open surgery.This can lead to significant savings in healthcare costs. Additionally, peripheral vascular devices can help to improve the quality of life for patients with peripheral vascular disease. This can lead to increased productivity and reduced absenteeism from work, which can also save money for employers.

Peripheral Vascular Device Market Segment Insights

Peripheral Vascular Device Market Device Type Insights

The Global Peripheral Vascular Device Market is segmented into Stents, Catheters, Endografts, Atherectomy Devices, and Stent-Grafts based on Device Type. Stents are expected to dominate the market with a share of over 35% in 2023, owing to their widespread usage in treating peripheral artery disease. The increasing prevalence of cardiovascular diseases is driving the demand for stents. Additionally, technological advancements, such as the development of drug-eluting stents, are further fueling the market growth. Catheters are another major segment, accounting for a significant share of the market.They are used for diagnostic and therapeutic procedures, such as angioplasty and atherectomy. The rising number of minimally invasive procedures is contributing to the growth of the catheter segment. Endografts are used to repair damaged blood vessels and are gaining popularity due to their ability to provide a less invasive alternative to open surgery. The increasing incidence of aortic aneurysms is expected to drive the growth of the endograft segment. Atherectomy devices are used to remove plaque from arteries and are expected to witness steady growth over the forecast period.The increasing emphasis on preventive care and the growing awareness of cardiovascular diseases are contributing to the growth of the atherectomy devices segment. Stent grafts are used to treat complex vascular conditions and offer advantages such as reduced invasiveness and shorter recovery times. The increasing prevalence of cardiovascular diseases, technological advancements, and the growing demand for minimally invasive procedures are the key factors driving the market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Peripheral Vascular Device Market Application Insights

The Global Peripheral Vascular Device Market is segmented into several applications, including Coronary Artery Disease, Peripheral Arterial Disease, Venous Thromboembolism, Renal Artery Disease, and Carotid Artery Disease. Coronary Artery Disease (CAD) is a condition in which the arteries that supply blood to the heart become narrowed or blocked. Peripheral Arterial Disease (PAD) is a condition in which the arteries that supply blood to the limbs become narrowed or blocked. Venous Thromboembolism (VTE) is a condition in which blood clots form in the veins.Renal Artery Disease (RAD) is a condition in which the arteries that supply blood to the kidneys become narrowed or blocked. Carotid Artery Disease (CAD) is a condition in which the arteries that supply blood to the brain become narrowed or blocked. The Global Peripheral Vascular Device Market for CAD is expected to reach USD 12.4 billion by 2024, growing at a CAGR of 4.5%. The market for PAD is expected to reach USD 6.5 billion by 2024, growing at a CAGR of 5.2%. The market for VTE is expected to reach USD 4.8 billion by 2024, growing at a CAGR of 6.1%.The market for RAD is expected to reach USD 2.7 billion by 2024, growing at a CAGR of 4.9%. The market for CAD is expected to reach USD 2.3 billion by 2024, growing at a CAGR of 4.7%. The growth of the Global Peripheral Vascular Device Market is being driven by the increasing prevalence of cardiovascular diseases, the growing demand for minimally invasive procedures, and the technological advancements in peripheral vascular devices.

Peripheral Vascular Device Market Material Insights

The Global Peripheral Vascular Device Market is segmented based on Material into Metallic, Biodegradable, Polymer-Based, Nitinol-Based, and Platinum-Based. Among these segments, the Metallic segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the high strength and durability of metallic materials, which make them suitable for use in demanding applications such as stents and grafts. Moreover, the increasing prevalence of peripheral artery disease and the rising number of minimally invasive procedures are expected to drive the growth of the Metallic segment in the coming years.The Biodegradable segment is expected to witness the fastest growth during the forecast period. The increasing demand for bioresorbable devices, which offer advantages such as reduced risk of infection and restenosis, is driving the growth of this segment. Additionally, ongoing advancements in biomaterial technology are expected to further contribute to the growth of the Biodegradable segment in the coming years. The Polymer-Based segment is expected to hold a significant market share during the forecast period. The versatility and low cost of polymer-based materials make them suitable for a wide range of applications in peripheral vascular devices.The increasing demand for polymer-based coatings and drug-eluting devices is expected to drive the growth of this segment in the coming years. The Nitinol-Based segment is expected to witness steady growth during the forecast period. The unique properties of Nitinol, such as its high strength, flexibility, and biocompatibility, make it a suitable material for use in peripheral vascular devices. The increasing demand for Nitinol-based stents and grafts is expected to drive the growth of this segment in the coming years. The Platinum-Based segment is expected to hold a niche market share during the forecast period.The high cost of platinum-based materials limits their widespread adoption in peripheral vascular devices. However, the excellent biocompatibility and corrosion resistance of platinum makes it a suitable material for use in high-performance devices such as pacemakers and implantable cardioverter-defibrillators (ICDs).

Peripheral Vascular Device Market Modality Insights

The Global Peripheral Vascular Device Market is segmented by Modality into Invasive, Minimally Invasive, and Non-Invasive. Among these, the Minimally Invasive segment held the largest market share of 42.3% in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of minimally invasive procedures, such as endovascular interventions, which offer less pain, reduced recovery time, and improved patient outcomes compared to traditional open surgeries. Furthermore, the rising prevalence of peripheral artery disease and the increasing number of minimally invasive procedures performed for the treatment of cardiovascular diseases are driving the growth of the Minimally Invasive segment.The Invasive segment is expected to witness a steady growth rate during the forecast period due to the continued use of open surgeries for complex cases and the availability of advanced surgical techniques. The Non-Invasive segment is also expected to experience significant growth owing to the increasing adoption of non-invasive imaging techniques, such as ultrasound and magnetic resonance imaging (MRI), for the diagnosis and monitoring of peripheral vascular diseases.

Peripheral Vascular Device Market Regional Insights

The Global Peripheral Vascular Device Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023 due to the increasing prevalence of peripheral artery disease and the presence of major market players. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness significant growth due to the rising geriatric population and the increasing adoption of minimally invasive procedures. South America and MEA are expected to have a relatively smaller market share but are expected to grow at a steady pace due to the growing awareness of peripheral vascular diseases and the increasing availability of advanced healthcare infrastructure.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Peripheral Vascular Device Market Key Players And Competitive Insights:

Major players in the Peripheral Vascular Device Market industry are continuously engaged in developing new products and technologies to cater to the evolving needs of patients and healthcare professionals. Leading Peripheral Vascular Device Market players are investing heavily in research and development to stay competitive in the market and gain market share. The Peripheral Vascular Device Market development is also being driven by the increasing prevalence of peripheral vascular diseases and the growing demand for minimally invasive procedures. The competitive landscape of the Peripheral Vascular Device Market industry is expected to remain highly competitive in the coming years, with major players focusing on innovation, expanding their product portfolios, and strengthening their distribution networks.Medtronic plc is a leading global medical technology company that offers a wide range of Peripheral Vascular Device Market products and solutions. The company's Peripheral Vascular Device Market business unit offers a comprehensive portfolio of products for the treatment of peripheral vascular diseases, including stents, grafts, balloons, and catheters. Medtronic plc has a strong global presence and a well-established distribution network, which enables it to reach a wide range of customers. The company is also committed to innovation and has a strong track record of developing new products and technologies.Boston Scientific Corporation is another major player in the Peripheral Vascular Device Market industry. The company offers a broad range of Peripheral Vascular Device Market products and solutions for the treatment of peripheral vascular diseases, including stents, grafts, balloons, and catheters. Boston Scientific Corporation has a strong global presence and a well-established distribution network, which enables it to reach a wide range of customers. The company is also committed to innovation and has a strong track record of developing new products and technologies.

Key Companies in the Peripheral Vascular Device Market Include

• Philips Healthcare


• LeMaitre


• Braun


• Siemens Healthcare


• BD


• Baxter International


• Abbott Vascular


• Cardinal Health


• Boston Scientific


• Stryker


• Johnson Johnson (Ethicon)


• Cook Medical


• Medtronic


• Terumo Medical Corporation


• AngioDynamics

Peripheral Vascular Device 

Industry Developments

The global Peripheral Vascular Device Market is projected to reach USD 32.7 billion by 2032, exhibiting a CAGR of 4.52% during the forecast period (2024-2032). Key factors driving market growth include the increasing prevalence of peripheral artery disease, growing demand for minimally invasive procedures, technological advancements, and rising healthcare expenditure in emerging economies.

Recent news developments in the market include

- In January 2023, Terumo Medical Corporation received FDA approval for its GORE VIABIL Vascular Graft for the treatment of peripheral artery disease.

- In February 2023, Medtronic plc announced the launch of its IN. PACT AV Access Drug-Coated Balloon System for the treatment of arteriovenous fistulas.

- In March 2023, Abbott Laboratories acquired Cardiovascular Systems, Inc., a leading provider of peripheral vascular devices, for $850 million.

These developments indicate a growing focus on innovation and the expansion of product offerings in the peripheral vascular device market.

Peripheral Vascular Device Market Segmentation Insights

Peripheral Vascular Device Market Device Type Outlook

• Stents


• Catheters


• Endografts


• Atherectomy Devices


• Stent-Grafts

Peripheral Vascular Device Market Application Outlook

• Coronary Artery Disease


• Peripheral Arterial Disease


• Venous Thromboembolism


• Renal Artery Disease


• Carotid Artery Disease

Peripheral Vascular Device Market Material Outlook

• Metallic


• Biodegradable


• Polymer-Based


• Nitinol-Based


• Platinum-Based

Peripheral Vascular Device Market Modality Outlook

• Invasive


• Minimally Invasive


• Non-Invasive

Peripheral Vascular Device Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa