The Global Vascular Disease Devices Market Anticipated to Generate a Revenue of $22,610.3 Million, Growing at a CAGR of 6.9% from 2021 to 2028Download Sample Reports Overview
The global vascular disease devices market is estimated to be valued at $22,610.3 million by 2028, surging from $13,308.2 million in 2020, at a noteworthy CAGR of 6.9%.
Impact Analysis of COVID-19 on the Vascular Disease Devices Market
The global market for vascular disease devices is estimated to experience a low growth amid the COVID-19 pandemic. The low growth is the result of decreased manufacturing capacity of vascular disease devices. Also, vascular surgeries are postponed in many countries unless they are emergency cases. All such factors are expected to decrease the demand for vascular disease devices market. Furthermore, companies across the globe are facing some revenue losses and decrease in sells. For instance, Cardinal Health, American based medical services company, reveals that due to COVID-19 they experienced low growth in fiscal year 2021 owing to high cost supply chains. All such factors are predicted to negatively impact the global vascular disease devices market amid the pandemic.
Global Vascular Disease Devices Market Analysis
The enormous growth of the global vascular disease devices market is mainly attributed to increasing population with peripheral artery diseases. Peripheral artery diseases is a disease in which circulatory system of the body is affected by blockage in blood vessel. Moreover, lifestyle changes, smoking, lack of nutrition, high diabetes, and cholesterol are some of the factors that drive the global market. Furthermore, companies are focusing on innovative product launch and key strategies to attract the customers. For instance, in September 2020, Abbott Laboratories medical device company, announced that they have started the clinical trials with LIFE-BTK clinical trial for their Esprit BTK Everolimus Eluting Resorbable Scaffold System; this system will help people battling different stages of (PAD) peripheral artery disease. These types of innovations are creating awareness among people to use such products and thus fueling the market growth.
However, vascular disease devices market needs high research and development. Moreover, lack of awareness about the use of vascular disease devices are some of the key issues that may create a negative impact on the market during the forecast period.
The increasing number of catheterization laboratories along with increasing healthcare professionals across the emerging markets will drive the global vascular disease devices market. Furthermore, the companies involved in the global vascular disease devices are following effective strategies and launching innovative products to grow in the market. For instance, Becton, Dickinson and Company, US based medical device company, in June 2020, announced that they have acquired Straub Medical AG, a private company that is developing medical devices for the people with peripheral arterial disease (PAD). Such types of acquisitions and aspects may further lead to lucrative market opportunities in the market in the upcoming years.
Global Vascular Disease Devices Market, Segmentation
The global vascular disease devices market is segmented based on product, end-user, and region.
The product segment is further classified into stents, balloons, catheters, hemodynamic flow alteration devices, plaque modification devices, and inferior vena cava filters. Among these, the stents type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $6,715.3 million by 2028, with an increase from $3,693.0 million in 2020.
The market growth can be attributed to popularity of stents among all the other type of devices owing to their advantages such as they promote good blood flow to the heart and relieve chest pain along with preventing in plaque buildup.
The end-user segment is further divided into hospitals & cardiac centers and ambulatory surgical center. The hospitals & cardiac centers sub-segment is anticipated to have a dominating share as well as be the fastest growing sub-segment in the global market and register a revenue of $14,244.5 million during the analysis timeframe.
This growth is projected to increased people’s preference towards the hospitals & cardiac centers for their surgeries since in hospitals surgeons are highly professional and experienced. This aspect may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The vascular disease devices market in the North America region is projected to garner dominating share. This market generated a revenue of $5,150.3 million in 2020 and is further projected to reach up to $8,727.6 million by 2028.
The demand for vascular disease devices is surging in the North America region specifically because of factors such as increasing population with vascular disease along with higher cardiac diseases population in the region. Moreover, the presence of leading providers in the region such as Medtronic and Abbott Laboratories is one of the factors anticipated to boost the market in the North America region.
Key Players in the Global Vascular Disease Devices Market
Some of the leading global vascular disease devices market players are
- Abbott Laboratories
- Dickinson and Company
- B. Braun Melsungen Ag
- Boston Scientific Corporation
- Terumo Corporation
- Merit Medical
- Venus Medtech
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Vascular Disease Devices Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number and are globalized. So, there is low threat from the suppliers.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of vascular disease devices with different technologies that are offered in low prices. The buyers can hence choose the vascular disease devices that best fit their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative vascular disease devices to the customers. However, companies that are in the vascular disease devices are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: Threat of substitutes is low because of availability of highly technical vascular disease devices in the world.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global vascular disease devices are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.