The global peripheral intervention market is expected to register significant growth over the forecast period. Rising demand for minimally invasive and non-invasive surgical procedures such as removing plaques coupled with continuous advancement in technology is anticipated to drive the market growth. Increasing demand for the early detection of peripheral artery diseases and coronary diseases along with chronic diseases such as diabetes and obesity is expected to trigger the growth of this market in the coming seven years. Furthermore, short recovery time, less loss of blood, a shorter span of hospital stay, and low risk of infection are the other drivers of the market. Huge investment in research and development along with favorable government policies has led to the introduction of various novel drugs and devices which is further triggering the growth over the forecast period.
The global peripheral interventional market is segmented on the basis of angioplasty procedures, angioplasty stents, angioplasty balloons, IVC filters market, EVAR stent grafts market, accessory devices, catheters, plaque modification device market, and hemodynamic flow alteration devices market. On the basis of angioplasty stents, the market is bifurcated into by type and by platform. By type, the market is classified into drug-eluting stents, bare-metal stents, and bioabsorbable stents, whereas on the basis of delivery platform, the market is sub-segmented into balloon-expandable and self-expendable stents. Catheters held a lucrative share in 2014, on account of their extensive use during the procedures. On the basis of procedure, the market is segmented into vascular, oncology procedures, neurology, hepatic (liver), uteral, renal, gastric, and skin procedures. The oncology procedures market is expected to grow lucratively during the forecast period on account of the rising incidences of cancer globally.
Regionally, the market is divided into North America, Latin America, Asia Pacific, Europe, and MEA. In 2013, North America dominated the market as a result of technological advancement, high medical reimbursement facilities, and a rising level of awareness among the people of this region. With an increasing incidence of coronary artery diseases and rising prevalence of peripheral vascular diseases, this region is expected to continue its dominance over the forecast period. Asia Pacific region is anticipated to witness the highest growth by 2022 owing to a rapidly growing economy coupled with increasing healthcare infrastructure. Increasing personal disposable income coupled with the strong government support in healthcare sectors and rising awareness of peripheral disorders diagnostics are likely to propel the peripheral interventional market in this region.
The key market players of the global peripheral intervention market are Abbott Vascular, Angioscore Ltd., Cordis Corp., Boston Scientific, C.R. Bard Inc., Cook Medical, Medtronic Inc., Volcano Corporation, Terumo Interventional Systems Inc., Teleflex Medical, W.L.Gore & Associates Ltd., St. Jude Medical, W.L.Gore & Associates Ltd., Bayer, Edward Lifesciences, and Covidien. The market is highly consolidated and competitive as the consequence of the presence of a huge number of market players.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.