Vascular Disease Devices Market Expected to Reach $51.8 Billion by 2030

According to a new report published by Allied Market Research, titled, “Vascular Disease Devices Market by Product, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global vascular disease devices market was valued at $26.5 billion in 2020, and is estimated to reach $51.8 billion by 2030, growing at a CAGR of 6.50% from 2021 to 2030. 

Vascular disease is any condition that affects natural blood circulation through blood vessels. It includes conditions such as peripheral artery disease (PAD), abdominal aortic aneurysm (AAA), carotid artery disease (CAD), arteriovenous malformation (AVM), critical limb-threatening ischemia (CLTI), pulmonary embolism (blood clots), deep vein thrombosis (DVT), chronic venous insufficiency (CVI), and varicose veins. High blood pressure, cholesterol deposition, cardiac injury, and infections are causative factors for vascular diseases. Diabetes, hypertension, obesity, alcohol consumption, and tobacco smoking are the risk factors for vascular diseases.

The vascular surgeries are done with specially designed devices such as stents, balloons, catheters, and filters. The vascular catheters are flexible, sterile plastic tubes inserted into a blood vessel to allow blood to be drawn from or medication to be delivered into a patient's bloodstream. A stent is a tiny, expandable metal mesh coil. It is put into the newly opened area of the artery to help keep the artery from narrowing or closing again. The balloons and stents are used for angioplasty. Angioplasty is a vascular surgery in which a balloon-tipped catheter is inserted in arteries to open a blocked blood vessel and improve blood flow.

The vena cava filters are special devices that are inserted into the main vein (vena cava) to prevent blood clots from moving from the vein in the legs to the lung, which would result in a life-threatening pulmonary embolism.

Factors that drive the growth of the vascular disease devices market include rise in the prevalence of vascular diseases, an increase in the geriatric population, and advancement in vascular disease treatment. For instance, according to World Population Ageing 2019, a publication by the United Nations Department of Economic and Social Affairs, there were 703 million people aged 65 years or over in the world in 2019. The surge of sedentary lifestyles and unhealthy food diets has contributed to the growth of the market. Sedentary lifestyle is responsible for the deposition of cholesterol in blood vessels.

Furthermore, rise in the number of diabetes and hypertension patients contributes toward the growth of the vascular disease devices market. Furthermore, increase in prevalence of hypertension has contributed to the growth of the market. Hypertension causes damage to the blood vessels as it adds force to the artery walls and over time, this can damage these blood vessels and lead to more plaque buildup. The narrowed artery limits or blocks the flow of blood to the heart muscle. For instance, according to World Health Organization (WHO) in 2021, an estimated 1.28 billion adults aged 30-79 years worldwide have hypertension. In addition, the increase in the geriatric population has boosted the growth of the market. Old age people are prone to vascular diseases as there is rupture of blood vessels. As per the population reference bureau report, “Aging in the United States,” dated July 15, 2019, the number of Americans aged 65 and older is projected to increase by more than double from 52 million in 2018 to over 95 million by 2060, and is expected to rise to around 23% from 16%.

The vascular disease devices market is segmented into product, end-user, and region. On the basis of product, the market is divided into stents, balloons, catheters, plaque modification devices, hemodynamic flow alteration devices, and others. The stents are further divided into coronary stents, peripheral stents, and stents-related products. The coronary stents are divided into drug-eluting stents, bare-metal coronary stents, and bioabsorbable stents. The peripheral stents are further classified as iliac, femoral-popliteal, renal, and carotid. The stent-related products are classified as synthetic grafts and vena cava filters. The balloons are further classified into bare/normal balloons, drug-coated balloons, and scoring balloons. The catheters are classified as angiography, IVUS/OCT, and guiding. The stents segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to an increase in coronary disorders and the high reliability of the product.

By end user, the market is categorized as hospitals & cardiac and ambulatory surgery centers. The hospitals & cardiac clinics segment dominated the market in 2020, and this trend is expected to continue during the forecast period, due to rise in the number of hospitals and the high prevalence of chronic diseases.

North America accounted for a majority of the global vascular disease devices market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in the prevalence of cardiovascular diseases, presence of key players for R&D in vascular disease devices, and increase in number of hospitals & surgery centers in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to an increase in healthcare facilities, high population, and government initiatives to provide healthcare services.

Key Findings Of The Study

• On the basis of product, the stents segment was the highest contributor to the market in 2020.
• By end user, hospitals & cardiac clinics segment dominated the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-pacific is anticipated to grow at the highest CAGR during the forecast period.