The global peripheral artery disease market is projected to grow at a CAGR of 6.8% from 2017 to 2023, driven by rise in chronic diseases in geriatric population, massive healthcare improvement, and the advent of advanced interventional products. The peripheral stents segment would continue dominating the market in the future. Asia-Pacific is expected to grow at the highest CAGR of 7.7% during the forecast period.

Portland, OR, March 27, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global Peripheral Artery Disease Market generated $3.1 billion in 2016 and is anticipated to garner $4.9 billion by 2023, growing at a CAGR of 6.8% during the forecast period, 2017-2023.

Growth Drivers and Industry Trends

The growth of the global peripheral artery disease market is driven by the rise in geriatric population which has further increased the prevalence of chronic diseases, significant improvement of healthcare infrastructure in developing economies, and the introduction of advanced interventional products. Additionally, an increase in awareness of peripheral artery diseases in developing countries would provide lucrative opportunities for emerging market players in the near future. However, strict approval process for stents and restenosis hamper market growth.

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Segmentation Analysis of the Industry

By type, the peripheral stents segment is expected to continue its dominance during the forecast period and occupy almost two-fifths of the global shares in 2023. This is attributed to technological innovations that have led to the development of bio-engineered stents, EPC capture stents, and dual therapy stents. Also, peripheral stents have the ability to prevent plaque build-up or vessel collapse, further driving market growth. Meanwhile, the plaque modification devices segment is expected to grow at the fastest CAGR of 7.6% from 2017 to 2023, on account of surge in incidences of plaque buildup in peripheral arteries and the fact that plaque removal before stenting prevents restenosis.

Regionally, North America generated two-fifths of the global market revenue in 2016 and is expected to maintain dominance through 2023. This is due to the growth in the number of patients who need to undergo an interventional peripheral procedure for their treatment. However, Asia-Pacific is expected to experience the fastest growth in the forecast period, registering a CAGR of 7.7%, due to rapid growth in geriatric population, increasing awareness, improving healthcare infrastructure.

Industry Key Players

The key players analyzed in the report include Abbott Laboratories, Boston Scientific Corporation, Cook Medical, Cardinal Health, Inc., C. R. Bard, Inc., Medtronic plc, Terumo Corporation, The Spectranetics Corporation, AngioDynamics, Inc., BIOTRONIK, and B. Braun Melsungen AG. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.

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