Peripheral Artery Disease Market Size to Reach USD 23,624.01 Million by 2025 Registering a Positive CAGR of 3.1%, Predicts Market Research Future (MRFR)
Well-known Players in the Global Peripheral Artery Disease Market are Koninklijke Philips NV (Netherlands), Braun Melsungen AG (Germany), Cook (US), Medtronic (Ireland), Bayer AG (Germany), Boston Scientific Corporation (US), Becton, Dickinson, and Company (BD) (US), Terumo Medical Corporation (Japan ), Biotronik (Germany), Cardinal Health (US).
Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Peripheral Artery Disease Market Overview:
Market Research Future (MRFR) evaluates that the Global Peripheral Artery Disease Market is anticipated to acquire a market value of USD 23,624.01 Million, while expanding at a CAGR of 4.84% during the forecast period, Peripheral Artery Diseases (PAD) are the diseases of the blood vessels located outside the brain and heart.
The growing cases of peripheral artery diseases and the rapid rise in the geriatric population are anticipated to expand the global peripheral artery diseases market during the forecast period. The introduction of advanced interventional products such as; drug-coated balloons areexpected to augment the market growth in the analysis timeframe. Furthermore, increasing cases of diabetes are also predicted to grow the industry in the forecast tenure. On the other hand, the increasing instances of product recalls are anticipated to hamper the market growth in the coming time. However, the growing insurance coverage is predicted to offer significant opportunities of market expansion in the forecast timeframe. In addition, emerging countries such as; India, China, and Brazil are expected to experience high growth in the coming time due to the presence of lenient rules and low competition. The rapid expansion of the private healthcare sector to accommodate the needs of the increasing middle-class population is another salient cause that can augment the market size in the analysis timeframe.
The outbreak of COVID-19 has brought a negative impact on the PAD market due to the reduced number of patient visits to hospitals. As a result, the number of diagnostic tests has also reduced, which has brought a negative impact on the market. Furthermore, the temporary shutdown of the manufacturing units due to lockdowns across the globe has impacted the production and supply chain of the devices that impacted the growth of the overall peripheral arteries diseases market.
The segmental analysis of the global peripheral arteries diseases market is done by treatment type and the end-user. In the treatment type segment of the global peripheral artery diseases market, the device segment is predicted to acquire the maximum market share during the forecast period. In the end-user segment of the global peripheral artery diseases market, the hospitals and clinics segment is anticipated to procure the maximum market share in the assessment tenure. The expansion of the segment can be attributed to the patients’ preference to go to hospitals for better care.
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Key Players Locking Horns:
Some of the renowned players profiled in MRFR report are:
- B. Braun Melsungen AG (Germany)
- Koninklijke Philips NV (Netherlands)
- Cook (US)
- Bayer AG (Germany)
- Medtronic (Ireland)
- Boston Scientific Corporation (US)
- Terumo Medical Corporation (Japan )
- Becton, Dickinson, and Company (BD) (US)
- Biotronik (Germany)
- Cardinal Health (US)
Increasing Agreements among Key Players of the Region to Boost North American Market
The regional analysis conducted by MRFR, the Americas is anticipated to procure the largest market share in during the forecast period owing to the increasing rate of diabetes and increasing healthcare expenditure among the rising geriatric population. The market is likely to grow notably in the region due to the rising attempts of players to expand their consumer base. In a recent example, Boston Scientific, a US-based key player, announced that it had entered into an agreement to acquire Preventive Solutions. Furthermore, the rising cases of collective cases of obesity is another salient cause that can augment the size of the regional market.
On the other hand, APAC is predicted to be the fastest-growing market during the forecast period owing to the rising per capita income of the expanding geriatric population. The presence of developing countries such as India, China, and Japan are likely to witness significant growth due to the rising number of startups in the region. Shukun Technology, a startup founded in China, is anticipated to grow the regional market in the coming time. Further, Tricog Health Services, an Indian startup, is another example of new players entering the market that can augment the industrial growth during the forecast period. Other new players such as; Cardiotrack, Cardiac Design Labs, and Little Moppet Heart Foundation, among others, are projected to drive the market in APAC. Europe is anticipated to procure notable market share during the forecast period due to the increasing consumption of cigarettesalong with the rising number geriatric population. Countries such as; the UK are anticipated to grow the regional market during the forecast period. Besides, the increasing number of startups being launched in the country can bolster the industry in the coming period. For example, Babylon Health, Hinge Health, Oxford Nanopore Technologies, Immunocore, among others, can develop the market in the assessment time. MEA is anticipated to expand at a steady pace during the forecast period. The region is likely to grow steadily due to the presence of underdeveloped economies. The Arab countries can play a salient role in driving the regional market.
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Increasing FDA Approvals to Expand Market Reach Significantly
The increasing mergers and acquisition incidents among key players across the globe is expected to enhance the competition in the industry. In addition to this, the rising FDA approvals are expected to give an upper hand to the players in the market. In the recent update, Medtronic, an Ireland-based player, announced that it had received the FDA approval of the DiamondTemp Ablation (DTA) system, which treats patients with recurrent, symptomatic paroxysmal atrial fibrillation and who have been immune to the drug therapy. In addition, the rising partnerships and agreements can further propel the competition in the industry.
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For instance, in November 2020, Cardinal Health, a US-based key player, announced a deal with the Centers for Disease Control and Prevention to act as a network administrator in Phase 2 of the Federal Pharmacy Partnership Strategy to COVID-19. The initiative is anticipated to expand the consumer base and fuel the competition in the industry. In another recent news, Bayer AG, Germany-based players, announced a partnership with CureVac NV to help bring the German biotech company’s coronavirus vaccine to market in a deal that could expand their consumer base. The initiative is likely to augment the market competition among key players during the assessment tenure.
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