Market Research Future published a Half-Cooked research report on “Peripheral Artery Disease Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The peripheral artery disease market is growing mainly due to rising prevalence of arterial diseases. According to a recent study report published by the Market Research Future, the peripheral artery disease market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Peripheral artery disease, also known as peripheral vascular diseases or peripheral Occlusive diseases, is a narrowing of the peripheral arteries due to deposition of plaque or cholesterol on the walls of artery. The most common symptoms of the disease includes painful cramping in hip, thigh or calf muscles, coldness in lower leg or foot, Hair loss or slower hair growth, no pulse or a weak pulse in legs or feet, sores on toes, feet or legs, and erectile dysfunction in men. Peripheral artery disease is mostly caused by atherosclerosis in the peripheral arteries. In atherosclerosis, plaque becomes brittle, and triggers clot formation which further narrow the artery, or completely block it.
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Key Players for Global Peripheral artery disease Market
Johnson & Johnson (U.S), Medtronic (Ireland), Sanofi S.A. (France), Abbott Laboratories (U.S), AstraZeneca Plc. (UK), Boston Scientific Corporation (U.S), Angioscore, Inc. (U.S), Bristol-Myers Squibb Company (US), Betagenon AB (Sweden), Proteon Therapeutics, Inc. (US), Merck & Co., Inc. (US), Bayer HealthCare Pharmaceuticals (Germany), Symic Bio, Inc. (US), CardioVascular BioTherapeutics, Inc. (US), nGes MG, Inc. (Japan), TheraVasc Inc. (US) and many more.
Notably, rising research and development expenditure is the primary driver for peripheral artery disease market. In the year of 2016, the R&D expenditure in the Pharmaceutical Industry was EUR 35000 million, suggested by European Federation of Pharmaceutical Industries and Association. According to the Centres for Disease Control and Prevention, the per capita national health expenditures in 2015 was amounted to be USD 9,990 and total national health expenditure was USD 3.2 trillion. It is also reported that out of total national health expenditures in the US, prescription drugs 10.1% share.
Other push factors such as, rising prevalence of arterial diseases, and related complications, increasing awareness among the people, changing reimbursement policies, and growing geriatric population are also fuelling the growth of the market. As per the Pacific Bridge Medical, the government of China partially reimburses the cost of many drugs, provided the drug is in the list of China’s National Reimbursement Drug List (NRDL) which was first published in 2000. According to the Indian Brand Equity Foundation (IBEF), in 2016 the generics market of India stood at USD 26.1 billion.
Despite these drivers, presence of misbranded and spurious drugs, risk of infections, and side effects associated with treatment options are expected to hinder the growth of the market.
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Peripheral Artery Disease Market – Competitive Analysis
The peripheral artery disease market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced drugs to control this condition. The global peripheral artery disease market is currently dominated by numerous players.
Abbott is one of them by holding a strong share in the market. The company is a global leader that develops and manufactures pharmaceuticals and medical products. In 2017, the company entered into an agreement with Roxwood Medical for U.S. product distribution, and completed the acquisition of St. Jude Medical. In the year 2014, Abbott acquired Topera, Inc., a private, venture-backed medical device company to expand the catheter business. The significant strategies adopted by company is to merge with other market players to expand their portfolio in different business sectors, and to receive product clearance approval from government bodies.
Medtronic is another renowned market player in peripheral artery disease market. Medtronic is one of the world’s largest standalone medical equipment development company. The company offers a distinct portfolio of products such as Euphora Semicompliant Balloon Dilatation Catheter, NC Euphora Noncompliant Balloon Dilatation Catheter, NC Sprinter RX/ OTW Noncompliant Balloon Dilatation Catheter, and others.
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