Market Research Future has released a new report on the Global Peripheral Artery Disease Market which reveals a notable CAGR of 6.5% during the forecast period of 2017 to 2023 with an estimated value of $ 3.47 billion by the end of 2023.
Global Peripheral Artery Disease Market – Key Players
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.
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Global 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.
Global Peripheral Artery Disease Market – Segmentation
Global Peripheral artery disease Market is segmented into types of devices which includes Stents, angioplasty balloon catheters, Drug-Eluting Balloons, Atherectomy devices and other. Stents is further sub segmented into balloon-expandable and self-expandable. Atherectomy devices are further sub segmented into rotational, orbital, laser and directional.
By drugs they are segmented as Lipid-lowering drugs, blood pressure lowering drug, glucose regulating drug, clot preventing drug and other. By types of diseases they are segmented as Blood Clotting Disorders, Lymphedema, Atherosclerosis and Other
Global Peripheral Artery Disease Market – Overview
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.
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.
Global Peripheral Artery Disease Market – Regional Analysis
On regional basis, Global Peripheral artery market is segmented as North America, Europe, Asia Pacific and Middle East and Africa. Due to a huge people suffering from major or minor peripheral disease problem helps to increase the market of North America. North America has the largest market for peripheral artery disease. Due to increasing obese and diabetic patients the demand for the drugs of the peripheral artery diseases increases. Huge population in Asia pacific region and the swift development in this region has attracted many of the manufactures to develop their market in this region. This region has the highest growth rate for this market.
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