The introduction of new interventional treatment options such as atherectomy drives the market growth. Atherectomy is beneficial in removing the build-up of plaque in arteries with the help of stent or catheter. Thus, with the increase in prevalence of calcified and hard lesions the market for atherectomy is expected to grow.
The major market players are analyzed in the Peripheral Artery Disease Market report including Abbott Laboratories, Cook Medical, C. R. Bard, Inc., Terumo Corporation, AngioDynamics, Inc., B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Inc., Medtronic plc, The Spectranetics Corporation, and BIOTRONIK.
According to the report, the global peripheral artery disease market was pegged at $3.14 billion in 2016 and is expected to garner $4.98 billion by 2023, registering a CAGR of 6.8% during the period from 2017 to 2023.
Rise in prevalence of chronic diseases, advent of advanced interventional products, improved insurance and reimbursement, and improvement of healthcare infrastructure in developing countries have boosted the growth of the global peripheral artery disease market. However, stringent approval process for stents hampers market growth. On the contrary, untapped markets in developing countries are expected to create lucrative opportunities in the near future.
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The market is divided on the basis of type and geography. Based on the type, the market is bifurcated into peripheral angioplasty balloons, peripheral stents, peripheral catheters, inferior vena cava (IVC) filters, plaque modification devices, hemodynamic flow alteration devices, and peripheral accessories. The peripheral stents segment held the largest share in the market as it reduced the risks associated with the build-up of plaque in the arteries. However, the plaque modification devices segment is projected to register the fastest CAGR of 7.6% through 2023.
Based on geography, the market is divided into North America, Asia-Pacific, Europe, and LAMEA. the Asia-Pacific region is estimated to portray the fastest growth with a CAGR of 7.9% during the study period, owing to the rise in a number of patients suffering from obesity, diabetes, and high blood pressure.
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