Peripheral artery disease (PAD) is the narrowing and/or blockage of arteries, which restricts the blood flow. This medical condition is also known as peripheral vascular disease (PVD). It occurs due to accumulation of fatty or calcified material in an artery wall. The most common symptoms of PAD are pain in the lower extremities, discomfort in muscles of the calves and/or thighs, burning sensation and buttock pain. Moreover, the accumulation of plaque may remarkably reduce the blood flow through the arteries with the disease progression. Thus, peripheral vascular stents are used to treat these medical conditions.
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Rise in prevalence of PAD coupled with increasing geriatric population is the prime factor driving the market growth. This is a very common condition that affects millions of people across the globe. As per the American Heart Association (AHA) estimates 8 million Americans (aged >40 years) are suffering from PAD. In addition to this, the rapidly aging population is contributing to the market growth as this group is more prone to PAD. The global population is aging rapidly. Almost every country is experiencing growth in the number and proportion of older people in their population. As per United Nations Department of Economic and Social Affairs, the number of older people is projected to reach 2 billion in 2050 from 841 million people in 2013. Thus, the rapidly aging population will accelerate the demand for peripheral vascular stents in near future. Such high target population will bring in ample growth opportunities for the key players to develop technologically advanced products. However, there are many people who go undiagnosed due to low awareness about the disease, which hinders the market growth.
Innovation is set to derive the demand for peripheral vascular stents globally. Therefore, key players are highly focused on developing innovative peripheral vascular stents to meet the unmet medical needs. For instance, in February 2016, Boston Scientific obtained CE Mark for its Eluvia Drug-Eluting Vascular Stent System, which can restore blood flow in the peripheral arteries. This system provides a unique drug-polymer combination to provide continued release of the drug for preventing narrowing of the vessel. Likewise, in June 2015, Terumo Interventional Systems launched its MISAGO RX Self-expanding Peripheral Stent to treat patients with peripheral artery disease in the proximal popliteal and superficial femoral artery. Such product developments helped these companies to strengthen their product portfolio to sustain their position in the market.
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Major players operating in this market are Terumo Medical Corporation, Boston Scientific, Cardinal Health, Abbott Laboratories, Braun Melsungen, Biotronik, Cook Medical, C.R. Bard, Intact Vascular, W.L. Gore & Associates, and Medtronic.
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