LONDON--(BUSINESS WIRE)--The global peripheral vascular devices market is forecast to increase from $4.3 billion in 2010 to $5.3 billion by 2017, according to a new report available on companiesandmarkets.com.
Peripheral Vascular Devices - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017
The US contributed 45% towards the global peripheral vascular devices market in 2010. The US market was valued at $1.95 billion in 2010 and is forecast to grow at a CAGR of 3% to reach $2.35 billion in 2017. The stent grafts market valued at $691.2 million in 2010 will continue to be the largest segment growing at a CAGR of 4% to reach $916m by 2017.
The demand for stent grafts in the US is primarily driven by the increasing diagnosis and screening of PVD and the increasing acceptance of peripheral angioplasty procedures due to technical improvements and reduced costs. Furthermore, the market is expected to be driven by the increasing elderly population, in particular in developed markets such as the US, Japan, Germany, Italy and France, a factor which raises the incidence rate of Peripheral Artery Diseases (PAD) and aneurysms.
In 2010, Cordis Corporation, Boston Scientific Corporation, Abbott Laboratories and Medtronic, Inc., were the leading companies in the global peripheral vascular devices market, with market shares of 18%, 16% and 12% and 12% respectively. The lack of a clear market leader indicates intense competition in the peripheral vascular devices segment. The increasing complexity of design requirements for peripheral vasculature, broad specifications and differences in various types of PVDs all contribute to the fact that no single company dominates the global peripheral vascular devices market.
With the exception of Cordis Corporation, Boston Scientific Corporation and Abbott Laboratories announced an increase in the net sales of peripheral vascular devices for fiscal year ended 2010 compared to the previous fiscal year. In contrast, Cordis Corporation reported an overall decrease in net sales by 4.7%.