LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global peripheral vascular stents market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global peripheral vascular stents market for 2017-2021. The report also lists self-expanding, balloon-expanding, and drug-eluting peripheral vascular stents as the three major product segments, of which the self-expanding segment accounted for 59% of the market share in 2016.
According to Barath Palada, a lead analyst at Technavio for cardiovascular devices research, “The global peripheral vascular stents market is expected to witness lucrative growth during the forecast period, owing to the prevalence of peripheral artery disease, growing geriatric population, and technological advances. New product launches and approvals across the three main regions will have a positive impact on market growth.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global peripheral vascular stents market:
- Ubiquity of PAD
- Growing popularity for MI procedures
- Growing demand for self-expanding stents
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Ubiquity of PAD
Approximately one-fourth of the world's population has peripheral artery disease (PAD), and the number is increasing in developing economies. The growing prevalence of PAD is the primary factor involved in the higher sales of peripheral vascular stents. The primary reason behind the widespread of this disease is less awareness among the population, especially in growing economies of APAC. The other factors indirectly contributing toward the prevalence are smoking, high blood pressure, atherosclerosis, diabetes, high cholesterol, and increasing older population.
Growing popularity for MI procedures
The treatment of PAD is primarily followed by an MI procedure, which involves the use of peripheral stents to clear the blocked arteries. Peripheral angioplasty has gained significant popularity in last decade. Peripheral angioplasty is the most common MI procedure opted by most of the PAD affected population.
“The peripheral diseases are further interlinked with other chronic conditions such as diabetes. MI procedures can also be used to treat people who are under critical condition and cannot be operated through conventional open surgeries. These procedures are becoming standard techniques in general surgery due to the use of advanced technologies and the availability of innovative coated stents in the market,” says Barath.
Growing demand for self-expanding stents
The recent changes in the MI procedures led to the development of self-expanding drug-eluting stents. The advances in revascularization strategy for PAD have triggered the race for technology. In 2012, the FDA approved the first drug-eluting self-expanding stent, Zilver PTX, which was introduced by Cook. Thus, the development chain of self-expandable technology, coupled with the advances in vascular surgeries involving the placement of advanced peripheral vascular stents is expected to contribute toward the market growth. Similarly, in 2014, the FDA approved EverFlex self-expanding stent by Covidien. It was specially designed to counter difficult anatomies such as superficial femoral artery (SFA) and proximal popliteal artery (PPA) and was available in different sizes. It offers good wall apposition through its three-wave peak design.
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