The increased desire for faster recovery and cost-effectiveness has necessitated the use of minimally invasive techniques in the treatment of numerous vascular and cancer problems, according to the National Institute of Health. As a result, healthcare professionals are increasingly adopting minimally invasive treatments, which is expected to fuel the market for peripheral intervention products. Interventional Radiology (IR), which uses radiological imaging guidance to precisely target the location, is a sensitive technology used in the peripheral intervention. Peripheral intervention surgeries are becoming increasingly popular with doctors and patients. Physicians have seen that patients who were previously terrified of full-scale open surgeries and hence preferred to avoid them are now choosing for these minimally invasive procedures. In comparison to traditional surgical techniques that sacrifice patient safety and aesthetics, this allows for small and precise incisions, resulting in smaller and less obvious scars. These techniques have reduced not just the risk of infection but also the time it takes to recover. Patients do not require general anaesthesia; local anaesthetic will do. Such treatments have shown to be particularly useful in situations where patient attentiveness is essential. Furthermore, a shorter hospital stay is thought to lessen the chance of patients developing hospital-acquired infections such as bloodstream infections and urinary tract infections. This element is also a primary driver of the peripheral intervention products' expansion. According to the American Society of Plastic Surgeons, the Peripheral Intervention for tumour removal climbed to 5.1 million procedures worldwide in 2020, up 4% from 2019. This indicates that the market is growing. Peripheral Intervention Market size is $7,927 million in 2020, growing at a CAGR of 6.7% during the forecast period 2021-2026.
Peripheral intervention procedures are a type of minimally invasive surgery used to remove plaques and other obstructions from the arteries, thereby addressing the underlying cause of peripheral arterial disease. Peripheral intervention procedures restore blood flow to the section of the arteries where a blood clot was preventing oxygenated blood from flowing. These treatments necessitate the use of a catheter (a thin microfibre composed of metal composites and polymers), which is put into an artery through a thin cut in the arm, leg, or shoulder. With the use of an x-ray angiography, etc., they are then directed to the site of blockage/lesion/damage. Diabetic patients with varicose blockages in their legs were the first to benefit from interventional procedures; the operation avoided the need for an amputation, which would have been the alternative.
North America holds a major share of the Peripheral Intervention Market. The key driver driving market expansion is the expanding geriatric population in the United States, as the prevalence of PAD rises with age. According to NCBI, it affects 3% of persons under the age of 60, but it rises to 15% to 20% of people over the age of 70. Moreover, owing to the availability of product approvals, North America is likely to hold a significant market position in the worldwide Peripheral Intervention market. For Instance, Cook Medical has launched the Approach Authority Workhorse Microwire for the US and Canadian markets in February 2021. The microwire is designed to provide support, torque, and lubricity for passage through various complex anatomies, as well as the delivery of stents, catheters, balloons, and other devices. These technological advancements are helping to propel the peripheral intervention market forward.
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Peripheral Intervention Market Drivers
Increased Prevalence of Peripheral Vascular Disorders as a Result of Rapid Expansion in the Geriatric Population:
One of the key causes driving demand for the Peripheral Intervention Market is the growing expansion of the elderly population, which is at a higher risk of acquiring Peripheral Vascular Disorder illnesses such as atherosclerosis and aneurysms. This is since, people become older, hereditary and lifestyle factors cause plaque to build up in the arteries. According to a 2018 analysis by Elsevier, Peripheral vascular disorders are estimated to affect more than 200 million people worldwide. According to the same source, the prevalence of these disorders increases with age, reaching more than 20% in patients over the age of 80. PAD is more common as people get older and are exposed to more atherosclerotic risk factors. PAD is frequently misdiagnosed and undertreated, according to a previous study. As a result, PAD continues to be a "silent" vascular disease in the population, putting tens of thousands of Canadians at risk of unnecessary strokes.
Market is Expanding Owing to the Growing Number of Hypertension Cases Globally:
The global population is experiencing an increase in numerous risk factors for PAD, such as diabetes, hypertension, and obesity, which is pushing the market for peripheral intervention devices. Hypertension increases the chance of developing vascular disorders, such as PAD. According to the American Heart Association, hypertension is expected to rise from 35.7% in 2020 to roughly 37.3% by 2030 in the United States. Meanwhile, by 2030, the adult obesity rate is expected to rise from 42.4 percent in 2020 to 51%. Obese people are 1.5 times more likely than normal-weight people to have PAD with critical limb ischemia. At the time of diagnosis, roughly 2-5% of hypertensives have intermittent claudication, with the incidence increasing with age. The prevalence of HTN did not differ considerably between persons living in cities and those living in rural areas. COVID-19 has had a tremendous impact on Canadians' lives, causing post-traumatic stress disorder (PTSD) and hypertension. As the population ages, the prevalence of high blood pressure increases in both men and women, driving the Peripheral Intervention Market growth.
In January 2021, Rennes University Hospital, one of France's premier medical institutions in the field of image-guided procedures and clinical research, has inked a 5-year technology and innovation cooperation with Philips. This enables them to conduct clinical studies and provide improved diagnostic and interventional monitoring support.
Major Players in this Market:
The major companies in the Peripheral Intervention Market include:
- Boston Scientific Corporation
- Abbott Laboratories
- Cordis (Cardinal Health, Inc.)
- Medtronic, Inc.
- Cook Medical
- Becton, Dickinson & Company
- Merit Medical
- Koninklijke Philips N.V.
- B. Braun Group
Over the years, companies have mainly focused on offering effective procedures such Peripheral Vascular Intervention, Renal Interventions, Interventional Oncology, Interventional Neurology, Hepatic Interventional, Urethral and Uterine interventions, Gastrointestinal interventions, and Skin Intervention Procedures as and that have high acceptance across the globe, thereby augmenting their respective positions in the market. Manufacturers in this market are involved in the production of more Peripheral Intervention devices which are used in respective surgeries. Rising number of new manufacturers producing these devices is set to increase in the degree of competition are the major factors set to buoy the Peripheral Intervention market during 2021-2026.
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