Peripheral Artery Disease Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: November 21, 2022
Historical Years – 2023 | Base Year – 2023 | Forecasted Years – 2024-2032
|
Report Attribute |
Details |
|
Market size value in 2023 |
US$ 2.49 billion |
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Revenue forecast in 2032 |
US$ 6.62 billion |
|
Growth Rate |
CAGR of 11.76% from 2024 to 2032 |
|
Base year for estimation |
2023 |
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Forecast period |
2024-2032 |
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Segments covered |
Therapeutics class and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global peripheral artery disease therapeutics market was valued at US$ 2.49 billion in 2023 and is expected to register a revenue CAGR of 11.76% to reach US$ 6.62 billion by 2032.
Peripheral Artery Disease Therapeutics Market Fundamentals
In peripheral artery disease, also known as peripheral arterial disease, blood flow to the arms or legs is decreased due to clogged or restricted arteries. The legs or arms — typically, the legs do not get adequate blood flow to meet demand in peripheral artery disease (PAD). Symptoms such as claudication, as well as others, may result from this. Typically, peripheral artery disease indicates an accumulation of fatty deposits in the arteries (atherosclerosis). Vascular narrowing brought on by atherosclerosis can lessen blood flow to the arms and legs. Treatment for peripheral artery disease involves physical activity, a good diet, and abstinence from nicotine and smoking. Additionally, numerous patients with peripheral artery disease exhibit minimal or no symptoms. Muscle aches or cramps in the arms or legs that start during exertion and stop with rest are indications of claudication. The leg is where the pain is most frequently felt. From little to severe pain is experienced.
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Peripheral Artery Disease Therapeutics Market Dynamics
The use of interventional devices such as drug-eluting agents, atherectomy devices, and others has expanded due to the changing healthcare infrastructure, fueling market expansion. With the aid of a catheter, plaque can be removed from arteries during atherectomy, which is becoming popular for treating peripheral arterial disorders (PADs). Additionally, the demand for minimally invasive or non-invasive endovascular procedures has grown recently due to quicker recovery times and lower risk of problems following surgery. This will help the market even more. In addition, the population's unhealthy lifestyle and increased use of alcohol, cigarettes, and smoking will increase the number of cardiac arrests, blood clots, and other heart disorders in the years to come, increasing the need for PAD therapy. Furthermore, the prevalence of peripheral artery disorders is projected to increase in the future due to the rise in the global geriatric population. While the number of individuals aged 60 and older is expected to quadruple by 2050, people aged 80 or older are expected to triple between 2020 and 2050, according to WHO research published in October 2021. aging and the development of diseases like diabetes, high blood pressure, and heart issues, among others, are associated.
However, some medications used in PAD therapeutics, such as antiplatelet agents and vasodilators, may have side effects that affect patient compliance. Adverse reactions can lead to treatment discontinuation, reducing the effectiveness of therapeutic interventions. Additionally, the high cost of interventional procedures, adverse effects of medications, and challenges in early diagnosis are some of the restraints impeding the overall market growth.
Peripheral Artery Disease Therapeutics Market Ecosystem
The global peripheral artery disease therapeutics market is analyzed from the following perspectives: Therapeutics class and Region.
Peripheral Artery Disease Therapeutics Market by Therapeutics Class
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Based on the therapeutics class, the global peripheral artery disease therapeutics market is segmented into antithrombotic drugs (antiplatelet and anticoagulant drugs), antihypertensive drugs, lipid-lowering drugs, and others.
The antithrombotic drugs (antiplatelet and anticoagulant drugs) segment dominated the market with the principal revenue share in 2023. These drugs are designed to prevent the formation of blood clots or thrombi, which is particularly important in PAD, where impaired blood flow can lead to an increased risk of clot formation. The risk of heart attack and stroke may be decreased by using an antiplatelet drug like aspirin or clopidogrel. Patients can use these medications to treat illnesses like diabetes, high cholesterol, and high blood pressure (statin meds and antihypertensive medications). By treating the PAD risk factors, these medications also lower your risk of heart attack and stroke.
Peripheral Artery Disease Therapeutics Market by Region
Geographically, the global peripheral artery disease therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global peripheral artery disease therapeutics market with the largest revenue share in 2023, which is attributed to the growing need for surgical automation, established competitors in the industry, technologically improved healthcare IT, and increased funding to upgrade OR infrastructure. Innovative medication molecules will also aid the region's peripheral arterial disease (PAD) market growth to improve the treatment process throughout the projected year. North America, particularly the United States and Canada, is a significant market for PAD therapeutics. The high prevalence of risk factors such as diabetes, obesity, and an aging population contributes to the growth of the PAD market in the region. For instance, according to the Centre for Disease Control and Prevention article of November 2023, in the U.S., there are almost 38.4 million individuals suffering from diabetes. The market is expected to benefit from an increasing awareness of PAD, leading to early diagnosis and intervention. The region is home to several major pharmaceutical and medical device companies involved in developing and marketing PAD therapeutics. These companies often contribute to innovations in drug development, interventional procedures, and medical devices.
Due to an increase in the patient pool, Asia-Pacific is predicted to have significant growth in the peripheral arterial disease (PAD) market. The peripheral arterial disease (PAD) market is expected to increase in the region over the next several years due to the expanding investment in the healthcare industry. Global pharmaceutical and medical device companies are increasingly looking toward the Asia-Pacific market for expansion. Collaborations and partnerships between multinational corporations and local healthcare entities contribute to advancements in PAD therapeutics. Some countries in the Asia-Pacific region are investing in developing their healthcare infrastructure, including specialized facilities for cardiovascular care. Improved infrastructure enhances the ability to diagnose and treat PAD effectively.
Peripheral Artery Disease Therapeutics Market Competitive Landscape
The prominent players operating in the global peripheral artery disease therapeutics market are:
Peripheral Artery Disease Therapeutics Market Strategic Developments
The global peripheral artery disease therapeutics market was valued at US$ 2.49 billion in 2023.
The estimated market size of the global peripheral artery disease therapeutics market in 2032 is US$ 6.62 billion.
The revenue CAGR of the peripheral artery disease therapeutics market during the forecast period will be 11.76% from 2024 to 2032.
Some key companies operating in the global peripheral artery disease therapeutics market are Bristol-Myers Squibb, Bayer AG, AstraZeneca, DAIICHI Sankyo Company, Limited, Merck & Co Inc., Novo Nordisk A/S.
The North America region in the global peripheral artery disease therapeutics market.
*Insights on financial performance are subject to the availability of information in the public domain
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