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The global peripheral vascular diagnostic systems market size is estimated to grow by USD 178.07 million at a CAGR of 7.16% between 2023 and 2028.
As portable and handheld devices become increasingly popular, the market for peripheral vascular diagnostics systems is experiencing a growing demand. The handheld Doppler ultrasound machine is one of the main instruments used for portable peripheral vascular diagnostic systems. This device utilizes sound waves to assess blood flow in the peripheral arteries and veins. Another major device used in portable peripheral vascular diagnostic systems is the handheld laser Doppler device. This device uses laser technology to measure blood flow and microcirculation in the peripheral tissues. Thus, these factors are expected to increase the demand for peripheral vascular diagnostic systems, which will propel the growth of the market during the forecast period.
Technavio has segmented the market into End-user, Product, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 - 2022, besides analyzing the current market scenario.
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The market share growth by the hospitals and clinics segment will be significant during the forecast period. Patients seeking evaluation, diagnosis, and treatment of various medical conditions, including peripheral vascular disease, are treated in hospitals and clinics. In hospitals, peripheral vascular diagnostic systems are utilized in various departments, including cardiology, radiology, vascular surgery, and interventional radiology.
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The hospitals and clinics segment was valued at USD 163.82 million in 2018. The hospital and clinic segment is witnessing a growing demand for portable and handheld peripheral vascular diagnostic systems. These devices deliver comfort and flexibility for healthcare professionals, permitting them to perform diagnostic tests at the point of care, including bedside and in remote locations. One of the major portable peripheral vascular diagnostic systems used in the hospital and clinic segment is the handheld Doppler ultrasound device. Thus, the factors are expected to propel the growth of the hospital and clinics segment in the market during the forecast period.
Peripheral vascular diagnostic systems are mainly utilized for the diagnosis of PVD or PAD for further analysis and treatment. Peripheral vascular diagnostic techniques assist in the identification and assessment of risk factors for cardiovascular diseases and PAD. Furthermore, the growth of the global peripheral vascular diagnostic systems market is attributed to the increasing prevalence of patent ductus arteriosus (PDAs), growing adoption of non-invasive procedures, availability of easy-to-handle diagnostic devices, and the increasing number of product developments by players. Most prominent vendors develop technologically advanced devices for diagnostic purposes. Therefore, these factors will drive the growth of the systems segment in the global peripheral vascular diagnostic systems market during the forecast period.
The peripheral vascular diagnostic accessories segment contains cuffs, probes, positioning aids, and cuff selectors. These accessories are employed while conducting diagnostic procedures for PVDs or PADs. Furthermore, market players are focusing on developing various probes for screening. This helps in minimizing the time required for peripheral diagnosis. It also helps in enhancing the localization and visualization of the PVDs in case further intervention is required. Thus, such factors will drive the growth of the accessories segment in the global peripheral vascular diagnostic systems market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The high technology adoption in the healthcare sector, rising healthcare expenditure, increasing prevalence of diabetes, boosting geriatric population, and increasing awareness about the diagnosis of PADs are the key factors for the market growth in the North American region.
Furthermore, diabetes is one of the major chronic diseases that is increasingly affecting the population in North America. In addition, the increasing presence of vendors developing peripheral vascular diagnostic systems and increasing technological advancements in ABI testing further drive the growth of the peripheral vascular diagnostic systems market in North America during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the peripheral vascular diagnostic systems market in North America. However, lockdown restrictions were lifted in Q4 2020, which led to the resumption of business activities in the region. The initiation of vaccination drives in January 2021 has further improved the scenario. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Thus, the peripheral vascular diagnostic systems market in North America is expected to recover and grow during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Abbott Laboratories: The company offers peripheral vascular diagnostic systems products such as cardiac and vascular solutions.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of diabetes coupled with increasing diabetes awareness is the key factor driving market growth. Diabetes is a chronic, life-threatening condition characterized by high levels of glucose in the blood. There are typically two groups of this disease: Type 1 and Type 2 diabetes. Genetic factors play an important role in the onset of diabetes. However, sedentary lifestyles such as physical inactivity and obesity are some other factors that are also responsible for the increasing prevalence of diabetes.
Furthermore, technologically advanced diagnostic systems have immense potential to transform the assessment of PADs. Thus, the abovementioned factors are expected to increase the demand for peripheral vascular diagnostic systems, which will propel the growth of the global peripheral vascular diagnostic systems market during the forecast period.
Technological advancements in peripheral vascular diagnostic systems is the primary trend shaping market growth. Technological advancements have significantly enhanced the precision, efficiency, and general powers of diagnostic systems used to evaluate the health and function of blood vessels in peripheral circulation. The continued development of innovative technologies has opened up new possibilities in diagnosing. One of the major technological advancements in peripheral vascular diagnostic systems is the integration of high-resolution imaging techniques such as computed tomography angiography (CTA) and MRA.
Furthermore, another significant advancement is the incorporation of ultrasound technology, such as color Doppler imaging and duplex scanning, in peripheral vascular diagnostic systems. Ultrasound-based techniques are non-invasive, portable, and cost-effective, making them widely used in routine clinical practice. Thus, these factors are anticipated to grow the demand for peripheral vascular diagnostic systems, which will drive the growth of the global peripheral vascular diagnostic systems market during the forecast period.
The limitations of peripheral vascular diagnostic systems is a challenge that affects market growth. Misinterpretation of the diagnosis of PADs can lead to the expansion of various other health complications in patients with diabetes or coronary diseases. This may restrict the growth of the global peripheral vascular diagnostic system market. In addition, patients with diabetes are more susceptible to developing PAD. PAD may also lead to the development of comorbidities such as claudication, functional impairment, disability, and amputation.
Furthermore, the lack of awareness of the disease may result in underdiagnosis or undertreatment. This may result in heart attack, stroke, disability, and limb amputation. In addition, fewer awareness programs for PAD and a lack of reimbursement policies may inhibit the adoption of peripheral vascular diagnostic systems, thereby impeding market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Peripheral Vascular Diagnostic Systems Market Customer Landscape
The peripheral vascular diagnostic systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Peripheral Vascular Diagnostic Systems Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.16% |
Market Growth 2024-2028 |
USD 178.07 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.71 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, France, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, ACI Medical LLC, Boston Scientific Corp., Cook Group Inc., Cordis Corp., D. E. Hokanson Inc., Huntleigh Healthcare Ltd., Koven Technology Inc., Medtronic Plc, OMRON Corp., Perimed AB, Teleflex Inc., Unetixs Vascular Inc., Viasonix Ltd, Fukuda Denshi Co. Ltd., and Biomedix |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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