Global Peripheral Artery Disease Devices Market Size By Type (Stents, Angioplasty Balloon Catheters), By Application (Hospitals, Clinics), By Region, And Segment Forecasts, 2023 to 2032

The Global Peripheral Artery Disease (PAD) Devices Market was valued at USD 5.1 billion in 2023 and is projected to reach USD 9.4 billion by 2031, growing at a CAGR of 7.8% during the forecast period from 2023 to 2031. The market is driven by the increasing prevalence of peripheral artery disease due to aging populations, diabetes, and lifestyle-related risk factors. Rising adoption of minimally invasive procedures and the development of next-generation drug-eluting devices are also propelling market growth. The global healthcare industry's focus on early diagnosis and effective treatment of PAD further boosts the demand for advanced PAD devices.

Drivers

1. Increasing Prevalence of Peripheral Artery Disease

The global rise in risk factors such as diabetes, hypertension, smoking, and obesity has significantly increased the incidence of PAD. With the aging population particularly vulnerable, the need for effective PAD treatment solutions continues to rise.

2. Advancements in PAD Treatment Technologies

The introduction of drug-coated balloons, atherectomy devices, and bioresorbable stents is revolutionizing the treatment landscape. These innovations improve procedural outcomes and reduce restenosis rates, driving their adoption globally.

3. Rising Preference for Minimally Invasive Procedures

Healthcare providers and patients increasingly prefer endovascular procedures over open surgeries due to faster recovery times, reduced hospital stays, and lower procedural risks, further contributing to market expansion.

Restraints

1. High Cost of PAD Devices and Procedures

Advanced PAD devices and associated procedures involve significant costs, limiting access in low- and middle-income regions. Reimbursement challenges in some markets further restrain widespread adoption.

2. Limited Awareness and Diagnosis Rates

In several regions, PAD remains underdiagnosed and undertreated due to low awareness among both patients and healthcare professionals, impacting early intervention and timely use of PAD devices.

Opportunity

1. Emerging Markets and Healthcare Infrastructure Development

Countries in Asia-Pacific, Latin America, and the Middle East are expanding their healthcare infrastructure and investing in vascular care, offering significant growth opportunities for PAD device manufacturers.

2. Integration of AI and Imaging Technologies

The integration of artificial intelligence and real-time imaging into PAD devices can enhance procedural accuracy and patient outcomes, opening avenues for innovation and differentiation in the market.

Market by System Type Insights

By system type, stents dominated the market in 2023. Drug-eluting and bare metal stents continue to be preferred due to their effectiveness in restoring blood flow and reducing restenosis. The drug-coated balloon segment is anticipated to register the highest growth rate during the forecast period, supported by promising clinical outcomes and growing physician preference for vessel-preserving treatments.

Market by End-Use Insights

Hospitals held the largest market share in 2023, primarily due to the availability of skilled vascular surgeons and advanced procedural infrastructure. However, ambulatory surgical centers (ASCs) are expected to witness significant growth, driven by the increasing adoption of outpatient endovascular interventions and cost-efficiency advantages.

Market by Regional Insights

North America led the global PAD devices market in 2023, driven by high disease prevalence, well-established reimbursement policies, and advanced healthcare systems. Meanwhile, the Asia-Pacific region is projected to exhibit the fastest growth rate, fueled by improving healthcare access, rising awareness, and an expanding geriatric population in countries like China, India, and Japan.

Competitive Scenario

Key players in the Global Peripheral Artery Disease Devices Market include:

Medtronic plc

Abbott Laboratories

Boston Scientific Corporation

Becton, Dickinson and Company (BD)

Cook Medical

Koninklijke Philips N.V.

Terumo Corporation

Cardinal Health

Biotronik SE & Co. KG

Cordis (a Cardinal Health company)

These companies are focusing on product innovation, strategic mergers and acquisitions, and regional expansions. For instance:

In 2024, Abbott launched a new drug-coated balloon approved for below-the-knee PAD interventions.

Medtronic received FDA clearance in 2023 for its next-gen directional atherectomy system.

In 2022, Boston Scientific acquired a vascular imaging startup to enhance its portfolio with real-time AI-guided intervention capabilities.

Scope of Work – Global Peripheral Artery Disease Devices Market

Report Metric Details

Market Size (2023) USD 5.1 billion

Projected Market Size (2031) USD 9.4 billion

CAGR (2023–2031) 7.8%