Peripheral Vascular Device Market Set for Unprecedented Growth
December 7, 2005—While as many as 8 to 12 million Americans continue to suffer from peripheral vascular disease (PVD), new and lucrative technologies are emerging to bring relief to those in need of therapy. According to a new report by Millennium Research Group (MRG), the US market for peripheral vascular (PV) medical devices will grow by nearly $1 billion over the next 5 years, reaching annual sales of $2.6 billion in 2010. The aging US population and the availability of new technologies, combined with growing incidences of obesity, diabetes, and end stage renal disease, will drive the demand for PV procedures throughout the next decade. Procedure volumes have also been fueled by increased screening, detection, and public awareness of PVD.
Two technologies that are expected to drive much of the growth in PVD therapy are carotid artery stents and embolic protection devices (EPDs). In late 2004, the Food and Drug Administration (FDA) announced approval for the first carotid stent system, leading to a full year of approved device sales in 2005. Over the next 5 years, the markets for carotid stents and EPDs are forecasted to grow threefold to reach over $230 million by 2010. In 2005, only Guidant and Abbott Vascular had secured FDA approval of carotid indicated devices; however, a number of additional players are expected to enter this market within the next few years, including Boston Scientific, Cordis, ev3, Kensey Nash, Medtronic, St. Jude Medical, and W.L. Gore.
Other key technologies that will drive PVD therapy over the next 5 years include atherectomy, infrapopliteal, and endovascular aortic repair devices. Devices such as FoxHollow’s SilverHawk plaque excision catheter will allow more patients to be treated with endovascular therapy, saving many from the need for lower limb amputation. New stent technologies are also being designed and adopted for femoral-popliteal and infrapopliteal stenting, which will also save many from invasive surgical bypass procedures and potential lower limb amputation. By leveraging MRG’s extensive PV Marketrack database, MRG’s US PV report uncovers interesting infrapopliteal stenting device usage trends, such as the off-label usage of Boston Scientific’s Taxus and Cordis’ Cypher coronary drug-eluting stents. Finally, the 2005 FDA approval of the first thoracic indicated stent graft device in the US, W.L. Gore’s TAG device, also opens new market opportunities for endovascular therapy, allowing additional patients with life threatening aortic aneurysms to be treated without open surgery.
About MRG’s Proprietary Data Sources and Global Report Series
MRG’s US Markets for Peripheral Vascular Devices 2006 report is part of its global series, which includes analysis on Europe, Asia Pacific, Japan, Canada, and Latin America. The global report series also covers over 25 key industry competitors, including Boston Scientific (BSX), C.R. Bard (BCR), Cook, Cordis (JNJ), ev3 (EVVV), Guidant (GDT), Medtronic (MDT), and W.L. Gore. In addition, MRG provides data through the US PV Marketrack project—procedural and device usage data collected from 160 labs across the US on a monthly basis. This extensive PV Marketrack device usage database was utilized to uncover device usage trends and brand preferences by lab type (interventional cardiology cath lab, interventional radiology suite, and operating room) and region in the US report. Similar work is also being performed across six European countries, collecting information from 120 labs on a quarterly basis. A leading source of competitive intelligence, MRG is now the largest provider of medical device market research in the world. Located in Toronto, Canada, MRG covers global markets and has pioneered reporting of numerous emerging products.
- Contact Information
- Derrick Navarro
- Senior Account Executive
- Millennium Research Group
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.