Peripheral Vascular Diagnostic Systems Market Size 2024-2028

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. The market is witnessing a surge in diabetes cases, fueled by growing awareness of the condition. There's a rising preference for non-invasive and radiation-free diagnostic techniques, particularly in peripheral vascular diagnostics. Portable and handheld systems are in high demand, driving market growth. However, challenges persist, including the high costs of peripheral artery diagnosis and limitations of existing diagnostic systems. Additionally, alternative diagnostic procedures for Peripheral Artery Disease (PAD) pose a challenge to market expansion. Despite these hurdles, the market continues to evolve, with a focus on developing innovative solutions to address the diagnostic needs of patients with vascular conditions while ensuring accessibility and affordability.

 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, which will propel the growth of the market during the forecast period.

What will be the size of the Market During the Forecast Period?

To learn more about this report, Request Free Sample

Market Segmentation by End-user, Product, and Geography  Analysis

Technavio has segmented the market into End-user, Product, and Geography 

• The end-user segment includes hospitals and clinics, ambulatory surgical centers, and physician office
• The product segment includes systems and accessories
• The geography segment includes key regions such as North America, Europe, Asia, and Rest of World (ROW)

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.

End-user Analysis 

Hospitals and clinics

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, they are utilized in various departments, including cardiology, radiology, vascular surgery, and interventional radiology. 

Get a glance at the market contribution of various segments View a PDF Sample

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 ones 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.

Product Analysis

Systems

They 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 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 market during the forecast period.

Accessories

The peripheral vascular diagnostic accessories segment contains cuffs, probes, positioning aids, and cuff selectors. These accessories are employed while conducting diagnostic procedure 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.

Regional Analysis

For more insights about the market share of various regions View PDF Sample now!

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 market in North America during the forecast period. 

Buy Now Full Report and Discover More

Key Peripheral Vascular Diagnostic Systems Market Players 

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.

• 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.

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.

Market Dynamics and Customer Landscape

Peripheral vascular diagnostic systems play a pivotal role in assessing conditions like Peripheral Artery Disease (PAD), impacting blood flow in arteries and veins across the body, including the heart, brain, arms, legs, and abdomen. Diagnostic techniques offered by leading companies like Cordis and Boston Scientific facilitate precise evaluations, complemented by innovative solutions such as the Eluvia Drug-Eluting Vascular Stent System from Siemens Healthineers. These systems cater to micromarkets within the broader medical device industry, leveraging core competencies to address diverse healthcare needs. Insights from industry journals, databases, and directories aid in understanding market dynamics, guiding strategic decisions and ensuring effective penetration into the immediate parent market. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

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, which will propel the growth of the global market during the forecast period.

Significant Market Trends

Technological advancements 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 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. 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, which will drive the growth of the global market during the forecast period.

Major Market Challenges

The limitations 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, thereby impeding market growth during the forecast period.

Buy Now Full Report and Discover More

Key Market Customer Landscape

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.

Market Customer Landscape

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments

• End-user Outlook
  • Hospitals and clinics
  • Ambulatory surgical centers
  • Physician office

• Product Outlook
  • Systems
  • Accessories

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Australia
    • Argentina
    • Brazil 

Market Analyst Overview

The market is witnessing significant growth driven by factors such as the increasing incidence of peripheral vascular disorders and deep vein thrombosis, particularly among the aging population. Smoking habits further exacerbate these conditions, leading to a rise in patient visits and elective procedures. Innovative solutions such as the Eluvia Drug-Eluting Vascular Stent System and advancements in medical devices from companies like Siemens Healthineers and ArjoHuntleigh are shaping the market landscape. Integration of AI and wireless connectivity enhances diagnostic accuracy, empowering physicians in diagnosing critical conditions like Critical Limb Ischemia. As the market evolves, companies like OMRON Healthcare and Dialog Devices are leveraging their core competencies to address micromarkets and drive growth. Industry insights from directories, journals, and experts inform strategic decisions in this dynamic landscape.

Moreover, the Centers for Disease Control and Prevention play a crucial role in understanding and managing peripheral vascular diseases affecting various parts of the body, including the brain, arms, legs, and abdomen. In recent years, AI integration has emerged as a key trend in the field, enhancing diagnostic capabilities and treatment planning. Driving factors such as the increasing prevalence of vascular diseases underscore the importance of innovative solutions offered by companies like Opto Circuits and LD Technology. As part of the broader medical device market, the peripheral vascular diagnostic systems segment benefits from insights derived from industry journals, databases, and profiles of primary market players, helping stakeholders navigate this complex and evolving landscape effectively.

View Sample PDF at your Fingertips

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch