Surge in prevalence of cardiovascular disease, increase in aging population, and technological advancements are expected to raise the demand for vascular disease devices.
Vascular Disease Devices Industry Overview:
Surge in prevalence of cardiovascular disease, increase in aging population, and technological advancements are expected to raise the demand for vascular disease devices. Market players have adopted various strategies to raise profitability and gain a competitive edge in the market. The strategies include approval for patents and launch of new products. Regulatory bodies provided a grant for patents, which will help the company in further development of new platforms. Moreover, new products have been announced by companies that were dependent upon a single product. The adoption of innovative vascular disease devices will increase. According to the report published by Allied Market Research, the global vascular disease devices market is estimated to reach $51.80 billion by 2030. Following are some of the activities taking place across the world.
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Regulatory bodies have been providing approvals for various devices by the leading manufacturers. Ra Medical Systems, Inc., one of the leading developers of excimer laser systems for treatment of vascular diseases, gained an approval for the patent for liquid-filled laser ablation catheters from the United States Patent and Trademark Office. These catheters contain distal optical windows. The company outlined that the approval for patent enables it to gain an expanded ablation area without raising the catheter profile. In addition, it will help the company to develop products that will address concerns related to large diameter vessels with the same platform. The patent approval will also help in strengthening its intellectual property strategy to gain an edge over a competition in the market. Such approvals are helpful for market players in gaining advantage for the present and the future.
Along with patent approvals, market players have been trying to expand their product portfolios and gain profitability by increasing sales. Cardiovascular Systems Inc., one of the vascular devices developers, announced that it will launch eight new products in the coming years. The company highlighted its ambitions, stating that it has been a single-product company and a single-country company. It is looking forward to diversify its products and gain a status of multinational company. The company plans to develop products such as guidewires, balloons, and catheters that can be used for treatment of vascular diseases. The company partnered with Chansu Vascular Technologies and began an enrolment for clinical trial for coronary balloons in November 2021. It also announced that its significant advancements in commercialization of intravascular lithotripsy systems that can be utilized for treatment of calcific coronary and peripheral artery diseases.
Top Leading Players:
The key players operating in the global vascular disease devices market include Medtronic, Boston Scientific Corporation, Abbott Laboratories, Becton Dickinson and Company, Terumo Corporation, Cordis, B. Braun Melsungen Ag, Ivascular, Merit Medical, and Koninklijke Philips N.V.
Key Advantages of the Report:
- In-depth analysis of the global vascular disease devices market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- Comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
- Growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global vascular disease devices market growth.