Peripheral Vascular Diagnostic Systems Market Size, Share, Growth, and Industry Analysis, By Type (Diabetes and Critical Limb Ischemia), By Application (Hospital, Clinic and Other), and Regional Forecast By 2031

Updated On: 29 April 2024

Peripheral Vascular Diagnostic Systems Market Report Overview

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The global peripheral vascular diagnostic systems market size was USD 447.1 million in 2022, as per our research, the market is expected to reach USD 822 million in 2031, exhibiting a CAGR of 7.0% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the peripheral vascular diagnostic systems market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A peripheral vascular diagnostic system is a medical device that is used to evaluate the blood flow in the arteries and veins located outside of the heart and brain, such as those in the arms, legs, and abdomen. The system uses a variety of diagnostic techniques to evaluate the health of the blood vessels.

The market is expected to grow over the forecast period with the rising demand for peripheral vascular diagnostic systems due to the growing incidence of peripheral artery disease (PAD), deep vein thrombosis (DVT), and other peripheral vascular disorders. Additionally, factors such as the growing aging population and the increasing prevalence of risk factors such as diabetes, obesity, and smoking are also driving the growth of this market. Besides, the market is bifurcated based on by type, by application, and regional expansion of the market. 

COVID-19 Impact: Pandemic Decreases Demand for Non-COVID-19 Related Diagnostic Procedures.

The COVID-19 pandemic has led to disruptions in the supply chain, reduced patient visits to hospitals and clinics, and decreased elective procedures. As a result, the demand for peripheral vascular diagnostic systems has been negatively impacted. However, as the pandemic situation improves and healthcare systems resume normal operations, the demand for peripheral vascular diagnostic systems is expected to rebound. 

Latest Trends

"Trend of AI Integration in Medical Devices Enlarge the Market Possibility "

The market for peripheral vascular diagnostic systems is anticipated to rise with the latest development and trends in the market. For instance, the integration of artificial intelligence (AI) in medical devices is gaining popularity. AI is being increasingly integrated into peripheral vascular diagnostic systems to improve diagnostic accuracy and efficiency. As AI algorithms can analyze large volumes of data from multiple sources to provide more accurate diagnoses and treatment recommendations. Along with this, several companies are launching the latest peripheral vascular diagnostic systems that are equipped with wireless connectivity which enables physicians to access diagnostic results remotely and share them with other healthcare professionals. Such trends and innovations are likely to augment the demand for these diagnostic systems which is predicted to contribute to the peripheral vascular diagnostic systems market growth over the forecast 2022-2031.

Peripheral Vascular Diagnostic Systems Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Diabetes and Critical Limb Ischemia

• By Application Analysis

Based on application, the market can be divided into Hospital, Clinic and Other.

Driving Factors

"Growing Incidence of Peripheral Vascular Diseases Fuel the Demand for Vascular Diagnostic System"

The increasing prevalence of peripheral vascular diseases is one of the major driving factors of the market. There is a growing incidence of peripheral vascular diseases such as peripheral artery disease (PAD), deep vein thrombosis (DVT), and varicose veins which are attributed to inflate the demand for peripheral vascular diagnostic systems in the coming years.

"Increasing Global Aging Population Drives the Growth of the Market"

The growth of the market is also driven by the growing aging population. The global aging population is increasing, and older adults are at a higher risk of developing peripheral vascular diseases. As a result, the demand for peripheral vascular diagnostic systems is expected to expand the growth of the market over the forecast period.

Restraining Factors

"High Cost and Stringent Regulatory Frameworks Can Hamper the Growth of the Market"

The high cost of devices is a considerable challenge for the growth of this market. Peripheral vascular diagnostic systems can be expensive, which can limit their adoption, particularly in emerging markets where healthcare budgets may be limited. As well as regulatory frameworks for medical devices can be stringent and can slow down the approval and adoption of these diagnostic systems.

Peripheral Vascular Diagnostic Systems Market Regional Insights

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"North America Dominates the Market with the Growing Rate of Vascular Diseases in the Region"

As per market research, North America is currently the leading region in the peripheral vascular diagnostic system market. This can be attributed to factors such as the high prevalence of peripheral vascular diseases, increasing awareness and diagnosis rates, favourable reimbursement policies, and the presence of key market players in the region. Furthermore, specifically, the U.S. is a leading country in North America to support market growth with a well-developed healthcare system and high healthcare expenditure. The region is also witnessing a shift towards portable and handheld devices, wireless connectivity, and AI integration, which is expected to further drive the growth of the market in the region. 

Key Industry Players

"Prominent Companies Emphasis on Develop Advanced Diagnostic Systems to Fulfil the Product’s Demand"

With regard to key players, the major companies are actively involved in product development, strategic partnerships, and acquisitions to expand their market share and remain competitive in the market. They are also focusing on developing innovative technologies and providing high-quality peripheral vascular diagnostic systems to meet the growing demand for these devices. Moreover, some of the leading companies in the market such as ArjoHuntleigh, Viasonix, OMRON Healthcare, Opto Circuits, ACI Medical Management, BioMedix, Dialog Devices, D.E. Hokanson, ELCAT, FUKUDA DENSHI, Koven Technology, LD Technology, and others are accounted for the largest peripheral vascular diagnostic systems market shares internationally.

List of Market Players Profiled

• ArjoHuntleigh
• Viasonix
• OMRON Healthcare
• Opto Circuits
• ACI Medical Management
• BioMedix
• Dialog Devices
• D.E. Hokanson
• ELCAT
• FUKUDA DENSHI
• Koven Technology
• LD Technology
• MGC Diagnostics

Report Coverage

This report defines the peripheral vascular diagnostic systems market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.