Peripheral Artery Diseases (PAD) Devices Market to Grow Substantially Amid Rising Diabetes, Obesity, and Aging Populations
The global Peripheral Artery Diseases (PAD) Devices Market is poised for significant growth, projected to reach USD 8 billion by 2030. The market is expected to witness a compound annual growth rate CAGR of 8% by 2030, according to a new research report by Next Move Strategy Consulting.
The increasing global rates of diabetes and obesity are closely associated with a heightened risk of Peripheral Artery Diseases (PAD) devices market, leading to an increased demand for PAD devices. Both diabetes and obesity are major contributors to atherosclerosis, a condition that significantly raises the likelihood of developing PAD. As these health issues become more prevalent, the need for specialized medical devices to diagnose and treat PAD has intensified.
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The International Diabetes Federation (IDF) reports that, as of 2021, approximately 537 million adults aged 20 to 79 are living with diabetes, a number that is expected to rise to 643 million by 2030. In addition, the World Health Organization (WHO) reports that over 1 billion individuals globally are diagnosed with obesity, and this number continues to increase. The WHO projects that by 2025, 167 million people will suffer from health complications due to obesity, underscoring the growing need for devices that address the complex challenges posed by diabetes and obesity in relation to PAD.
Furthermore, the aging global population is driving the increased incidence of PAD, contributing to the growth of the PAD devices market. According to WHO, the global population aged 60 and above reached 1.4 billion in 2020, and it is expected to rise to 2.1 billion by 2050. This demographic shift requires specialized medical devices to effectively manage PAD in older individuals, further fueling market expansion.
While the high cost of PAD devices remains a significant constraint, their advanced technology and materials drive up production expenses. However, the integration of Artificial Intelligence (AI) in PAD devices presents promising growth opportunities. AI algorithms can analyze complex medical imaging data, enhancing the accuracy and speed of PAD diagnoses, ultimately improving patient outcomes.
Conclusion: The Peripheral Artery Diseases (PAD) devices market is on track for substantial growth, driven by the increasing prevalence of diabetes, obesity, and the aging global population. As these health concerns continue to rise, so does the demand for specialized devices designed to manage and treat PAD. The market’s expansion is further supported by technological advancements, including AI integration, which enhances diagnostic accuracy and treatment efficiency. Despite challenges related to high costs, the PAD devices market is well-positioned to continue its upward trajectory, with opportunities for innovation and growth as healthcare systems adapt to meet the needs of a changing global population.