TORONTO, Oct. 16, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Asia Pacific market for peripheral vascular (PV) devices is largely underpenetrated and will therefore expand rapidly through 2022 as demand for PV procedures rises. Strong economic growth and the subsequent expansion of the middle class in these countries will make these procedures accessible to a broader pool of patients.
The approval of drug-eluting stents (DES) throughout the Asia Pacific region in 2015 and 2016 for the femoropopliteal and infrapopliteal indications, respectively, will further contribute to the growth of the PV device market. These products have a number of advantages over standard stents, and because they carry a premium price, adoption will support market revenues. Similarly, approval and adoption of drug-coated balloons (DCBs) after 2015 will increase balloon use in the lower extremities. DCBs will expand the treatable population and, like DES, will command a higher price than standard devices. These highly anticipated devices are expected to undergo quick initial adoption upon approval.
"Although the overall Asia Pacific market for PV devices is quite lucrative, competitors entering the market will face a number of challenges," said MRG Analyst Jonathan Sawatsky. "Distribution of heath care is uneven in China and India, and there are a number of regulatory challenges slowing the entry of new products. The use of local distributers is extremely advantageous in these countries because it can be difficult for foreign competitors to navigate the intricate health care system with its complex distribution channels. The Australian PV device market is able to support high device prices, but this market is fairly mature and therefore revenue expansion will be somewhat muted compared to the other countries. In South Korea, companies will face government-mandated restrictions on device pricing, which will limit profits to some extent."
Millennium Research Group's Asia Pacific Markets for Peripheral Vascular Devices 2014 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters, market shares, and a competitive landscape for PV stents, percutaneous transluminal angioplasty balloon catheters, embolic protection devices, inferior vena cava filters, aortic stent grafts, synthetic surgical grafts and PV accessory devices in Australia, China, India and South Korea. Supplemental country coverage is also available for Indonesia, the Philippines, Vietnam, Thailand, Malaysia, Taiwan, Singapore, New Zealand and Hong Kong, as well as in aggregate for the rest of the Asia Pacific countries.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group