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Vascular Closure Devices Market

Vascular Closure Devices Market

Vascular Closure Devices Market Analysis By Type (Active Approximators, Passive Approximators & External Hemostatic Devices) By Access (Formal & Radial), By Procedure (Interventional Cardiology Interventional Radiology/Vascular Surgeries) & By Region – Global Market Insights 2022 to 2026

Vascular Closure Devices Market
FACT7595MR
  • Aug-2022
  • List of Tables : 84
  • List of Figures : 112
  • 170 Pages
  • Healthcare

Vascular Closure Devices Market Outlook (2022-2026)

Worldwide sales of vascular closure devices are predicted to increase at a noteworthy CAGR of 6.6% from 2022 to 2026. At present, the global vascular closure devices market stands at a valuation of US$ 834 million and is anticipated to reach US$ 1.1 billion by the end of the study period.

Rising prevalence of cardiac disorders in China is projected to propel the vascular closure devices market in the country at a high CAGR of around 8% over the next four years to reach a size of US$ 109 million by 2026.

Report Attributes

Details

Vascular Closure Devices Market Size (2022)

US$ 834 Million

Projected Market Value (2026F)

US$ 1.1 Billion

Global Market Growth Rate (2022-2026)

6.6% CAGR

China Market Value (2026F)

US$ 109 Million

United States Market Value (2022)

US$ 342 Million

Germany Market Growth Rate (2022-2026)

6% CAGR

Key Companies Profiled

  • Terumo Corporation
  • Advanced Vascular Dynamics
  • Abbott Laboratories
  • Cardiva Medical Inc.
  • Morris Innovative Inc.
  • Transluminal Technologies
  • Teleflex Incorporated
  • Merit Medical Systems Inc.
  • Medas USA
  • Vygon Company
  • Vasorum Ltd.
  • TZ Medical Inc.
  • Medtronic Plc
  • Vivasure Medical Ltd.
  • Tricol Biomedical
  • Scion Biomedical
  • Marine Polymer Technologies Inc.
  • Rex Medical
  • Cardinal Health
  • Meril Life Sciences Pvt. Ltd.

Interested to Procure The Data

Vascular Closure Devices Demand Survey (2017-2021) in Comparison to Industry Growth Forecasts (2022-2026)

Demand for vascular closure devices is projected to increase at a CAGR of 6.6% from 2022 to 2026, as per this new Fact.MR research study. Lifestyles have changed drastically over the past few years and this has resulted in an increased incidence of cardiovascular disorders.

Poor eating habits, high incidence of obesity, increasingly sedentary lifestyles, growing geriatric population, increasing availability of cardiovascular treatments, and rising awareness of heart health are anticipated to be prime factors that drive vascular closure device shipments.

However, the high costs of vascular closure devices and risks associated with the use of vascular closure systems are anticipated to have a constraining effect on the overall vascular closure devices market growth potential across the forecast period.

Vascular closure devices market forecast by Fact.MR

Which Industry Determinants are Driving Vascular Closure Devices Market Expansion?

“Rising Prevalence Cardiovascular Disorders across Geographies”

Cardiovascular diseases have become a worldwide phenomenon over the past few years owing to the adoption of sedentary lifestyles, poor eating habits, and the growing geriatric population. These factors have resulted in an increasing number of cardiac surgeries being performed and this is subsequently favoring the demand for vascular closure systems.

These trends are projected to be rife across the forecast period as well and will positively influence vascular closure devices market expansion potential through 2026.

What Could Adversely Impact Vascular Closure Device Sales?

“Risks Associated With Use of Vascular Closure Products”

Vascular closure devices come with various risks that could put the patient in further danger and this has been one of the key challenges that vascular closure device manufacturers face.

Internal bleeding, device failure, and infection of the access region are some of the key risks that restrain the adoption of vascular closure devices by healthcare professionals and promote the use of manual compression for vascular closure.

“Expensive Nature of Vascular Closure Systems”

Vascular closure devices are costly and are usually priced between US$ 150 to US$ 300; hence, their use results in high expenditure for healthcare organizations as well as patients. This results in low profit for healthcare organizations and restrains the use of vascular closure devices.

High cost for patients also causes them to opt for manual compression vascular closure, which is much more affordable. All of these factors collectively have a hampering effect on the overall vascular closure devices market potential.

What Opportunities Can New Market Players Explore?

“Start-ups Can Focus on Research to Create Novel Cardiac Solutions & Devices”

Increasing prevalence of several types of complications in cardiovascular surgeries has led to the high demand for cardiac solutions and devices that help in improving patient outcomes.

Aspiring market players can focus on this and create products that deliver on the aforementioned aspects to make a mark in the global marketplace.

  • Spiorad Medical, an Irish medical device start-up founded in 2021 by Judi O’Malley, revealed in January 2022 that it was aiming to raise funding of around US$ 2.04 million by the middle of the year to fast-track its process of bringing its vascular closure devices to the global marketplace. These new devices are aimed at improving patient outcomes of people undergoing cardiovascular surgeries.

Upcoming market players can also expand their research scope and focus on product innovation to disrupt the market and increase their revenue generation capacity.

Which Region Offers Unprecedented Growth Scope for Vascular Closure Device Manufacturers?

“North America Slated to Exhibit Highly Rewarding Business Opportunities”

The market for vascular closure devices in North America currently accounts for a dominant market share and this trend is expected to be rife across the forecast period.

High prevalence of cardiovascular illnesses and the increasing popularity of one-day vascular surgeries in this region are anticipated to be the prime trends driving vascular closure device shipments in this region over the years to come.

The United States and Canada are projected to be the leading markets in this region through 2026. Sales of vascular closure devices in Canada are predicted to increase at a CAGR of 6.2% over the next four years.

The Europe vascular closure devices market is expected to exhibit lucrative opportunities owing to the increasing geriatric population and the growing adoption of different types of vascular closure devices are expected to drive market potential throughout the forecast period. The demand for vascular closure devices in Germany is slated to rise at a CAGR of around 6% from 2022 to 2026.

Other noteworthy markets in the European region are expected to be Italy, France, and the United Kingdom.

The vascular closure devices market in Latin America is anticipated to witness evolution at a CAGR of around 5% across the forecast period.

Increasing prevalence of cardiovascular diseases and rising availability of vascular closure devices are expected to be major trends driving the vascular closure devices market growth.

The Asia Pacific region is expected to be a highly rewarding market for suppliers of vascular closure devices by the end of the forecast period as investments in the healthcare industry increase and the incidence of cardiovascular diseases rises. The growing availability of different cardiovascular surgeries is also expected to play a crucial role in governing shipments of vascular closure devices in this region.

Economies such as China and India are anticipated to be at the forefront of the APAC vascular closure devices market owing to supportive government initiatives, rising awareness of heart diseases, and the increasing availability of cardiovascular surgeries.

Country-wise Insights

Why Should Vascular Closure Device Suppliers Invest in the U.S.?

“Rising Prevalence of Cardiac Disorders & Increasing Investments in R&D Activities Provide Attractive Opportunities”

The United States vascular closure devices market is anticipated to be a highly rewarding one for market players owing to factors such as increasing geriatric population, presence of developed healthcare infrastructure, rising R&D activities, growing availability of cardiovascular surgeries, and surging prevalence of obesity.

Investments from the government to promote research and development and increase awareness of cardiovascular disorders are also expected to favor vascular closure device demand throughout the forecast period.

Arterial closure devices and large bore vascular closure devices are anticipated to be highly popular in the country over the years to come.

Currently, the vascular closure devices market in the U.S. accounts for a valuation of US$ 342 million.

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

What Type of Vascular Closure Devices Will See a Rise in Sales?

“Passive Approximators to Spearhead Overall Vascular Closure Device Demand”

The global vascular closure devices market, based on type, is segmented into active approximators, passive approximators, and external hemostatic devices.

Passive approximators are anticipated to account for a dominant market share over the coming years owing to the rising number of approvals for such devices from regulatory bodies. Ease of use and reduction of complication are other features of passive approximators that are expected to drive their popularity across the forecast period.

The external hemostatic devices segment is projected to account for a valuation of US$ 135 million by the end of 2026.

Which Procedure is Expected to Account for High Vascular Closure Device Usage?

“Interventional Cardiology Set to Account for Dominant Market Share”

The vascular closure devices market based on procedure is bifurcated into interventional cardiology and interventional radiology/vascular surgeries.

The interventional cardiology segment accounts for a major market share at present and is expected to hold a similar stance over the next four years as well. Advancements in various heart treatments such as angioplasty, cardiac stenting, artery bypass, etc., are expected to drive the interventional cardiology segment growth through 2026. A high incidence of cardiac disorders across the world is also expected to propel growth in this segment.

However, the interventional radiology/vascular surgeries segment is anticipated to witness growth at a high CAGR across the forecast period.

Competitive Landscape :

Vascular closure device manufacturers are anticipated to focus on novel product innovation and are expected to fast-track the launch of these new products to increase their sales potential.

  • In September 2021, Haemonetics Corporation, a renowned medical technology company, announced the launch of the VASCADE MVP® Venous Vascular Closure System.
  • In May 2022, Teflex Incorporated, a specialty surgical instrument manufacturer, announced that its Manta vascular closure device received approval from Health Canada. With this approval, Teflex is expected to commercialize and launch the Manta closure device for Canadian patients.

Key Segments in Vascular Closure Devices Industry Research

  • By Type :

    • Active Approximators
    • Passive Approximators
    • External Hemostatic Devices
  • By Access :

    • Femoral
    • Radial
  • By Procedure :

    • Interventional Cardiology
    • Interventional Radiology/Vascular Surgeries
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

Currently, the global vascular closure devices market is valued at US$ 834 million.
Sales of vascular closure devices are expected to reach US$ 1.1 billion by 2026.
From 2022 to 2026, the vascular closure devices market is predicted to progress at 6.6% CAGR.
Demand for vascular closure devices in Germany is expected to rise at 6% CAGR.
In 2022, the U.S. vascular closure devices market accounts for US$ 342 million.

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