NEWARK, Del, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global vascular closure device market is expected to grow with an opulent CAGR of 5.4% during the forecast period from 2022 to 2032. The global market reached US$ 1.3 Bn in 2021 and is expected to enjoy a valuation of US$ 1.4 Bn by the end of 2022. The surge in usage of vascular closure devices is because these devices are used for immediate sealing of an artery after medical procedures, their overall demand is expected to grow with a total valuation of about US$ 2.4 Bn by 2032.
Vascular closure devices are known as innovative devices specially crafted to provide immediate sealing of the small puncture made in an artery after an angiogram. These devices are known to provide an effective alternative to manual compression and therefore, help in the fast sealing of punctures, thereby eliminating the need for prolonged compression.
The development of decreased invasive techniques in various surgical specialties is still in progress, and vascular surgery is no exception. A vast variety of medical specialties which incorporate vascular surgery, interventional cardiology, and interventional radiology, use angiograms as one of the most widely used diagnostic procedures today.
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Key Takeaways
- The use of vascular closure devices might be on a higher procedural expense side, but users of these technologies claim that attaining hemostasis results in significant savings in the future. These devices offer multiple potential advantages including a reduction in post-procedural nursing care time, a decrease in bleeding problems, increased patient throughput, improved patient satisfaction, and quicker patient ambulation.
- Owing to the increased need for minimally invasive interventions, the vascular closure devices market is gaining swift traction. These factors provide an opportunity for the manufacturers to help them launch new product lines. The market for vascular closure devices is anticipated to experience substantial growth over the assessment period attributed to the aforementioned factors.
- On the basis of product segmentation, around 80% of the market accounted for the active approximates segment in 2021. As per FMI analysis, this segment is expected to continue its dominance over the global vascular closure devices market during the forecast period.
- Vascular closure devices are increasingly used in patients undergoing catheterization through the femoral route. They have the potential to decrease the time to hemostasis, facilitate early patient mobilization, minimize the risk of complication, and improve patient satisfaction.
- Several factors are expected to bolster growth in the vascular closure device market such as the rising prevalence of cardiovascular diseases, an increasing number of cardiac procedures being performed across the world, favorable reimbursement policies, and a growing focus on effective blood loss management in patients during surgical procedures. All these factors are expected to grow the demand for vascular closure devices over the projection years.
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Competitive Landscape
The global vascular closure devices market is known to be highly competitive in nature owing to the presence of various local, regional, and established global players. To capitalize by focusing on adopting strategies including new product launches and approvals, investments in research and development, mergers, partnerships, collaborations, and acquisitions.
Key Companies Profiled in Vascular Closure Devices Market are Abbott, BIOTRONIK, Cardinal Health, Cardiva Medical, Inc., Medtronic plc, Merit Medical Systems, Inc., Teleflex Incorporated, Terumo Medical Corporation, Tricol Medical, Z-Medica, LLC, KOAG LLC
More Insights into the Vascular Closure Devices Market
According to FMI, the U.S is expected to dominate the North American vascular closure devices market with a total market share of about 80.0% in 2021, it is predicted to continue its dominance over the assessment period. Owing to the rising prevalence of obesity and cardiovascular diseases among the American population, the adoption of advanced technologies is taking place, and continuous new product launches by key players are expected to bode well for the market.
Germany is another leading country to exhibit lucrative opportunities as it accounted for about 4.6% of the global market share in 2021 and it is poised to exhibit a steady growth rate during the assessment period owing to the surge in the number of heart diseases, flourishing medical tourism, and high adoption rate of advanced medical technologies and procedures.
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Key Market Segments Covered in Vascular Closure Devices Industry Research
By Product:
- Passive Approximators
- Collagen Plugs
- Sealant or Gel-based Devices
- Compression-assist Devices
- Active Approximators
- Suture-based Devices
- Clip-based Devices
- External Haemostatic Devices
By Application:
- Cardiac Interventions
- Cerebrovascular Interventions
- Peripheral Vascular Interventions
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Promotional Strategies, By Key Manufacturers
4.2. Key Regulations
4.3. Value Chain Analysis
4.4. Regulatory Impositions
4.5. Reimbursement Scenario
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Explore FMI’s related ongoing Coverage on Healthcare Domain
Vascular Access Systems Market Size: Vascular Access Systems Market - Global Industry Analysis, Size and Forecast, 2016 to 2026.
Vascular Closure Devices Market Share: Vascular closure devices market is set to grow at a CAGR of 5.4% during the forecast period, totalling a valuation of ~US$ 2.4 Bn by 2032.
Peripheral Vascular Stents Market Trends: Peripheral Vascular Stents Market is expected to attain a net worth of US$ 5.3 Bn by 2028, expanding at a CAGR of 6% over the assessment period of 2022 to 2028.
Interventional Cardiology Devices Market Growth: Interventional cardiology devices market is anticipated to record a CAGR of 8.4% during the forecast period (2022 - 2032).
Heart Beat Irregularity Detection Device Market Demand: Heart beat irregularity detection device market is estimated to grow at an impressive CAGR of 6.5% during the forecast period, reaching nearly US$ 12.8 Bn by 2032.
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