Vascular Closure Devices Market Overview
Vascular closure devices are referred to as medical devices, which are extensively used to seal puncture of the femoral artery in the patient who underwent interventional procedures or angiography procedures. These devices are an alternative to manual compression as they provide immediate sealing femoral artery site. global vascular closure devices market is projected to grow significantly over the forecast period. It is estimated that global vascular closure devices market size is expected to register a CAGR of 6.8% during the forecast period of 2018–2023.
The increased approvals for vascular closure devices, support, and initiatives by the government, soaring demand for advanced treatment, and rising research and clinical trials are some of the primary growth stimulants of the vascular closure devices market. High-efficiency rate of these devices will encourage the market growth in the future. Factors like rising prevalence of obesity and soaring incidences of cardiovascular diseases will contribute to the market growth in the review period. The increased popularity of femoral artery cardiac catheterization, shortening of hemostasis time, and increased success rate of VCDs for improved patient comfort are considered some of the potential growth factors of the market.
Medical facilities are rapidly shifting towards minimally invasive procedures, which is likely to influence the market globally. The use of radiotherapy and imaging technologies has further created growth opportunities in the market. Moreover, the implementation of imaging technologies in order to monitor cardiac functions will trigger the demand for heart surgeries, thereby increasing the sales of VCDs globally.
On the contrary, complications associated with VCDs, like risk of infections and leg ischemia will slow down the market growth in the foreseeable future.
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Vascular Closure Devices Market Competitive Dashboard
The top players operating in the vascular closure devices market include Terumo Corporation, Abbott Laboratories, Cardiva Medical Inc., Cardinal Health Inc., Medtronic plc, Essential Medical, Inc., Morris Innovative, Inc., TZ Medical, Inc., Vasorum Ltd., Merit Medical Systems, Inc., Vascular Closure Systems, Inc., Transluminal Technologies LLC, and Vivasure Medical Ltd.
Vascular Closure Devices Market: Segmental Analysis
By product type, the market is segregated into active vascular closure devices, passive vascular closure devices, and external hemostatic devices. Of these, the passive vascular closure devices are estimated to expand at a significant rate. Collagen-based passive approximators are extensively used due to the advantages these devices offer, like short ambulation time for patients, ease of use, and fewer complications compared to manual compression.
The access segment comprises femoral access and radial access. Of these, the femoral access segment is predicted to gain prominence as a considerable number of physicians and cardiologists are opting for femoral access in interventional techniques.
Based on procedures, the market is classified into interventional radiology/vascular surgery and interventional cardiology. Of these, the interventional cardiology segment is likely to gain prominence owing to the high incidences of cardiovascular disease among the global population and rapid growth of the obese population.
The application segment constitutes therapeutic intervention and diagnostic intervention.
By end users, the market is segmented into specialty centers, hospitals & clinics, ambulatory surgery centers, and others. Of these, the hospital's segment will gain prominence due to favorable reimbursement policies.
Vascular Closure Devices Market Regional Frontiers
Geographically, the vascular closure devices market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the vascular closure devices market share is dominated by America, due to the surging awareness regarding vascular closure devices, especially among medical professionals and rising funding for research. The soaring research and funding by the government have further propelled the market growth in the region. Europe will acquire the second spot in the global market and is likely to retain its position in the long run. The growth can be credited to the several initiatives taken by private and public organizations.
Meanwhile, the Asia Pacific will expand at the fastest rate owing to technological advancements, which has resulted in the development of cost-effective vascular closure devices. The existence of untapped areas and unmet need of patients has attracted the attention of industry players, which has further encouraged the market growth in the APAC. Several market players in the region are improving their product catalog to gain access into the untapped territory. This has further encouraged the market growth in the coming years.
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Vascular Closure Devices Industry Updates
August 2019: A cardinal health company, Cordis has recently declared that the company has received CE Mark approval for MYNX CONTROL Vascular Closure Device (VCD). The device is equipped with a novel deployment system, which enables ease of use and predictable deployment.