PUBLISHER: The Business Research Company | PRODUCT CODE: 1426402
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426402
Vascular closure devices are medical devices designed to seal the entry point in an artery following a catheterization procedure, minimizing the risk of complications such as bleeding or hematoma formation. These devices accelerate the natural healing process at the access site.
The primary categories of vascular closure devices include passive approximators, active approximators, and external hemostatic devices. Passive approximators involve the use of plugs, sealants, or gels at the arteriotomy site without physically closing the arteriotomy. These devices are utilized for femoral and radial access procedures and find applications in acute care facilities, hospitals, clinics, and other healthcare settings.
The vascular closure devices market research report is one of a series of new reports from The Business Research Company that provides vascular closure devices market statistics, including vascular closure devices industry global market size, regional shares, competitors with a vascular closure devices market share, detailed vascular closure devices market segments, market trends and opportunities, and any further data you may need to thrive in the vascular closure devices industry. This vascular closure devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The vascular closure devices market size has grown strongly in recent years. It will grow from $1.42 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The historic growth of vascular closure devices can be attributed to the increasing popularity of minimally invasive procedures, a growing aging population, patient preferences for shorter recovery times, the rise in catheterization lab procedures, and a heightened focus on outpatient care.
The vascular closure devices market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The forecasted growth of vascular closure devices can be attributed to the rise in ambulatory surgery centers, a shift toward same-day discharge, patient-centric approaches, healthcare cost containment initiatives, and the increasing incidence of cardiovascular diseases. Major trends in the forecast period include the adoption of percutaneous coronary intervention, global collaboration in medical research, remote patient monitoring, integration with imaging technologies, and technological innovations in device design.
The expected surge in the prevalence of cardiovascular diseases is projected to significantly propel the growth of the vascular closure devices (VCDs) market. Cardiovascular diseases (CVDs) encompass a spectrum of conditions impacting the heart or blood vessels, disrupting normal blood circulation in the heart. VCDs serve as an alternative to traditional mechanical compression, swiftly sealing the femoral artery access point. This expedites the achievement of hemostasis and mitigates the risk of post-procedural bleeding or hemorrhaging. As an illustration, data from the Immigration and Checkpoints Authority in June 2023 indicated a rise in fatalities attributed to heart and hypertensive diseases in Singapore, escalating from 6,238 in 2021 to 6,884 in 2022. Consequently, the escalating prevalence of cardiovascular diseases is anticipated to be a major driver propelling the expansion of the vascular closure devices market.
The escalating prevalence of obesity is foreseen as a pivotal factor contributing to the growth of the vascular closure devices market. Obesity represents a medical condition characterized by excessive accumulation of body fat, leading to adverse health implications and an imbalance between caloric intake and expenditure. VCDs cater to overweight and obese patients, minimizing the risks of bleeding complications and addressing procedural challenges associated with anatomical factors and potential complications linked to excess adipose tissue. Notably, the State of Obesity 2022 report by the Trust for America's Health revealed that four out of ten American adults grapple with obesity, with nationwide obesity rates continuing to climb across diverse population groups. Hence, the mounting prevalence of obesity is anticipated to be a driving force behind the burgeoning growth of the vascular closure devices market.
The prospective hindrance to the growth of the vascular closure devices market lies in the high cost associated with these devices. This elevated cost serves as a limiting factor, contributing to increased healthcare expenses and potentially curbing their adoption within healthcare facilities. Moreover, affordability challenges for patients might impede the widespread utilization of these devices in vascular access closure procedures. For instance, as reported by WestCMR, a US-based surgical supplier, the AnastoClip GC vascular closure system, equipped with titanium clips, is priced at $399.00. Thus, the steep cost of these devices acts as a hindrance, impeding the advancement of the vascular closure devices market.
Key companies within the vascular closure devices market are striving to drive market growth by introducing innovative products such as the AZUR Vascular Plug. This groundbreaking medical device is engineered to block or close blood vessels, constructed with a self-expanding nitinol wire mesh. An illustrative instance is the launch of the AZUR Vascular Plug by Terumo Medical Corporation in July 2021. Specifically designed for peripheral vascular embolization, this plug effectively occludes arteries of up to 8 mm in diameter, intended to regulate or cease blood flow in the peripheral vasculature's arteries. It is compatible with a microcatheter, boasting a concise deployment length for heightened precision and is available in various sizes suitable for treating vascular architectures ranging from 2.5mm to 8mm. The AZUR Vascular Plug incorporates an inner composite membrane comprised of polytetrafluoroethylene (ePTFE) and polyethylene terephthalate (PET), facilitating mechanical occlusion. This innovative approach reflects the commitment of major market players to introduce advanced solutions, potentially enhancing market profitability.
In February 2021, Haemonetics Corporation, a US-based provider of blood and plasma supplies and services, successfully acquired Cardiva Medical, Inc. for $510 million. This strategic acquisition is expected to enhance Haemonetics' operations by providing access to Cardiva's innovative vascular closure systems, creating new opportunities for revenue growth. Cardiva Medical, Inc. is a US-based company specializing in the manufacturing of vascular closure devices.
Major companies operating in the vascular closure devices market report are Cardinal Health Inc., Abbott Laboratories, Medtronic plc, Koninklijke Philips NV, Boston Scientific Corporation, Terumo Corporation, C.R. Bard Inc., Cook Medical Inc., W. L. Gore & Associates Inc., Maquet Getinge Group, Teleflex Inc., BTG International Inc., Biotronik GMBH & CO.KG, Merit Medical System Inc., Vygon SA, Cardiovascular Systems Inc., Sirtex Medical Limited, Endologix LLC, TZ Medical Inc., Cardiva Medical Inc., Essential Medical Inc., KOAG LLC, Morris Innovative Inc., Vasorum Ltd., Scion BioMedical Inc., Z-Media LLC, Advanced Vascular Dynamics, Transluminal Technologies Inc., Tricol Medical Inc.
North America was the largest region in the vascular closure devices market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vascular closure devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the vascular closure devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The vascular closure devices market consists of sales of clip-based devices, suture-based devices, plug-based devices, and compression devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Vascular Closure Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vascular closure devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vascular closure devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vascular closure devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.