High Adoption of Femoral Mode for Vascular Access during Majority of Interventional Procedures Will Positively Impact The vascular closure devices Industry Growth; Fact.MR Survey
25 Aug 2022
Technological Innovations Leading To An Increase In Number Of New Product Launches Will Stimulate The Vascular Closure Device Market Expansion
Benefit of Active Closure Devices In Shortening Of Ambulation Period Will Spur The Market Demand With High Product Adoption
Fact.MR – A Market Research and Competitive Intelligence Provider: 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.
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.
The growth in this market can be attributed to the large number of approvals for vascular closure devices, high prevalence of cardiovascular diseases, increasing prevalence of obesity, increasing focus of market players on large-bore vascular closure devices, growing geriatric population, favourable reimbursement scenario for interventional radiology procedures, and rising focus on effective blood loss management in patients during surgeries.
The report anticipates that during the forecast period, the global demand for clip VCDs will surge robustly, and register a CAGR of 6%. The demand for plug-based VCDs will also gain similar traction, while haemostasis pads will be observed as the largest-selling product in the global vascular closure device market through 2022.
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Key Takeways from Market Study-
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.
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.
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.
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 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.
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.
Currently, the vascular closure devices market in the U.S. accounts for a valuation of US$ 342 million.
COVID-19 impact on the vascular closure devices market
The COVID-19 outbreak negatively impacted the vascular closure devices market in 2020 due to nationwide lockdowns, denied wound care services, and canceled or postponed elective surgeries.
Elective surgeries were being denied (canceled/postponed) to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) towards COVID-19 patient care.
Manufacturers of these products have a chance to capitalize on this increased demand for medical supplies to ensure adequate and continuous supply of personal protective equipment in the market.
Attributed to such factors, COVID-19 is expected to have a significant impact on the gamma probe device market.
In addition, various countries had enforced lockdowns and curfews to curb the rising number of COVID-19 cases. Due to these lockdowns, patients were not able to visit hospitals, OPDs, or clinics.
This temporary denial of non-emergent healthcare services is expected to limit the growth of the vascular closure devices market. However, the demand for vascular closure devices is expected to rise in the coming years.
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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
Recent Developments
In 2021, Vivasure Medical Ltd. (Ireland) announced the development of its product, PerQseal Blue. This product is a large-bore vascular closure device used after interventional cardiovascular procedures.
In 2021, Abbott (US) acquired Walk Vascular, LLC (US) to expand its portfolio of peripheral vascular devices.
In 2020, Teleflex Incorporated (US) acquired Z-Medica, LLC (US), an industry-leading manufacturer of hemostatic products that will lead to revenue growth for the company by expanding its product portfolio in the Interventional segment.
In 2018, Cardinal Health (US) launched MYNX Control, a sealant or gel-based device with extravascular sealing and resorbability properties.
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Key benefits of the report:
This study presents the analytical depiction of the vascular closure devices market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the vascular closure devices market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the vascular closure devices market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the vascular closure devices market research report:
Which are the leading market players active in the vascular closure devices market?
What are the current trends that will influence the vascular closure devices market in the next few years?
What are the driving factors, restraints, and opportunities of the vascular closure devices market?
What are the projections for the future that would help in taking further strategic steps?
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