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Vascular Closure Devices - Global Market Trajectory & Analytics

  • ID: 4806365
  • Report
  • April 2021
  • Region: Global
  • 477 pages
  • Global Industry Analysts, Inc

Reduction in Interventional Cardiology Treatment Means Patients Are Not Receiving Timely Care. Vascular Closure Devices Slumps by -3.9% On the Back of Declining Procedures

The global market for Vascular Closure Devices is projected to decline by over -3.9% in the year 2020 and thereafter recover and grow to reach US$1.1 billion by the year 2027, trailing a post COVID-19 CAGR of 6.8% over the analysis period 2020 through 2027. A vascular closure device is a medical device designed to provide rapid hemostasis and reduce vascular complications after percutaneous femoral access and. Vascular closure devices also improve patient comfort, reduce discomfort associated with prolonged bed rest, facilitate early patient mobilization, and decrease hospital length of stay. These devices have emerged as an effective alternative to traditional mechanical compression for femoral artery closure. Suture-based and metal clip-based vascular closure devices reduce time to hemostasis when compared with manual or mechanical compression. Vascular closure devices are being widely used in patients undergoing cardiac catheterization through femoral arterial access. Cardiovascular procedures that require catheterization include interventional procedures such as angioplasty, coronary thrombectomy and placement of a stent, and diagnostic procedures that help diagnose diseased blood vessels. Vascular closure devices are particularly useful for large patients not suitable for manual compression, patients on blood thinning medications such as heparin or warfarin, and sicker or geriatric patients unable to lie flat after angiographic procedure for several hours.

The market in the current year 2020 is hurting from the disruptions and excessive pressure exerted on healthcare systems by the COVID-19 pandemic. Six months into the pandemic, this unprecedented public healthcare crisis continues to evolve and shows no signs of receding. The pandemic has impacted all areas of healthcare provision, including cardiovascular (CVD) care and has necessitated the prioritization of healthcare infrastructure for COVID-19 patients, affecting other patients across the world. With all elective surgeries cancelled and postponed there has been a significant drop in angiogram diagnostic test procedures and other cardiac surgeries. Several factors have affected delivery of timely CVD care including social distancing norms; reallocation of staff in cardiology department to covid-19 care; cancelation of cardiac imaging; cancelation of elective procedures; closure of outpatient clinics; shortage of P.P.E; hospital initiated postponement of scheduled angiograms; increased fear & anxiety among patients over safety in hospital settings; delayed diagnosis of acute coronary syndrome; deterioration of cardiac health of patients; late admission of patients to hospitals with acute precipitated cardiac emergencies; overwhelmed healthcare staff & facilities. All of these factors are reducing patient throughput in cardiology centers worldwide thereby reducing demand for cardiac care equipment including vascular closure devices.

In the post COVID-19 period as the world learns to live with the virus and healthcare services resume, the market will witness a return to growth. The postponements in screenings and delays in diagnosis and treatments will create pent-up demand for cardiac care services. The year 2021 is expected to witness steady growth in CVD surgeries requiring femoral artery cardiac catheterization. Increasing burden of CVD will continue to spur growth in the market over the medium to long-term period. CVD is one of the major causes of deaths worldwide. By 2030, the number of deaths due to CVDs is forecast to reach 24 million. The significant rise in the number of cardiac interventional procedures therefore is anticipated to create strong demand growth scenario for VCDs over the coming years. Increasing use of imaging technologies for monitoring cardiac functions and radiotherapy will also create market growth opportunities as they lead to increase heart surgeries performed. With the rise in the number of interventional procedures needing larger devices, there will be increased demand for larger-bore vascular access arteriotomies. Devices utilized for endovascular aneurysm repair (EVAR), transcatheter aortic valve implantation (TAVI), balloon aortic valvuloplasty (BAV), and percutaneous ventricular assist device (VAD) implantation require larger access, making it hard to close using traditional methods. Large-bore femoral access sites have been linked with morbidity, including higher times to obtain hemostasis, longer procedure time, delayed ambulation, higher costs and complication rates. Faster hemostasis reduces bleeding complications, saves nursing time after the procedure, increases patient throughput, quickens patient ambulation, and increases overall patient satisfaction. Further, it supports hospitals following percutaneous coronary intervention (PCI) programs. In November 2018, Vivasure Medical Ltd. launched the large-bore PerQseal closure device in European region. During the same year, Cardiva Medical Inc. received premarhet approval (PMA) for Vascade MVP venous vascular closure system from the US FDA. Vascade MVP is labelled and designed to assist in multi-site venous closures for French sized 6-12 inner diameter sheaths.

Select Competitors (Total 36 Featured):

  • Abbott Laboratories
  • Advanced Vascular Dynamics
  • Cardinal Health, Inc.
  • Cardival Medical, Inc.
  • Endocor GmbH
  • Medtronic PLC
  • Merit Medical Systems Inc.
  • Morris Innovative Inc.
  • Teleflex Incorporated
  • Terumo Corporation
  • Transluminal Technologies LLC
  • Tricol Medical Inc.
  • Vivasure Medical Ltd.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Vascular Closure Devices - A Prelude
  • Benefits
  • Active Approximators
  • Passive Approximators
  • External Hemostatic Devices
  • Vascular Closure Devices to Witness Steady Growth Post COVID-19
  • Interventional Cardiology to Dominate the Market
  • Passive Approximators Lead the Market
  • Femoral Access Type Leads the Market
  • United States Holds a Dominant Share, Asia-Pacific to Witness Rapid Growth
  • Competition
  • Growth Restraints
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Medical Device Companies Focus on Developing Advanced Biomechanical VCDs
  • Increasing Demand for Large-bore Vascular Closure Devices
  • Select Large Bore Closure Devices
  • Cardiovascular Diseases: A Significant Contributor to Market Growth
  • Exhibit 1: Fatalities by Heart Conditions: Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • Exhibit 2: Global Annual Medical Cost of CVD in US$ Billion (2010-2030)
  • Rising Preference for Minimally Invasive Procedures Boosts Market Prospects
  • Aging Population Drives Demand for Vascular Closure Devices
  • Exhibit 3: Expanding Elderly Population Worldwide: Breakdown of Number of People Aged 65+ Years in Million by Geographic Region for the Years 2019 and 2030
  • Life Expectancy for Select Countries in Number of Years: 2019
  • Increasing Healthcare Expenditure to Foster Growth
  • World Healthcare Expenditure (In US$ Trillion) for the Years 2016 & 2018
  • Recent Approvals and Launches
  • Essential Medical Inc Receives FDA Clearance for its Large-Bore Vascular Closure Device
  • Vascade MVP Vascular Closure System Obtains Approval from FDA
  • Large Bore PerQseal Closure Device Introduced in Europe
  • Cordis Introduces Mynx Control Vascular Closure Device
  • FDA Approves Teleflex’s Vascular Closure Device
  • Vasorum Set to Commercialize a New Vascular Closure Device across the US
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • Graying Population Spurs Growth of Vascular Closure Devices
  • CHINA
  • EUROPE
  • Ageing Demography - An Opportunity Indicator
  • Exhibit 4: European Population by Age Group (2016, 2030 & 2050): Percentage Share Breakdown by Age Group for 0-14, 15-64, and 65 & Above
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Aging Populace - Potential Opportunities
  • Exhibit 5: Over 65 Years Individuals as % of the Total Population in Select Asian Countries
  • Healthcare Spending on the Rise
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 36
Note: Product cover images may vary from those shown
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