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Vascular Closure Devices - Global Market Trajectory & Analytics

  • ID: 4806365
  • Report
  • February 2022
  • Region: Global
  • 477 Pages
  • Global Industry Analysts, Inc

Global Vascular Closure Devices Market to Reach $1 Billion by 2026


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. Most vascular closure devices leave foreign bodies within the artery and/or surrounding soft tissues. Recent methods to close the access site involve the use of novel materials such as sealants comprised of polyethylene glycol that dissolve over a short period of time.

Amid the COVID-19 crisis, the global market for Vascular Closure Devices estimated at US$731.5 Million in the year 2020, is projected to reach a revised size of US$1 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Passive Approximators, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$783.3 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Active Approximators segment is readjusted to a revised 6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $323 Million in 2021, While China is Forecast to Reach $110.5 Million by 2026


The Vascular Closure Devices market in the U.S. is estimated at US$323 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$110.5 Million by the year 2026 trailing a CAGR of 8.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 6.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR.

The market is expected to witness steady growth in the long term due to the increasing number of femoral artery cardiac catheterization, the benefits of reduced hemostasis time, and enhanced patient comfort. Vascular closure devices seal femoral artery punctures in patients who have undergone interventional procedures or diagnostic angiography procedures. In countries across the world, approvals for new vascular closure devices are increasing. This combined with the other factors of rising government support and initiatives and growing demand among patients for more advanced treatment options for cardiovascular diseases is expected to result in steady growth for the market over the long term. Market players aggressively invest in research for new products which is also a major market growth driver. Another important growth driving factor is the higher efficiency rate of the new devices that have entered the market in the recent years.

In the current era where healthcare is cutting down on costs, there is a shift in focus for technologies from manual compression for hemostasis to fasten vascular closure. Although these devices increase the procedural costs, in the long run, it is cost-effective. 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. The devices are classified into three sections - vascular closure devices that instantly closes the vessel using mechanical process; compression devices that fasten onto the patient to enable pressure on the arteriotomy site; and hemostatic pads comprising materials to fasten the clotting force to lower time to hemostasis. Typically, manual compression is used in combination with hemostatic pads.

External Hemostatic Devices Segment to Reach $137.4 Million by 2026


This category comprises pads or patches and aid in the promotion of coagulation through concentrating clotting devices and factors, which exert pressure manually on the arteriotomy. With increased employment of transradial access in several centers, the use of external hemostatic devices are increasing across various settings. Due to several advantages associated with transradial access in comparison to transfemoral access. In terms of cost also, radial hemostatic devices are affordable in comparison to several VCDs, which are used after the transfemoral access. In the global External Hemostatic Devices segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$91.9 Million in the year 2020 will reach a projected size of US$125.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.3 Million by the year 2026, while Latin America will expand at a 4.9% CAGR through the analysis period.

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.

Table of Contents

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Vascular Closure Devices – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • 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
  • Fatalities by Heart Conditions: Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • 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
  • 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

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Graying Population Spurs Growth of Vascular Closure Devices

CHINA

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Ageing Demography – An Opportunity Indicator
  • European Population by Age Group (2016, 2030 & 2050): Percentage Share Breakdown by Age Group for 0-14, 15-64, and 65 & Above

FRANCE

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Aging Populace – Potential Opportunities
  • Over 65 Years Individuals as % of the Total Population in Select Asian Countries
  • Healthcare Spending on the Rise

AUSTRALIA

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • Vascular Closure Devices Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 36

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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.