Vascular Closure Device (VCD) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The vascular closure device (VCD) market is anticipated to exhibit a CAGR of 6.82 % over the forecast period.

With the emergence of COVID-19, there is seen a reduction in the non-emergency surgical procedure, which has impacted the growth of the market. According to the research article published in Best Practice and Research: Clinical Anesthesiology, 2020, a combined risk was associated with cardiac surgery during the COVID-19 pandemic in which both patients and healthy healthcare workers were at higher risk of infection. Additionally, the research study of Elsevier Public Health Emergency Collection article titled ‘Emerging practice patterns in vascular surgery during the COVID-19 pandemic’ published in April 2020 reported that vascular surgery decreased by the volume amid the COVID-19 pandemic. It reports that the average weekly surgical volume decreased by 71.7%. It also reported that the trainee surgical volume also decreased by 86.4% for the vascular surgery fellow.

Factors such as an increase in catheterization-related procedures, a rise in demand for minimally invasive solutions, and ease of usage of VCDs, coupled with the growing burden of cardiovascular diseases, are driving the growth of the market. The several advantages of minimally invasive surgeries, such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time, are encouraging an increasing number of patients to opt for minimally invasive balloon angioplasty surgeries. The growing burden of cardiovascular disease and deaths due to it generates the need for the devices for the treatment and hence drives the market's growth. For instance, the World Health Organization article titled ' Cardiovascular Diseases: Key Facts' updated in June 2021, reported that cardiovascular diseases (CVDs) are the leading cause of death globally. In 2019, an estimated 17.9 million people died from CVDs around the world, representing 32% of all global deaths. It also reported that out of these deaths, 85% were due to heart attack and stroke.

Additionally, the market growth is also propelled by the launch of new products. For instance, in September 2021, Haemonetics Corporation received the US Food and Drug Administration's approval for VASCADE MVP Venous Vascular Closure System. Thus, the number of approvals by the regulatory authority for the products by different market players is boosting the growth of the market. However, the high cost of products and complications associated with VCDs may hinder the growth of the market over the forecast period.

Key Market Trends

Femoral Access Segment is Expected to Show Significant Growth Over the Forecast Period

Femoral vascular closure devices are powerful tools for interventional cardiologists and other proceduralists to achieve hemostasis at the catheterization entry site. The market segment growth is boosted by the research studies demonstrating the benefits of femoral vascular closure devices. For instance, the Journal of Cardiology and Cardiovascular Medicine article titled ‘Femoral venous closure: A single-center retrospective analysis in real-world all comers with MynxGrip vascular closure device’ published in June 2020, concluded that the safety and efficacy of the MynxGrip device for femoral venous closure with same-day discharge, even with concomitant aggressive antiplatelet and anticoagulant use. Such benefits of the femoral access vascular closure devices promote their usage, hence driving the growth of the market segment. Additionally, the collaboration among the market players for the marketing and commercialization of devices in different regions is driving the growth of the market segment. For Instance, in July 2019, Keystone Heart Ltd signed a distribution agreement with Ireland-based Vasorum Ltd for sales and marketing of its Celt ACD Vascular Closure Device in the US and European markets. The device achieves closure by applying a proprietary biocompatible implant to both the inside and the outside of the puncture site in the femoral artery at the level of the arterial wall. Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.

North America Holds Major Share in the Market and Expected to do the Same Over the Forecast Period

The well-established healthcare infrastructure, the growing burden of cardiovascular diseases, coupled with an increase in catheterization-related procedures, and the rise in demand for minimally invasive solutions in the country are driving the growth of the market in the region. According to the Center for Disease Control and Prevention (CDC) article titled ‘Heart Diseases Facts’ updated in February 2022, heart disease is the leading cause of death in the United States. It also reported that about 659,000 people in the United States die from heart disease each year. In 2019, coronary heart disease was the most common type of heart disease, which killed nearly 360,900 people in the United States. Such a high burden of the disease generates the need for vascular closure devices and drives the growth of the market in the region. Additionally, the market growth is also boosted by approval from the regulatory authorities such as the US Food and Drug Administration and Health Canada. For instance, in February 2019, Teleflex Incorporated received premarket approval (PMA) from the US Food and Drug Administration for the MANTA Vascular Closure Device. It is one of the first commercially available biomechanical vascular closure devices designed specifically for large bore femoral arterial access site closure. Furthermore, the collaboration among the market players to commercialize the products is also augmenting the growth of the market. For instance, in August 2020, Vasorum Ltd and VeryanMedical Ltd announced that VeryanMedical would support the commercialization of Vasorum'sCelt arterial closure device (ACD) in the United States. Thus, owing to the abovementioned factors, the neurofeedback system is expected to project growth over the forecast period.

Competitive Landscape

This market is expected to witness lucrative growth due to a high level of competitive rivalry, which translates to high revenue generation in this sector. The prominent players in this market are involved in developing novel VCDs and, in turn, broadening their product portfolios. Acquisition and collaboration with small companies to enhance presence are also expected to propel growth in this vertical. The major players in the market are Abbott Laboratories, Cardinal Health Inc., Biotronik SE & Co. KG, Cardinal Health Inc., CardivaMedical Inc., and Terumo Corporation.

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