Vascular Closure Devices Market Overview
Vascular closure devices are intended to prevent arterial blood loss or bleeding after an endovascular surgery needing catheterization such as angioplasty, stent and heart thrombectomy.
The global vascular closure devices market size is experiencing a rapid growth surge owing to the continually expanding number of cardiac procedures resulting from a combination of the growing prevalence of cardiopathies and exposure to risk factors. As the American Heart Association opined in their report, cardiovascular disease accounted for 836,546 deaths in the U.S. in 2018 and almost 2,300 U.S. citizens die of cardiovascular disease per day. According to data estimates, almost 92.1 million Americans suffer from cardiovascular disease in 2018. Thus, a large market is easily comprehendible.
The growing exposure to risk factors, such as substance abuse, sedentary living, the growing number of obese people and consumption of fatty foods is another cause behind the drivers of the vascular closure devices market.
Market Research Future (MRFR) discusses in the report about the growth of the global vascular closure devices market, which according to them is expected to register a strong CAGR of over 6.8% over the assessment period of 2016 to 2023.
New product development is the key to dominate the vascular closure devices market. The emergence of bioabsorbable novel materials such as polyethylene glycol is driving a faster adoption owing to greater patient comfort and gentle deployment of the closing plug and lack of intravascular components.
Additional factors that are substantiating the market growth include growing per capita income, health insurance and growing reimbursement towards heart diseases. The dramatically growing expanse and reach of hospitals are further expected to drive substantial market growth.
Global Vascular Closure Devices Market – Segments
The report has three segments to widen the scope of understanding,
By Product Type : Passive Vascular Closure Devices (Plug-Based Devices, Sealant or Gel-Based Devices, Compression Assist Devices), Active Vascular Closure Devices (Clip-Based Devices, Suture-Based Devices, And Gamma-Retroviral Vectors), and External Haemostatic Devices, among others.
By Access : Femoral Access, and Radial Access, among others.
By Procedures : Interventional Cardiology and Interventional Radiology/Vascular Surgery, among others.
By Applications : Diagnostic Intervention, And Therapeutic Intervention, among others.
By End-Use : Hospitals & Clinics, Specialty Centres, Ambulatory Surgery Centres, among others.
By Regions: Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Vascular Closure Devices Market Regional Analysis
North America dominates the global vascular closure devices market with a large patient pool and greater healthcare expenditure. The excellent reimbursement on healthcare coupled with the high preference healthcare coding for heart ailments is another driver of the vascular closure devices market.
The vascular closure devices market in Europe is expected to grow at a healthy rate owing to greater rates of hospitalization in Europe. The proliferating medical devices and pharmaceutical industry in the region are expected to drive a large export market especially to the Middle East and Latin America. Additionally, factors such as the developments in the healthcare sector are expected to drive the Europe vascular closure devices market.
The market for the Asia Pacific vascular closure devices is anticipated to emerge as the largest market globally. The development of the large pharmaceutical and medical devices industry coupled with the growth of the regional economy is a big stimulus to the market.
Global Vascular Closure Devices Market – Competitive Landscape
The vascular closure devices market is a consolidated market and favors high tech and advanced devices. Manufacturers rely on collaboration and partnerships with large healthcare payers and hospitals so as to develop a large client base and to avoid competition from low-cost players. Thus, the criticality of the product in the cardiac surgery provides high tech players an edge over their smaller competitors.
Companies are developing new manufacturing techniques and materials owing to increasing investment in R&D activities. The industry is witnessing co-development agreements to reduce development costs and commercialization time.
Vascular Closure Devices Market Major Players:
Players leading the global vascular closure devicesmarket include Cardiva Medical Inc., Abbott Laboratories, Morris Innovative, Inc., Terumo Corporation, Cardinal Health Inc., Medtronic plc, Vivasure Medical Ltd. Merit Medical Systems, Inc., Transluminal Technologies LLC, TZ Medical, Inc., Vasorum Ltd., Essential Medical, Inc., Vascular Closure Systems, Inc., among others.
Industry/ Innovation/ Related News:
May 15, 2019 ---- — Cordis, owned by Cardinal Health company, launched its Radial 360 portfolio of vascular closure products, which use the trans-radial approach (TRA). Along with this launch, the company is expected to develop the global market. The TRA approach reduces bleeding complications, is faster, lower in-hospital costs and greater patient comfort and patient discharge. TRA is expected to surge and accounts for approximately 30 percent of percutaneous coronary interventions in the U.S. the company attained the CE Mark in 2017 and the Food and Drug Administration (FDA) clearance in 2018.