The Vascular Closure Device Market is segmentedby Device Type (Passive Approximators, Active Approximators, and External Hemostatic Devices),by Procedure Type (Interventional Cardiology, and Interventional Radiology/Vascular Surgery), andbyRegion – (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]) - COVID-19 Impact Analysis and Forecast to 2028.
The Vascular Closure Device Market is segmented by Device Type (Passive Approximators, Active Approximators, and External Hemostatic Devices), by Procedure Type (Interventional Cardiology, and Interventional Radiology/Vascular Surgery), and ...
“The Vascular Closure Device Market is expected to grow from USD 0.96 billion in 2021 to USD 1.56 billion by 2028 at a decent CAGR of 7.16% during the forecast period”.
Vascular Closure Devices (VCDs) are medical devices that are used in sealing puncture of the femoral artery in patients who have undergone interventional procedures or diagnostic angiography procedures. These devices offer immediate sealing of the femoral artery access site which is not the case with manual or mechanical compression.
Market Drivers
Increasing incidents of cardiovascular disease across the globe is a key factor bolstering product demand. Also, a shift of medical facilities toward minimally invasive procedures coupled with the usage of imaging technologies & radiotherapy has created lucrative growth opportunities for the market players
Moreover, the deployment of imaging technologies to monitor cardiac functions is likely to further increase the demand for heart surgeries, thus boosting the industry's growth in the coming years.
COVID-19 Impact
The COVID-19 pandemic has moderately affected the vascular closure device industry. The rapid spread of COVID-19 has led to several thousands of hospital admissions.
The focus of healthcare professionals has been shifted toward the treatment of COVID-19-infected patients, which affected the treatment of non-emergency medical conditions, amid the pandemic.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Device-Type Analysis
Passive Approximators, Active Approximators, and External Hemostatic Devices
The active approximators segment is expected to grow at a significant CAGR during the forecast period.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World
The North American market is projected to grow at a healthy CAGR in the coming years.
By Device Type
“The active approximators segment held the largest market share in 2021 and is expected to grow at a significant CAGR during the forecast period”.
The vascular closure device market has been classified into passive approximators, active approximators, and external hemostatic devices. Under these, the active approximators segment held the largest market share of >55% in 2021 and is likely to grow at a considered CAGR during the forecast period.
Active vascular closure device uses different methods for direct closure of the artery entry site by using sutures or collagen-based products. Moreover, growing product availability catering to a larger population offers revenue generation avenues, thus bolstering the segment growth.
Regional Analysis
“The North American market held a significant market share in 2021 and is projected to grow at a healthy CAGR in the coming years”.
The vascular closure device market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The North American market held a significant market share of almost >40% in 2021 and is projected to grow at a healthy CAGR in the coming years.
Rising healthcare expenditure, favorable reimbursement scenario, and growing hospitalizations associated with cardiovascular diseases boost the patient inflow in facilities and further augment the regional market growth.
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Key Players
The following are the key players in the Vascular Closure Device Market (arranged alphabetically)
Abbott Laboratories (US)
Cardiva Medical (US)
Cordis (US)
Essential Medical (US)
Medtronic (Ireland)
Merit Medical (US)
Morris Innovative (US)
TZ Medical (US).
Terumo (Japan)
Vasorum (Ireland)
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Vascular Closure Device Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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Detailed profiling of additional market players (up to three players)
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Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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Terumo (Japan), Abbott Laboratories (US), Cordis (US), Cardiva Medical (US), Medtronic (Ire-land), Morris Innovative (US), Essential Medical (US), Merit Medical (US), Vasorum (Ireland), and TZ Medical (US) are among the key players in the market.
