Vascular Closure Devices Market Analysis:
The global vascular closure devices market is projected to USD 1.3 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 7.0% during the forecast period., as per the recent MarketsandMarkets analysis. Vascular closure devices are medical devices that are used to close the puncture site on a patient's artery after a medical procedure. They are used to reduce the risk of haemorrhage and allow the patient to heal faster. The global vascular closure devices market is expected to grow at a significant rate over the forecast period. This growth is attributed to the increasing demand for minimally invasive procedures and the increasing prevalence of cardiovascular diseases.
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The growing number of elderly people, who are more prone to cardiovascular diseases, is also expected to drive the growth of the market. In addition, the increasing demand for technologically advanced products and the rising adoption of endovascular intervention procedures are expected to contribute to the growth of the market.
Market Segmentation:
The MnM report provides an inclusive segmental analysis of the global Vascular Closure Devices market based on application and type.
On the basis of type, the vascular closure devices market is divided into passive approximators, active approximators, and external hemostatic devices. The active approximator segment holds the largest share of the market. The growth of the segment can be attributed to the advantages of active approximators, such as reduced time to hemostasis and lower risk of bleeding.
Based on access, the market is categorized as femoral and radial. The femoral segment is expected to account for the larger share of the market during the forecast period. The growing preference for femoral access due to its cost-effectiveness and convenience is contributing to the growth of the segment.
In terms of procedure, the vascular closure devices market is classified as interventional cardiology, interventional radiology/vascular surgery, and other procedures. The interventional cardiology segment is expected to hold the largest share of the market during the forecast period. The growth of the segment can be attributed to the rising number of interventional cardiology procedures.
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Regional Analysis:
The global Vascular Closure Devices market can be divided into four major regions, namely North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America is estimated to dominate the Vascular Closure Devices market owing to its high adoption rate of new advanced technologies, the high presence of key players, and increasing number of clinical trials and research activities in the region.
The Asia Pacific is expected to experience the highest growth rate during the forecast period, 2021-2026. This is mainly due to the increasing number of patients suffering from cardiovascular diseases, the emerging healthcare industry in the region, and the rising demand for minimally invasive techniques in the region.
Europe is expected to hold the second-largest market share in the Vascular Closure Devices market due to the presence of a large pool of potential patients and the increasing awareness about the benefits of vascular closure devices. Moreover, the presence of some leading players in the region is expected to further drive the market growth.
The Rest of the World (RoW) is likely to witness a moderate growth rate during the forecast period, 2021-2026. This is mainly due to the lack of awareness regarding vascular closure devices and the low adoption rate of advanced technologies.
Key Market Players:
The global vascular closure devices market is consolidated. The prominent players operating in this market include Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), Tricol Biomedical (US), Scion Biomedical (US), Advanced Vascular Dynamics (US), Marine Polymer Technologies, Inc. (US), and Rex Medical (US).
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