USD 1.59 billion
Report ID:
SQMIG35A2810 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
59
|Figures:
75
Global Vascular Closure Device Market size was valued at USD 1.59 billion in 2022 and is poised to grow from USD 1.69 billion in 2023 to USD 2.80 billion by 2031, growing at a CAGR of 6.50% in the forecast period (2024-2031).
Vascular surgery stands at the forefront of ongoing developments in minimally invasive techniques. Among the widely employed diagnostic tools, angiograms play a pivotal role in medical disciplines like interventional cardiology, vascular surgery, and interventional radiology. The escalating prevalence of cardiovascular diseases, alongside a surge in cardiovascular patients, is poised to propel the industry forward. A consequential outcome of this trend is the heightened demand for vascular closure devices, facilitating an upswing in vascular catheterization procedures. The surge in valvular illnesses, myocardial infarction, and congenital heart diseases has propelled the popularity of angiographic procedures. These procedures, known for their ability to reduce bleeding and expedite recovery, often resort to manual compression at the access point. Despite the continued preference for manual compression, various vascular closure devices have been devised to aid surgeons in achieving efficient closure.
The growth trajectory of the vascular closure devices market is projected to be positively influenced by factors such as the increasing prevalence of cardiovascular diseases, a global uptick in heart surgeries, favorable reimbursement policies, and a heightened focus on managing blood loss during surgeries. Innovative technologies, categorized as vascular closure devices, have been developed to swiftly seal minor arterial punctures post-angiography. These devices offer a viable alternative to manual compression, facilitating rapid puncture sealing without the need for prolonged compression.
Biodegradable closure devices, characterized by their material composition that allows for natural healing through progressive disintegration, are witnessing a growing demand. The market is expected to expand further with an increasing inclination toward topical hemostatic medications and closure devices designed to enhance hemostasis. The segment of other indirect vascular closure devices is anticipated to experience growth, propelled by rising disposable incomes and heightened attention from market participants on large-bore vascular closure devices.
Global Market Size
USD 1.59 billion
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
6.50% CAGR
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Global Vascular Closure Device Market is segmented on the basis of Access, Product Type, End-use and region. By Product Type, the market is segmented into Active Approximators and Passive Approximators. By Access, the market is segmented into Femoral and Radial. By End-use, the market is segmented into Hospitals, Ambulatory Surgical Centers and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product Type
The Vascular Closure Devices Market, categorized by product type, can be further divided into Active Approximators and Passive Approximators. In 2021, the Active Approximators segment secured the largest market share. This dominance is attributed to the increasing adoption of active approximators, driven by their ability to significantly reduce the time required for ambulation. Underactive Approximators, Clip-Based Devices, Suture-Based Devices, and Plug-Based Devices are key categories. Notably, Angio-Seal incorporates two hemostatic techniques, namely active approximation and thrombosis. The heightened efficiency rate compared to manual compression is a key factor propelling the growth of the Active Approximators segment.
Moreover, the Passive Approximators segment is poised to exhibit the fastest Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period from 2022 to 2027. This accelerated growth can be attributed to the increasing use of compression-assisted devices that achieve hemostasis without the need for retained sutures, clips, or plugs. Passive approximators, including devices like Angio-Seal, contribute significantly to this segment's growth.
Analysis By End Use
The market for Vascular Closure Devices, categorized by end-users, can be delineated into Hospitals, Ambulatory Surgical Centers, and Others. In 2021, the Hospitals segment dominated the market, holding the largest share. This ascendancy is attributed to the increasing adoption of Vascular Closure Devices as a secure and cost-effective method for achieving swift hemostasis and enabling early ambulation following angiographic procedures. The Hospitals segment's robust growth is further propelled by the ease of access to well-established infrastructure and the availability of skilled physicians within hospital settings.
Moreover, there is an expectation for the Ambulatory Surgical Centers segment to demonstrate the most substantial Compound Annual Growth Rate (CAGR) of 7.8% throughout the forecast period spanning from 2022 to 2027. This notable growth is ascribed to the prevalent adoption of Vascular Closure Devices, including but not limited to Angio-Seal, within ambulatory care environments.
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In the year 2022, North America held a significant share in the vascular closure device market, recording revenues surpassing USD 689 million. The region is poised for sustained growth until 2032, primarily driven by the heightened prevalence of cardiovascular diseases. The expanding population of elderly individuals, who exhibit a greater susceptibility to cardiovascular ailments, has prompted the establishment of advanced healthcare infrastructure in the region. Furthermore, the presence of extensive reimbursement coverage for medical procedures acts as a compelling incentive for both healthcare professionals and patients. This, in turn, encourages the adoption of innovative treatment alternatives and contributes substantially to the overall progress and advancement of the market.
Asia Pacific is anticipated to exhibit rapid growth throughout the forecast period. Anticipated as the region with the most rapid growth over the next seven years, Asia Pacific is propelled by the emerging economies of China and India. The presence of untapped areas and unmet patient needs has garnered substantial attention from industry players, becoming pivotal factors fueling growth in this dynamic region. Key players from various regions are strategically expanding their product portfolios to establish a foothold in untapped territories, thereby contributing to the overall growth trajectory in Asia Pacific.
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Drivers
Increasing Demand for Catheterization and Interventional Procedures
Prevalence of Chronic Diseases
Restraints
Risk of Complications and Adverse Events
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The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence.
Top Player’s Company Profile
Recent Developments
Increasing Distinction of Biodegradable Closure Devices
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Vascular Closure Device (VCD) market is characterized by dynamic growth propelled by several key factors. The increasing prevalence of cardiovascular diseases globally, coupled with a growing preference for minimally invasive procedures, has fueled the demand for Vascular Closure Devices. Technological advancements have led to the development of innovative devices, incorporating biodegradable materials and sophisticated designs, enhancing safety and efficacy. The market is witnessing a shift towards outpatient care, with VCDs finding increased application in ambulatory surgical centers. The expansion of the market is not only evident in established regions but also in emerging economies, particularly in Asia Pacific. Patient safety is a paramount concern, driving research and development efforts to minimize complications. Additionally, market consolidation through strategic partnerships and acquisitions reflects the industry's focus on strengthening product portfolios and achieving a competitive edge.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.59 billion |
Market size value in 2031 | USD 2.80 billion |
Growth Rate | 6.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Vascular Closure Device Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vascular Closure Device Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vascular Closure Device Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vascular Closure Device Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2810