USD 1.59 billion
Vascular Closure Device Market Size, Share, Growth Analysis, By Product Type(Active Approximators and Passive Approximators), By Access(Femoral Access and Radial Access), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2810 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
59
|Figures:
75
Vascular Closure Device Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
6.50% CAGR
Global Vascular Closure Device Market ($ Bn)
Country Share for North America Region (%)
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Vascular Closure Device Market Segmental Analysis
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.
Global Vascular Closure Device Market By End-use
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Vascular Closure Device Market Regional Insights
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.
Global Vascular Closure Device Market By Region
- Largest
- Fastest
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Vascular Closure Device Market Dynamics
Drivers
Increasing Demand for Catheterization and Interventional Procedures
- Cardiovascular diseases (CVDs) stand as a prominent global cause of mortality, contributing significantly to the overall death toll. According to data from the American Heart Association (AHA), CVDs accounted for 18.6 million deaths in 2019, with a notable concentration in Eastern Europe and Central Asia. The AHA further forecasts that by 2030, approximately 40.5% of the United States population is expected to experience some form of CVD. This escalating prevalence of cardiovascular diseases is poised to drive the demand for catheterization and interventional procedures aimed at diagnosing and treating CVDs. The growing popularity of these procedures is anticipated to be a key driver propelling the market for vascular closure devices in the forthcoming years.
Prevalence of Chronic Diseases
- The Vascular Closure Device market is experiencing substantial growth, largely fueled by the pervasive prevalence of cardiovascular diseases worldwide. Cardiovascular diseases, a leading cause of global mortality, accounted for 18.6 million deaths in 2019, with a notable concentration in Eastern Europe and Central Asia, as reported by the American Heart Association (AHA). Projections indicate that by 2030, approximately 40.5% of the U.S. population will be affected by some form of cardiovascular disease. This escalating prevalence underscores the critical need for diagnostic and interventional procedures, driving an increased demand for vascular closure devices in the market as they play a crucial role in managing and treating cardiovascular conditions.
Restraints
Risk of Complications and Adverse Events
- The Vascular Closure Device Market faces the challenge of addressing potential risks of complications and adverse events associated with its use. While these devices aim to enhance procedural outcomes and minimize complications, there is an inherent risk of complications such as bleeding, hematoma formation, pseudoaneurysm, and vascular injury. Adverse events, though infrequent, may include infection, allergic reactions to device components, and thrombosis. Ensuring rigorous adherence to proper procedural techniques, meticulous patient selection, and continuous monitoring are crucial in mitigating these risks. Manufacturers and healthcare professionals play a pivotal role in developing and implementing strategies to minimize the occurrence of complications and adverse events, emphasizing patient safety in the utilization of vascular closure devices.
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Vascular Closure Device Market Competitive Landscape
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
- Abbott Laboratories
- Terumo Corporation
- Cardinal Health
- Medtronic plc
- Boston Scientific Corporation
- Merit Medical Systems, Inc.
- B. Braun Melsungen AG
- Cook Medical
- InSeal Medical
- Marine Polymer Technologies, Inc.
- Cardiva Medical, Inc.
- Essential Medical, Inc.
- Teleflex Incorporated
- Vascular Solutions (Acquired by Teleflex)
- Vivasure Medical Ltd.
- Scion BioMedical
- Transluminal Technologies
- Morris Innovative, Inc.
- TZ Medical, Inc.
- Carden Jennings Publishing Co., Ltd.
Recent Developments
- In March 2024, Haemonetics HAE entered into a definitive agreement to acquire privately held Attune Medical — the manufacturer of the ensoETM proactive esophageal cooling device. Attune Medical's ensoETM will bolster Haemonetics' presence in the electrophysiology market and complement its leadership in Vascular Closure.
- In January 2024, University Hospitals (UH) Harrington Heart & Vascular Institute recently became the first center in the world to implant Medtronic’s Penditure Left Atrial Appendage (LAA) Exclusion System through a minimally invasive approach during a mitral valve repair procedure. This was also the first time this device and approach were used simultaneously in a human.
- In August 2023, Haemonetics announced the first patients treated with its Vascade MVP venous vascular closure system in Germany.
Vascular Closure Device Key Market Trends
Increasing Distinction of Biodegradable Closure Devices
- A remarkable trend in the Vascular Closure Device market is the increasing importance of biodegradable closure devices. These innovative devices represent a significant leap in vascular interference technology by incorporating biodegradable materials that undergo progressive disintegration, promoting natural healing processes. Biodegradable closure devices offer distinct advantages, such as reducing the long-term presence of foreign materials within the body, mitigating potential complications associated with permanent implants. Their biocompatible nature aligns with the growing emphasis on patient safety and comfort. The demand for biodegradable closure devices is on the rise, driven by their ability to provide effective vascular closure while addressing concerns related to long-term implantation, making them a promising avenue for enhancing patient outcomes in minimally invasive vascular procedures.
Vascular Closure Device Market SkyQuest Analysis
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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vascular Closure Device Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vascular Closure Device Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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