What is the global market size of Vascular Closure Device Market?

Global Vascular Closure Device Market size was valued at USD 1.5 billion in 2021 and is poised to grow from USD 1.59 billion in 2022 to USD 2.64 billion by 2030, growing at a CAGR of 6.50% in the forecast period (2023-2030).

Vascular Closure Device Market Growth, Size, Share & Trends

Q: What is the key driver of Global Vascular Closure Device Market?

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.

Vascular Closure Device Market Competitive Landscape

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.

FAQs

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).

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. '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.'

Cardiovascular diseases (CVDs) stand as a prominent 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.

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.

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.

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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

Vascular Closure Device Market Competitive Landscape

Vascular Closure Device Market Report Snapshots

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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

Vascular Closure Device Market Competitive Landscape

Vascular Closure Device Market Report Snapshots

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What is the market size of Vascular Closure Device Market?

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