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

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.