Vascular Closure Devices Market

Market Overview:

The global vascular closure devices market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028. The burgeoning healthcare industry, increasing prevalence of cardiovascular diseases, and the rising demand for effective blood loss management in patients represent some of the key factors driving the market.

Vascular closure devices (VCDs) are used in hospitals, clinics, and specialty and ambulatory surgery centers across the globe to immediately seal the small puncture made in an artery after an angiogram. These devices are widely utilized among patients undergoing catheterization via the femoral route as compared to traditional mechanical compression. They assist in reducing the risk of immediate bleeding from the groin puncture site. Besides this, they also aid in setting a large body habitus and anticoagulation and antiplatelet therapies. As they offer various benefits, such as reducing the time to hemostasis, facilitating patient mobilization, lowering patient discomfort associated with prolonged bed rest, decreasing hospital stays, and preventing femoral artery complications, the demand for VCDs is increasing worldwide.

Vascular Closure Devices Market Trends:

At present, there is a rise in the prevalence of cardiovascular diseases (CVDs), such as stroke and coronary heart, peripheral arterial, and aortic diseases, across the globe. This, along with the burgeoning healthcare industry, represents one of the key factors supporting the growth of the market. Besides this, the escalating demand for catheterization and interventional procedures for diagnosing and treating CVDs is offering lucrative growth opportunities to industry investors. In addition, the growing demand for advanced surgical equipment in hospitals and surgical centers is positively influencing the market. Moreover, there is an increase in the demand for femoral mode for vascular access during coronary angiography and other interventional procedures around the world. This, coupled with the growing demand for non-invasive procedures to avoid stitches and scarring, is positively influencing the market. Apart from this, the rising focus of doctors on effective blood loss management in patients during surgical procedures is strengthening the growth of the market. Additionally, key manufacturers operating in the industry are focusing on manufacturing large-bore vascular closure devices. In line with this, the increasing number of registrations for innovative devices by key market players is propelling the growth of the market. Furthermore, the rising awareness among the masses about the benefits of VCDs, such as enabling minimal invasions, high patient outcomes, early ambulation, and comfort during procedures, is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vascular closure devices market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on product, access, procedure, and end-user.

Product Insights:

• Passive Approximators
  • Collagen Plugs
  • Sealant or Gel-Based Devices
  • Compression-Assist Devices
• Active Approximators
  • Suture-Based Devices
  • Clip-Based Devices
• External Hemostatic Devices
   

The report has provided a detailed breakup and analysis of the vascular closure devices market based on the product. This includes passive approximators (collagen plugs, sealant or gel-based devices, and compression-assist devices), active approximators (suture-based devices and clip-based devices) and external hemostatic devices. According to the report, passive approximators represented the largest segment.

Access Insights:

• Femoral Access
• Radial Access
   

A detailed breakup and analysis of the vascular closure devices market based on access has also been provided in the report. This includes femoral and radial access. According to the report, femoral access accounted for the largest market share.

Procedure Insights:

• Interventional Cardiology
• Interventional Radiology/Vascular Surgery
   

A detailed breakup and analysis of the vascular closure devices market based on procedure has also been provided in the report. This includes the interventional cardiology and interventional radiology/vascular surgery. According to the report, interventional cardiology accounted for the largest market share.

End-User Insights:

• Hospitals
• Ambulatory Surgical Centers
• Others
   

A detailed breakup and analysis of the vascular closure devices market based on end-user has also been provided in the report. This includes hospitals, ambulatory surgical centers, and others. According to the report, hospitals accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, North America was the largest market for vascular closure devices. Some of factors driving the North America vascular closure devices market included the growing prevalence of cardiovascular diseases, rising trend of one-day surgeries for vascular procedures, increasing clinical trials for vascular devices, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global vascular closure devices market. Detailed profiles of all major companies have also been provided. Some of the companies include Abbott Laboratories, Cardiva Medical Inc. (Haemonetics Corporation), Cordis Corporation (Cardinal Health Inc.), ENDOCOR GmbH & Co. KG, Merit Medical Systems Inc., Morris Innovative Inc., Teleflex Incorporated, Terumo Medical Corporation (Terumo Corporation), Transluminal Technologies LLC, Vasorum Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global vascular closure devices market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global vascular closure devices market?
• What are the key regional markets?
• Which countries represent the most attractive vascular closure devices markets?
• What is the breakup of the market based on the product?
• What is the breakup of the market based on access?
• What is the breakup of the market based on the procedure?
• What is the breakup of the market based on the end-user?
• What is the competitive structure of the global vascular closure devices market?
• Who are the key players/companies in the global vascular closure devices market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vascular closure devices market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global vascular closure devices market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vascular closure devices industry and its attractiveness. 
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.