Vascular Closure Devices Market

Vascular Closure Devices Market Size:

The global vascular closure devices market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032. Increasing prevalence of cardiovascular disease (CVDs), rising vascular procedures, technological advancements in closure devices, aging population demographics favoring minimally invasive (MI) treatments, regulatory support, strategic industry initiatives, expanding healthcare expenditure in emerging markets, challenges in device approval, and ongoing innovation efforts are some of the factors stimulating the market expansion.

Vascular Closure Devices Market Analysis:

• Major Market Drivers: The growing adoption of catheterization procedures for the treatment of coronary artery disease and the increasing prevalence of cardiovascular diseases (CVDs) are the major factors driving the growth of the vascular closure devices market growth. The innovation in minimally invasive (MI) surgeries increases the adoption of such devices due to shorter recovery time and complications, which is boosting the market growth. Additionally, growing geriatric population prone to vascular diseases and the surging number of obese patients around the world have led to a higher incidence of CVDs, which, in turn, is accelerating the market growth. Additionally, the availability of advanced health care infrastructure, particularly in the developing countries, for non-surgical but advanced procedures like using vascular closure devices, is another growth-inducing factor. Moreover, the vascular closure devices market share is propelled by the increasing demand for diagnostic and therapeutic procedures, which are non-invasive and allow patient comfort and eliminate the likelihood of fast ambulation post-surgery.
• Key Market Trends: Rapid innovation is one of the prominent drivers in the vascular closure devices market which has led to the growth of user-friendly devices. Moreover, the shifting preference towards bioresorbable or absorbable devices that aid to reduce risk of long-term complications and negate the need for device removal. Furthermore, active closure devices are increasingly being adopted in the market as they offer immediate hemostasis. Apart from this, personalized medicine is also gaining popularity as they are customizable to the patient's individual condition and anatomy. Apart from this, technology advancements have paved way to the development of telemedicine and remote monitoring, which are incorporating with post-procedural care leading to improved patient management after vascular closures, which is another key vascular closure devices market trends.
• Geographical Trends: Regionally, North America is the most lucrative marketplace for the global vascular closure devices market on account of a well-developed healthcare infrastructure, burgeoning healthcare expenditure, and increased incidence of cardiovascular disorders. The market is competitive with strong regulatory support for medical devices by governments & research and development (R&D) Investments in the region. Europe is right behind with their steady progression towards advanced technologies and supportive healthcare policies. However, Asia-Pacific is expected to experience the highest rate of growth because of improved healthcare infrastructure, a growing number of medical tourism facilities in developing economies, and increased awareness of MI techniques.
• Competitive Landscape: The competitive landscape of the market is characterized by the presence of companies, such as 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.
• Challenges and Opportunities: The vascular closure devices market faces challenges such as stringent regulatory policies, which can delay product approvals and market entry. There is also a high cost associated with advanced technologies, limiting adoption in cost-sensitive markets. Moreover, the risk of complications such as infections and blood vessel damage pose a challenge to the market growth. However, these challenges present opportunities for innovation in developing safer and more effective closure devices. There is also a significant opportunity in emerging markets, where healthcare infrastructure improvements and increasing healthcare expenditure create a growing demand for advanced medical devices, which is driving the vascular closure devices market outlook.
   

Vascular Closure Devices Market Trends:

Increasing Prevalence of Cardiovascular Diseases (CVDs) and Rising Vascular Procedures

Rapid increase in global cardiovascular diseases is the major factor driving the global vascular closure devices market. According to the Centers for Disease Control and Prevention (CDC), every 33 seconds, one person dies from cardiovascular disease. Heart disease was responsible for the loss of roughly 695,000 people during 2021, or about 1 in every 5 deaths. There is a growing burden of coronary artery disease (CAD) and peripheral vascular disease (PVD) as populations age and adopt a more sedentary lifestyle. This trend is directly associated with an increase in vascular procedures, such as cardiac catheterization and peripheral artery interventions, in which vascular closure devices are witnessing a significant surge in use. They are needed for hemostasis of the puncture site after the procedure is completed and hence reduces the chance of bleeding complications and accelerates the recovery of the patient.

Advancements in Technology and Next-Generation Closure Devices

Significant progress in technology has played an instrumental role in driving the vascular closure devices market. This is further supported by the development of newer devices that feature bioresorbable materials, improved deployment mechanisms and hemostatic properties. These advances help amplify the adequacy and consistency of the closure and also enhance the day-by-day patient care, comfort, and operational effectiveness. Moreover, the shift towards devices that offer quicker hemostasis and reduced time to ambulation post-procedure is particularly beneficial in outpatient settings, aligning with the broader healthcare trend towards minimally invasive procedures and same-day discharge.

Aging Population Demographic and Demand for Minimally Invasive Procedures

The burgeoning aging population around the world, particularly in developed regions, highlights the growing need for procedures such as cardiac catheterizations and angioplasties, which is further stimulating the market growth. Vascular closure devices are indispensable tools as they allow the immediate sealing of access sites without surgical intervention. Moreover, due to shorter recoveries and decreased complications, MI methods are frequently preferred by older adults, and devices, which has further surged the demand for vascular closure devices. In addition, the escalating efforts of healthcare systems to contain cost and enhance patient outcomes and the shift toward to outpatient care are creating a positive outlook for the market.

Vascular Closure Devices Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the product, access, procedure, and end user.

Breakup by Product:

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

Passive approximators accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the 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 are represented the largest segment.

The passive approximators segment is driven by the increasing demand for MI surgical techniques in the healthcare industry. These devices are designed to achieve hemostasis at vascular access sites without active compression, thereby reducing patient discomfort and recovery time. The advancements in material science and device engineering play a crucial role in enhancing the efficacy and safety of passive approximators, ensuring reliable closure of puncture sites. Additionally, the segment benefits from growing regulatory approvals and clinical validations supporting their use in various interventional procedures, which bolsters market acceptance and adoption. Moreover, healthcare providers' preference for devices that offer predictable outcomes and minimize procedural complications contributes to the segment's growth. Apart from this, the shift towards outpatient care settings, driven by cost-efficiency and patient convenience, further propels the demand for passive approximators. The segment also benefits from strategic collaborations and partnerships among industry players to expand product offerings and geographic reach, fostering market expansion.

Breakup by Access:

• Femoral Access
• Radial Access
   

Femoral access accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on access. This includes femoral and radial access. According to the report, femoral access represented the largest segment.

The femoral access segment is driven by the increasing complexity and volume of cardiovascular interventions requiring reliable arterial access. As medical procedures become more intricate, especially in fields like interventional cardiology and radiology, the femoral artery remains a preferred route due to its size and accessibility for delivering devices such as stents and catheters. Healthcare providers favor femoral access for its direct access to major vessels, facilitating comprehensive treatment strategies and minimizing procedural risks associated with alternative access sites. Moreover, advancements in imaging technologies like fluoroscopy and ultrasound enhance the precision of femoral artery access, ensuring safer and more effective procedures. Apart from this, the femoral access segment benefits from continuous innovation in closure devices designed specifically for this route. These devices aim to streamline post-procedural hemostasis, reducing complications such as bleeding and infection, which are critical factors in patient recovery and outcome success. Innovations include bioresorbable plugs, suture-based closure systems, and collagen-based sealants, which provide tailored solutions for varying patient anatomies and procedural requirements.

 Breakup by Procedure:

• Interventional Cardiology
• Interventional Radiology/Vascular Surgery
   

Interventional cardiology accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the procedure. This includes interventional cardiology and interventional radiology/vascular surgery. According to the report, interventional cardiology represented the largest segment.

The interventional cardiology segment is driven by the increasing prevalence of CVDs globally. Conditions such as coronary artery disease and myocardial infarction continue to rise due to aging populations, sedentary lifestyles, and unhealthy dietary habits. This growing disease burden necessitates advanced treatment options like percutaneous coronary interventions (PCI) and transcatheter aortic valve replacements (TAVR), driving demand for interventional cardiology procedures. Moreover, technological advancements in imaging modalities, stents, and catheters enhance procedural efficacy and safety, attracting both patients and healthcare providers towards these MI interventions. The segment also benefits from the expanding role of preventive cardiology, promoting early detection and intervention to mitigate disease progression and reduce the need for more invasive treatments.

Breakup by End User:

• Hospitals
• Ambulatory Surgical Centers
• Others
   

Hospitals accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, ambulatory surgical centers, and others. According to the report, hospitals represented the largest segment.

The hospitals segment is driven by the increasing demand for specialized medical services and advanced treatments that require robust infrastructure and skilled healthcare professionals. Hospitals serve as primary centers for complex procedures and critical care, necessitating a wide range of medical devices, including imaging systems, surgical instruments, and patient monitoring equipment. This demand is further bolstered by the rising incidence of chronic diseases and age-related ailments, driving hospital admissions and the need for comprehensive medical interventions. Apart from this, technological advancements play a pivotal role in enhancing hospital capabilities, from telemedicine solutions that improve accessibility to advanced diagnostic tools that enable more accurate diagnoses and personalized treatment plans. The integration of electronic health records (EHRs) and digital health platforms also supports streamlined patient management and data-driven decision-making within hospital settings, contributing to operational efficiency and patient satisfaction.

Breakup by Region:

• 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
   

North America leads the market, accounting for the largest vascular closure devices market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which 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 accounted for the largest market share.

The North America regional market is driven by the increasing prevalence of CVDs and the subsequent rise in vascular procedures. As one of the leading regions for healthcare innovation and adoption of advanced medical technologies, North America sees a high incidence of conditions like coronary artery disease and peripheral vascular disease, necessitating frequent interventions such as cardiac catheterizations and angioplasties. Vascular closure devices play a crucial role in these procedures, offering efficient hemostasis and reducing post-operative complications, which drives their widespread adoption in clinical practice. The North America regional market is further bolstered by robust technological advancements in vascular closure devices. Innovations such as bioresorbable implants, enhanced hemostatic agents, and improved deployment mechanisms are continually introduced, aiming to improve procedural outcomes and patient comfort. These technological advancements cater to the region's demand for state-of-the-art medical solutions, fostering a competitive market landscape where healthcare providers prioritize the latest advancements to enhance patient care.

Apart from this, the North America regional market is influenced by the stringent regulatory environment and favorable reimbursement policies. Regulatory bodies like the FDA (Food and Drug Administration) ensure the safety and efficacy of vascular closure devices through rigorous approval processes, instilling confidence among healthcare providers and patients. Concurrently, favorable reimbursement frameworks incentivize hospitals and healthcare facilities to adopt these devices, facilitating broader market penetration and sustained growth in the region.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the vascular closure devices 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.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players in the vascular closure devices market are actively engaged in strategic initiatives aimed at expanding their product portfolios and geographical presence. These initiatives often include mergers, acquisitions, and partnerships with other companies to leverage complementary strengths and accelerate innovation. Companies are focusing on developing next-generation closure devices that offer enhanced safety, efficacy, and patient comfort, thereby differentiating their offerings in a competitive market landscape. Additionally, significant investments in research and development (R&D) are directed towards advancing technology, such as the use of bioresorbable materials and improved delivery mechanisms, to address evolving clinical needs and regulatory requirements. Market leaders are also intensifying efforts to strengthen their distribution networks and market penetration strategies, particularly in emerging economies where there is a growing demand for MI procedures. Furthermore, there is a concerted effort among these players to streamline manufacturing processes and reduce production costs to maintain competitive pricing and improve profitability. 

Vascular Closure Devices Market News:

• In 2024: Terumo Medical Corporation introduced its latest innovation, the Angio-Seal™ Evolution Vascular Closure Device, which builds upon the success of its predecessor by incorporating a more user-friendly design and enhanced safety features. The device includes a new active closure mechanism that improves hemostasis and reduces the risk of complications. Additionally, the Angio-Seal™ Evolution offers an ergonomic design for easier deployment, making it more accessible for a broader range of healthcare providers.
• In 2021: Cardiva Medical Inc., a subsidiary of Haemonetics Corporation, announced the expansion of its VASCADE™ Vascular Closure System portfolio with the launch of VASCADE MVP™, a device specifically designed for electrophysiology procedures. This latest addition aims to improve patient outcomes by minimizing bleeding complications and reducing time to ambulation. The VASCADE MVP™ system leverages the company's proprietary collapsible disc technology, which has been shown to enhance safety and efficacy in clinical trials.

Vascular Closure Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry 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 2018-2032.
• The research report 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 assists 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.