Vascular closure devices are usually a suture or a metallic clip or a piece of collagen which is designed in a peculiar so as to seal the punctured artery. The artery is punctured for certain medical investigations like angiography, or such vascular closure devices have application in attaining hemostasis of the hole which is due to the cardiovascular procedure requiring catheterization. These devices were firstly introduced to the market in the early 1990s. Since then the vascular closure devices has gained a significant growth due its single yet crucial application in the closure of the punctured artery. They also help in reducing the patient discharge and the ambulation time. Before the invention of vascular closure devices, the method closure for the arterial puncture was manual compression. The manual compression required for the closure was up to 30 times the manual pressure. There were other methods too for vascular closure, involving few complications. In the initial phase vascular closure devices concentrated more on the concept of collagen plug and suture. They were successful in the closure along with intravascular component in the artery, which may lead to complications.
Recent technology in the vascular closure devices involves the use of some unique material like polyethylene glycol. They have almost no side effects and also help in improving the comfort level of the patient.
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Vascular Closure Device Market: Drivers and Restraints
The global vascular closure device market is driven by the rising incidence of cardiovascular diseases and other indications which involve the parenteral route of nutritional administration like oral-esophageal and stomach cancer. According to CDC (Centers for disease control and prevention) by 2025, 19.3 million cancer patients are expected to be diagnosed each year. Increasing cardiovascular patients owing rising global geriatric population is expected to provide high growth opportunities for the vascular closure devices manufacturers over the forecast period. Moreover, technological developments in new vascular closure devices aimed to increase safety among patients and ease of use for physicians is expected to provide significant growth opportunities for the vascular closure devices manufacturers.
Vascular closure Device Market: Segmentation
The Global Vascular Closure Device Market are segmented into product type and end user
Segmentation based on Product type:
- Passive approximators
- Hemostasis pads
- Compression devices
- Active approximators
- Ploymer based
- Collagen based
Segmentation based on End User Type:
- Ambulatory Surgical Centers
- Independent Catheterization Labs
Vascular Closure Device Market: Region – wise Outlook
The vascular closure device market is expected to witness healthy growth throughout the forecast period with North America expected to be the leading market. High demand for peripheral vascular closure devices from cancer and cardiology patients is projected to boost the market growth over the forecast period. Favorable reimbursement policies for the patients is North America is expected to drive demand for peripheral vascular closure devices in North America over the forecast period. Moreover, several global manufacturers in this region are projected to promote the use of vascular closure devices and in turn the market is expected to increase the adoption rate of the devices. Western Europe is expected to be second largest market followed by North America owing to high awareness related to the use of peripheral vascular closure devices for treatment of cardiovascular and bleeding disorders. APEJ (Asia-Pacific excluding Japan) and Japan are expected to follow next after Western Europe owing to high population and increasing the incidence of cardiovascular diseases in these regions along with growing per capita healthcare expenditure in countries like India and China. Eastern Europe and the Middle East and Africa (MEA) is expected to increase significantly owing to the rise of cancer incidence rate and manufacturers focusing on expansion strategies in this regions.
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Vascular Closure device Market: Key players
Some key players in Vascular Closure Device Market are Abbott Vascular, Morris Innovative, Cordis Corporation, Access Closure, St. Jude Medical, Cardiva Medical, Inc., Scion Cardiovascular, ENDOCOR GmbH, Transluminal Technologies, LLC., Vivasure Medical Ltd. The Companies focus on continuous development of the vascular closure devices in order to provide more patient safety and patient comfort.