Market Research Future (MRFR) announces the publication of its research report – Global Vascular Closure Devices market 2017-2023, Vascular Closure Devices: Increasing prevalence of obesity and rising rate in cardiovascular disorders is likely to drive the growth of the global market at CAGR of 6.5% during 2017 to 2023
Vascular Closure Devices market are used to achieve hemostasis after a cardiovascular procedure. It is usually collagen, a suture, a clip or an external patch that is intended to seal the small puncture after the angiogram procedure.
The global vascular closure devices market is majorly driven by the high prevalence of cardiovascular diseases, high incidence of obesity and rising need for minimally invasive procedures. Additionally, factors such as rising approvals for vascular closure devices, government initiatives, and support, rising demand for advanced treatment, increasing research and clinical trials for vascular closure devices and growing market players offering newer products are likely to drive the market.
Factors that are likely to hamper the growth of the market are the high cost of the vascular closure devices.
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Some of the key players in the vascular closure devices market are Terumo Corporation, Abbott, Cardinal Health Inc., Cardiva Medical Inc., Morris Innovative, Inc., Medtronic plc, Essential Medical, Inc., Merit Medical Systems, Inc., TZ Medical, Inc., and Vasorum Ltd.
The Americas dominate the global vascular closure devices market owing to the rising aging population, which eventually leads to rising patient population. Additionally, rising obesity rates along with increasing cardiovascular disorder rates are likely to enhance the growth of vascular closure devices in the North American region. According to American Heart Association, 31% of the deaths in the U.S. were due to cardiovascular disorders. Similarly, according to Center For Disease Control and Prevention, in 2015, around USD 3.2 trillion was spent on healthcare expenditure in the U.S.
Europe accounts for the second largest market due to increased cardiovascular disorders, and increasing obesity rates. Additionally, increasing government support and increasing healthcare infrastructure along with rising demand for minimally invasive treatment is driving the growth of vascular closure devices market in Europe. For instance, Eurostat estimated that over 19.2% of the population in Europe were aged 65 and above. This rising older population is likely to lead to rising patient population. These factors are likely to drive the growth of the vascular closure devices market.
Asia Pacific is the fastest growing market for the vascular closure devices whose growth is attributed to rising population and increasing standard of living. Additionally, increasing healthcare expenditure and demand for new treatment options along with the rise in government support are likely to drive the growth of the market. India and China are the major contributors to the market growth due to the rapid development of healthcare infrastructure in these regions and increasing demand for diagnostic services.
On the other hand, the Middle East & Africa is expected to witness limited growth due to limited access to the healthcare and lack of awareness among individuals. In the Middle East, the growth of the market is driven by increasing availability of new and advanced diagnostic and treatment methods for various chronic diseases.
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The global vascular closure devices market is segmented on the basis of type, access, application and end user.
On the basis of the type, the market is segmented into passive approximators, active approximators, and external hemostatic devices. On the basis of passive approximators, it is further sub-segmented into collagen plug, sealant or gel-based devices and compression assist devices. On the basis of active approximators, it is further sub-segmented into suture-based devices and clip-based devices.
On the basis of access, the market is segmented into femoral access and radial access.
On the basis of application, the market is segmented into diagnostic intervention and therapeutic intervention.
On the basis of the end user, the market is segmented into hospitals & clinics, specialty centers, and ambulatory surgical centers.
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