Market Research Future (MRFR) speculates that the global vascular closure devices market size is slated to register a CAGR of 6.8% during the forecast period (2018-2023). The increasing approvals for vascular closure devices are highly favoring the market growth across the globe. Vascular closure devices are referred to as medical devices which are specifically used to seal puncture of the femoral artery in the patients undergoing interventional procedures or diagnostic angiography procedures. These devices are considered an alternative to manual compression as they offer immediate sealing of the femoral artery access site.
Market Potential and Pitfalls
The market’s course is chiefly directed by the rising approval for vascular closure devices, increasing support, and initiatives by the government, and growing demand for advanced treatment. With augmenting research and clinical trials for vascular closure devices coupled with the new product launches by the market players, the global vascular closure devices market is considered to flourish during the appraisal period. Moreover, the high-efficiency rate of vascular closure devices is likely to influence the market growth in the coming years. As per the CDC, coronary heart disease has caused around 370,000 deaths in the U.S. in 2017. Factors such as increased prevalence of cardiovascular diseases and the rising prevalence of obesity across the globe have further contributed to the growth of the market. Moreover, factors such as increased investments by the government organizations, untapped market opportunities especially in the emerging economies, and augmenting adoption rate of minimally invasive techniques are influencing the market growth to a large extent.
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There has been frequent approval of novel vascular closure devices by the regulatory bodies, which has further intensified the growth of the market. For instance, Vivasure Medical Ltd. received the CE Mark for bioabsorbable percutaneous closure device in 2016 for large-bore transcatheter techniques. Moreover, the accelerating demand for angiography owing to the rising incidences of cardiovascular diseases is estimated to influence the market growth.
On the flip side, malfunctioning and poor quality of the devices and their underperformances are some of the top barriers considered to vitiate the market growth globally. Such reasons are responsible for lost revenues to the companies and product replacements, which further create a negative impact on the product, thereby limiting its adoption.
Global Vascular Closure Devices Market: Segmental Analysis
The global vascular closure devices market has been segmented on the basis of access, product type, application, procedures, and end user.
By mode of product type, the global vascular closure devices market has been segmented into active vascular closure devices, passive vascular closure devices, and external hemostatic devices.
By mode of access, the global vascular closure devices market has been segmented into radial access and femoral access. Among these, the femoral access is predicted to gain significance in the coming years as an increased number of physicians and cardiologists are opting for femoral access in interventional procedures.
By mode of procedure, the global vascular closure devices market has been segmented into interventional radiology/vascular surgery and interventional cardiology. Among these, the interventional cardiology is estimated to gain prominence in the coming years owing to the high incidences of cardiovascular diseases coupled with the rapid growth in the obese population.
By mode of application, the global vascular closure devices market has been segmented into therapeutic intervention and diagnostic intervention.
By mode of end-users, the global vascular closure devices market has been segmented into specialty centers, hospitals & clinics, ambulatory surgery centers, and others.
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Geographically, the global vascular closure devices market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Considering the global scenario, the global vascular closure devices market is dominated by the American region. The region is estimated to retain its dominance in the coming years due to the increased awareness regarding vascular closure devices among medical professionals. With the increased research and funding by the government, the market is estimated to propel in this region. For instance, the launch of Next Generation vascular closure device named Mynx Ace by AccessClosure Inc. back in 2014 was presented at the annual scientific session of the American College of Cardiology Scientific Session.
The Asia Pacific region is considered to experience the fastest growth rate in the coming years owing to the technological advancements which have led to the development of cost-effective vascular closure devices. The presence of untapped areas coupled with an unmet need of the patients has attracted attention from the industry players, thereby contributing to the market growth in this region. Moreover, several major players are enhancing their product catalog in order to gain access into the untapped territory, which is further anticipated to contribute to the market growth.
February 06, 2019: Teleflex has recently received its FDA premarket approval for a device which has been specifically designed to seal femoral punctures followed by vascular access medical procedures and to speed the healing of the wound.
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The prominent players operating in the global vascular closure devices market are Vivasure Medical Ltd., Vascular Closure Systems Inc., TZ Medical Inc., Cardinal Health Inc., Essential Medical Inc., Cardiva Medical Inc., Merit Medical Systems Inc., Morris Innovative Inc., Abbott Laboratories, Transluminal Technologies LLC, Terumo Corporation, Vasorum Ltd., and Medtronic plc.