Vascular Closure Devices Market Overview
Global vascular closure devices market to Register a High Value CAGR of 6.8% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The report from MRFR profiles the global vascular closure devices market in great detail, analyzing the market’s key drivers and restraints and providing an overview of their likely impact on the market over the forecast period. The economic background of the global vascular closure devices market is also explained in the report in order to contextualize the market’s major drivers and restraints with the prevailing economic landscape. The leading players operating in the global vascular closure devices market are also profiled in the report.
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Vascular closure devices are widely used in interventional cardiovascular operations in order to sealing the femoral artery following a surgical procedure. The growing demand for cardiovascular procedures, especially in developed economies in North America and Western Europe, is likely to be a major driver for the vascular closure device market globally. The rising prevalence of obesity has been a major driver for the prevalence of cardiovascular diseases in recent years, and is likely to remain a key driver for the vascular closure devices market over the forecast period. Factors such as the rising consumption of cigarettes and alcohol by the urban population are also likely to lead to a growing demand for cardiovascular operations, as these factors are highly implicated in the growing prevalence of cardiovascular diseases.
On the other hand, there have been numerous concerns about the quality of vascular closure devices, leading to customer dissatisfaction. Underperformance of the available product lines in the vascular closure devices market is likely to be a major restraint against the global vascular closure devices market over the forecast period. However, this has also presented players in the global vascular closure devices market with an opportunity to develop better devices and thus earn a higher share of the market’s revenue.
Vascular Closure Devices Market Competitive Analysis:
Leading players in the global vascular closure devices market include
- Abbott Laboratories
- Terumo Corporation
- Cardinal Health Inc.
- Cardiva Medical Inc.
- Morris Innovative Inc.
- Medtronic plc
- Essential Medical Inc.
- Merit Medical Systems Inc.
- TZ Medical Inc.
- Vasorum Ltd.
- Transluminal Technologies LLC
- Vascular Closure Systems Inc.
- Vivasure Medical Ltd.
Leading players in the vascular closure devices market are expected to focus on product development and research in the coming years in order to ensure steady growth in the market.
Vascular Closure Devices Industry News/Updates
In August 2019: Cordis announced that its MYNX CONTROL vascular closure device has received CE Mark approval.
June 2019: gel-e announced Breakthrough Status Designation from US FDA for its first-ever internal-use flowable device. These advanced wound treatment and hemostatic products will help to address unmet needs right from the operating room up to the backyard. The injectable hemostat called Life Foam will offer control of bleeding temporarily from non-compressible abdominal wounds which are not amenable to tourniquet application in battlefield conditions and trauma. It has been specially designed for saving lives of traumatic accident victims, terrorist attacks and injured in a battle.
Segmentation:
The global vascular closure devices market is segmented on the basis of product type, access, procedures, application, end user, and region.
By product type, the vascular closure devices market is categorized as passive vascular closure devices, active vascular closure devices, and external hemostatic devices. The passive vascular closure devices segment is further divided into plug-based devices, sealant or gel-based devices, and compression assist devices. The active vascular closure devices segment is further divided into clip-based devices, suture-based devices, and gamma-retroviral vectors.
Based on access, the vascular closure devices market is segmented into femoral access and radial access.
On the basis of procedure, the market is segmented into interventional cardiology and interventional radiology/vascular surgery.
Based on application, the global vascular closure devices market is segmented into diagnostic intervention and therapeutic intervention.
On the basis of end user, the market is segmented into hospitals & clinics, specialty centers, ambulatory surgery centers, and others.
Regional Analysis:
The Americas dominates the global vascular closure devices market, followed by Europe. The growing prevalence of cardiovascular diseases in these two regions is the primary driver for the vascular closure devices market. The growing prevalence of obesity and increasing popularity of smoking are also likely to be crucial drivers for the vascular closure devices market in these developed regions over the forecast period. Asia Pacific is also likely to remain an important regional market for vascular closure devices and is expected to exhibit the highest growth rate over the forecast period.
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