Vascular Closure Devices Market Highlights
According to Market Research Future (MRFR), the global vascular closure devices market is projected to grow significantly and expected to register a CAGR of 6.8% from 2018 to 2023 (forecast period).
Vascular closure devices are medical devices used in sealing femoral artery punctures in patients that have undergone diagnostic angiography or interventional procedures. Vascular closure devices are an alternative to the manual compression process; it takes a longer time to manually compress, depending on the size of the plastic sheath inserted in the artery. Vascular closure devices involve immediate closing of the entry point to the femoral artery, which is not the case with manual or mechanical compression.
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It is expected thatapprovals for vascular closure devices, government initiatives and funding, increased demand for advanced care, increased research, and clinical trials for vascular closure devices, and increasing industry players offering new products would drive the market growth of global vascular closure devices market. The high output rate of vascular closure devices is also expected to fuel growth in the demand for vascular closure devices.Coronary heart disease is a form of heart disease that causes about 370,000 deaths in the U.S. per year, according to data released by the Centers for Disease Control and Prevention (CDC) in 2017.In addition, factors such as the highprevalence of cardiovascular disease and increasing obesity incidence are likely to drive the market.
However, the low quality, the malfunctioning of devices, and the underperformance of devices are of primary concern leading to failures and recalls of products. These factors are responsible for the company’s product replacements and lost sales, generating a negative impact on the product, which may restrict the adoption of such products.
Vascular Closure Devices Market Segmentation
The global market for vascular closure devices is segmented according to product type, access, procedures, application, end-user, and region.
The market for vascular closure devices is classified by product type into passive vascular closure devices, active vascular closure devices, and external hemostatic devices. The category for passive vascular closure devices is further divided into plug-based devices, sealant or gel-based devices, and compression assists devices.
The active section of vascular closure devices is further broken down into clip-based devices, suture-based devices, and gamma-retroviral vectors.
Based on access, the vascular closure devices market is categorized into femoral access, and radial access
Based on procedures, the market is divided into interventional cardiology and interventional radiology/vascular surgery.
Based on the application, the market is divided into diagnostic intervention, and therapeutic intervention.
Based on end-users, the market is divided into hospitals & clinics, specialty centers, ambulatory surgery centers, and others.
Vascular Closure Devices Market Regional Analysis
Based on the region, the global vascular closure devices market is segmented into the Americas, Europe, the AsiaPacific, and the Middle East and Africa.
The Americas are expected to dominate the global market for vascular closure devices due to factors such as growing awareness among medical professionals about the vascular closure devices along with increased research funding. For example, the introduction of the Next Generation vascular closure system Mynx Ace by AccessClosure Inc. was presented at the 2014 American College of Cardiology (ACC) Scientific Session in the United States in 2014.
Europe is projected to hold the second-largest share in the market for vascular closure devices, owing to the various public and private initiatives to support the growth of the market for vascular closure devices. The AsiaPacific was projected as the fastest-growing area on the global market for vascular closure devices. This is due to technological developments leading to the production of cost-effective vascular closure devices leading to high acceptance rates of devices in the AsiaPacific region.
Due to the existence of economically diverse nations, and fewer government initiatives, the Middle East and Africa have the lowest share in the global vascular closure devices market.
Vascular Closure Devices Market Key Players
Abbott Laboratories, Cardinal Health, Inc., Terumo Corporation, Medtronic plc, Arstasis, Inc., Cardiva Medical, Inc., Chitogen, Inc., Essential Medical, Inc., Marine Polymer Technologies, Inc., Morris Innovative, Inc., Scion Cardio-Vascular, Inc., Tricol Biomedical, Inc., TZ Medical, Inc., and Vascular Closure Systems, Inc. are some of the key players in the global vascular closure devices market.
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