Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global vascular closure devices market, by product type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), by access (Femoral and Radial), by hole size (Small Hole and Large Hole), by end-user (Hospitals, Ambulatory Surgical Centers, and Others) and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was assessed at US$ 848.2 million in 2016 and is anticipated to grow significantly over the forecast period (2017-2025), registering a CAGR of 6.1%.
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Multiple approvals and launches of novel innovative devices is expected to foster the global vascular closure devices market growth in the upcoming years. In 2016, Essential Medical, Inc., received the CE Mark approval for its product MANTA, a bore vascular closure device. In 2016, Vasorum Ltd. received the U.S. Food and Drug Administration (FDA) approval for its proprietary vascular closure device, known as Celt ACD. Furthermore, in 2014, Cardinal Health received the U.S. FDA approval for the MynxGrip vascular closure device, which is extensively employed for the closure of femoral veins.
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Key Takeaways of the Global Vascular Closure Devices Market:
- North America is expected to witness rampant market growth in the global vascular closure devices market over the forecast timeline, owing to the emergence of novel vascular closure devices in the region.
- Mergers and acquisitions (M&A) and collaborations are some of the most effective business growth strategies the leading companies in this market have consistently been adopting.
- The well-known players operating in the global vascular closure devices market include Abbott Laboratories, Medtronic Plc, Transluminal Technologies LLC, Cardinal Health, Inc., Cardiva Medical, Inc., Terumo Corporation, Essential Medical, Inc., Vascular Closure Systems, Inc., Vivasure Medical Ltd., Vasorum Ltd., and Morris Innovative Inc.
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- The key market players are focused on acquiring global businesses in the vascular closure device segment in order to strengthen their product portfolios and extend their geographical reach across the global market.
- In January 2017, Terumo Corporation acquired some of vascular closure products owned by Abbott and St. Jude Medical, Inc. for a total amount of US$ 1.12 billion. The acquired product portfolio includes St Jude Medical’s Angio-Seal and FemoSeal vascular closure product lines, along with Abbott’s Vado Steerable Sheath.
- In the same year, Abbott Laboratories acquired St. Jude Medical, Inc. in an effort to gain a competitive edge in the global vascular closure devices market.
- In 2014, Cardinal Health Inc. acquired AccessClosure Inc. for a sum of US$ 320 million, in order to expand its vascular closure device product portfolio.
- In 2017, Teleflex Incorporated acquired Vascular Solutions, Inc. to expand its vascular closure device product portfolio.
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