Vascular Closure Devices Market Overview
The global vascular closure devices market is projected to register a CAGR of 6.8% during the forecast period (2018–2023) and acquire a substantial valuation.
Vascular Closure Devices Market Dynamics
The growing use of vascular closure devices, the rising need for innovative care and the growing testing and clinical trials for vascular closure devices are expected to fuel the growth of this industry. The high tissue closure rate of vascular closure devices would facilitate the development of this product line. The global vascular closure devices market will experience substantial growth due to increasing prevalence of multiple cardiovascular and neurovascular diseases. Increasing numbers of health issues and rising levels of obesity will be a driving force of the industry. Other main factors are contributing to the growth of the industry, such as untapped market prospects in developing economies, growing spending by government agencies and increasing acceptance rates of minimally invasive techniques. Moreover, the ability of VCDs to resolve risks, such as extended bed rest and patient pain, is expected to revolutionize the VCDs industry.
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In comparison, issues with goods such as high cost, low reliability, and low performance, are of primary interest contributing to product recalls. These factors, including the high cost of vascular closure products, product recalls and defects, and the increased preference for interventional procedures using radial artery entry, have limited the development of the global market. These factors are responsible for product replacements and missed sales to the firms, giving customers a poor view of the product, and thus reducing its acceptance.
Vascular Closure Devices Market Segmental Analysis
The global vascular closure devices market is analysed on the basis of application, access, procedures, product type, and end user.
The vascular closure devices market, by product type is segmented into active vascular closure devices, pasive vascular closure devices, and external hemostatic devices. The passive category is projected to have greatest sales growth from 2012 to 2015. Passive vascular closure systems are the most commonly used vascular closure devices in the industry, owing to the many benefits they have relative to manual procedures. Moreover, the active devices category is likely to experience greater demand as they shorten the time to ambulation and exhibit greater energy performance ratios than manual compression.
Based on access, the vascular closure devices market is divided into femoral access, and radial access. The femoral access segment is expected to lead the market in 2017 since the vast majority of physicians and cardiologists favor femoral access during interventional procedures, and there are less risks associated with that route.
On the basis of procedures, the market is bifurcate into interventional cardiology and interventional radiology/vascular surgery. The market for interventional cardiology is expected to develop the fastest of all cardiology technologies. The vast proportion of this category can largely be due to the high prevalence of coronary diseases and the growing population of obese people worldwide.
Based on application, the vascular closure devices market is segmented into therapeutic intervention, and diagnostic intervention.
On the basis of end user, the market is segmented into hospitals & clinics, ambulatory surgery centers, specialty centers, and others.
Vascular Closure Devices Market Regional Analysis
The Americas are expected to lead the global vascular closure devices market due to factors such as a rise in research funding and the increased consciousness of medical professionals about vascular closure devices. North America, particularly Canada and the United States, is bursting with potential opportunities in the vascular closure industry. Development is driven by the growing prevalence of lifestyle disorders and government interventions in establishing revolutionary technologies. The North American market will grow due to PCI demand, the preference for minimally invasive procedures, and the rising number of vascular procedures. Ease of use and rapid hemostasis of VCDs with reduced use of conventional arterial entry is also likely to boost the regional market.
The European economy is predicted to witness fast growth due to the various efforts by public and private entities that are supposed to propel the market.
Rapid growth is expected in the Asia-Pacific area for vascular closure products. This is attributed to technical developments in the production of cost-effective vascular closure systems, resulting in a high rate of adoption of devices in the Asia-Pacific region.
The Middle East and Africa have the smallest share of the global VCD market owing to the vast number of diverse and economically diverse countries.
Vascular Closure Devices Market Competitive Analysis
Some of the prominent players in the global intraocular lens market are Terumo Corporation, Cardinal Health Inc., Morris Innovative, Inc., Medtronic plc, Cardiva Medical Inc., Abbott Laboratories, Essential Medical, Inc., Vasorum Ltd., Merit Medical Systems, Inc., TZ Medical, Inc., Transluminal Technologies LLC, Vivasure Medical Ltd., Vascular Closure Systems, Inc., among others.
Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
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