January 10, 2022
As cited by the research report titled ‘Global Vascular Closure Devices Market Size study, by Type (Passive Approximators, Active Approximators, External Hemostatic Devices), by Access (Femoral Access, Radial Access), by Procedure (Interventional Cardiology, Interventional Radiology/Vascular Surgery), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global vascular closure devices market was valued at USD 0.8 billion in 2020 and is anticipated to register a CAGR of 7% over 2021-2027, eventually amassing a valuation of USD 1.3 billion by the end of study duration.
Increasing prevalence of cardiovascular diseases coupled with rising geriatric population are majorly driving global vascular closure devices market growth. Rising investments in research & development activities of vascular devices are likely to generate lucrative opportunities for the market development over the assessment period.
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Notably, cardiovascular diseases are a major cause of death worldwide. As per the World Health Organization, around 17.9 million people died from cardiovascular diseases in 2019, representing at least 32% of all deaths worldwide. Out of these, over 85% deaths were due to stroke and heart attack. Thus, increasing incidences of heart diseases are estimated to augment the demand for such devices in the upcoming years.
On the downside, rising preference towards using interventional procedures by means of radial artery access is likely to act as a bottleneck for market progression over 2021-2027.
For the record, vascular closure devices are pieces of collagen, metallic clip or stitch that are designed to provide immediate closing of small punctures that are formed in an artery after angiogram.
Based on type, worldwide vascular closure devices industry is segmented into active approximators, external hemostatic devices, and passive approximators. On the basis of access, the marketplace is divided into femoral access, and radial access. Speaking of procedure, the business space is categorized into interventional radiology or vascular surgery and interventional cardiology.
The geographical analysis of the industry includes regions like Asia Pacific, Europe, North America, and Latin America. Analysts cite that North America industry is expected to expand at a significant growth rate over the forecast duration, owing to rising prevalence of cardiovascular diseases and increasing number of cases of cardiac arrest. Moreover, growing popularity of one-day surgeries for vascular procedures, long waiting period for cardiac surgeries and expanding clinical trials are further augmenting the market scope in the region.
Prominent players swaying the global vascular closure devices market trends are TZ Medical Inc., Vasorum Ltd., Merit Medical Systems Inc., Teleflex Inc., Morris Innovative Inc., Medtronic plc, Cardiva Medical Inc., Cardinal Health Inc., Abbott Laboratories, and Terumo Corporation.