Vascular Closure Devices Market Analysis and Forecast to 2031: By Device Type (Active Vascular Closure Devices {Suture-mediated Devices, Staple/Clip-mediated Vascular Closure Devices, Collagen Plug-mediated Devices}, Passive Vascular Closure Devices {Haem

Vascular Closure Devices Market Analysis and Forecast to 2031: By Device Type (Active Vascular Closure Devices {Suture-mediated Devices, Staple/Clip-mediated Vascular Closure Devices, Collagen Plug-mediated Devices}, Passive Vascular Closure Devices {Haemostasis Pads/Patches, Compression Devices}), By Access (Femoral, Radial), By End-use (Hospitals, Ambulatory Surgical Centers), and Region

The global vascular closure devices market was valued at USD 1.3 billion in 2021 and it is anticipated to grow up to USD 4.8 billion by 2031, at a CAGR of 14.0% during the forecast period.

Vascular closure devices have emerged as an effective alternative to traditional mechanical compression for femoral artery closure. These devices offer several benefits including reduced time for haemostasis, higher patient satisfaction with minimal discomfort and early patient mobilization. With its beneficial applications, the market is predicted to experience higher product demand.

Market Trends and Drivers

Rising prevalence of cardiovascular diseases will drive the market growth during the forecast period. Cardiovascular diseases (CVDs) are one of the leading causes of death worldwide. According to the American Heart Association (AHA), CVDs resulted in 18.6 million deaths in 2019, where most deaths were reported from Eastern Europe and Central Asia. The AHA estimates that by 2030, 40.5% of the US population is projected to have some form of CVD. The increase in the prevalence of CVDs is thus likely to increase the demand for catheterization and interventional procedures for diagnosing and treating CVDs. The increasing popularity of these procedures is likely to propel the market for vascular closure devices in the coming years.

Market Restraints and Challenges

High cost of vascular closure devices may hamper the market growth. Vascular closure devices are relatively high-priced devices compared to manual compression devices. The average price of a vascular closure device is about USD 150–250, while that of a manual compression device is about USD 15–25. The cost of VCDs essentially adds up to the patient’s hospitalization bill, increases the per-patient cost for hospitals, and simultaneously reduces profits. The costs associated with manual compression devices, on the other hand, are very low compared to vascular closure devices. Thus, the high cost of vascular closure devices acts as a major factor limiting the market growth. Hospitals are also not reimbursed for vascular closure devices, which is another major factor restricting the demand for these devices.

Global Vascular Closure Devices Market Segmental Overview

The report analyses the Global vascular closure devices market based on device type, access, end-use, and region.

Global Vascular Closure Devices Market by Device Type

Based on device type, it is segmented into active vascular closure devices and passive vascular closure devices. The active vascular closure devices segment is likely to account for the significant market share during the forecast period. The key factors attributing the benefit of active vascular closure devices in shortening time to ambulation and haemostasis. Active vascular closure device utilizes various methods for direct closure of artery entry site using collagen or suture-based products. Increasing product availability catering to larger population provides revenue generation avenues to the segment. Some of these devices include collagen plug devices such as Angio-seal and Mynx, ExoSeal and Starclose device among others. Hence, growing product launches by market players will favour the segment growth.

Global Vascular Closure Devices Market by Access

Based on access, it is segmented into femoral and radial. The femoral segment is likely to dominate the market during the forecast period. Femoral mode is being widely adopted for vascular access during coronary angiography and other interventional procedures. As femoral arteries are relatively less prone to spasm in comparison with radial and permit large size catheters, the segment will observe remarkable growth. Moreover, development of specific devices providing femoral arterial access enhances the segment expansion capabilities. However, some complications associated with femoral access-site such as arteriovenous (AV) fistula, pseudoaneurysm and arterial dissection limits acceptance to certain extent. Thus, considering overall factors and high procedural volume, the segment is estimated to grow robustly during the forecast timeline,

Global Vascular Closure Devices Market by End-use

Based on end-use, it is segmented into hospitals, ambulatory surgery centers, and others. The hospital segment is likely to dominate the X-ray detectors market during the forecast period. High adoption of advanced devices providing enhanced cardiac care will drive the patient preference for hospitals. Growing admissions with heart stroke, demand for catheterization and angiography procedures along with availability of highly trained professionals impels the demand for closure devices in these facilities. Therefore, patient preference for well-equipped emergency cardiac department will fuel the segment revenue in the nearby future.

Geographical Analysis of Global Vascular Closure Devices Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. Presence of major industry players focusing on innovation will contributes to the regional growth. Additionally, increasing hospitalizations associated with cardiovascular diseases driving the patient inflow in facilities impels the regional expansion. According to the Centers for Disease Control and Prevention, more than 454,000 hospitalizations related to atrial fibrillation for primary diagnosis are reported each year in the U.S. Furthermore, sophisticated infrastructure and growing disease spending among the population facilitate the market in the region.

Major Players in the Global Vascular Closure Devices Market

COVID-19 Impact

A worldwide emergency has been caused by the COVID-19 pandemic. Emergence of COVID-19 has impacted the procedural volume of several cardiovascular treatments during the initial period of pandemic. High risk of coronavirus infection during such procedures with increasing hospitalizations of COVID-19 patients resulted in procedure deferral. However, with standard operating protocols and reducing number of patients in some countries, the industry is expected to showcase continued growth. Moreover, organizational collaborations and government support to continue offering effective emergency cardiac care to patients have sustained industrial revenue growth. Although the market has experienced moderate impact during certain period, it will continue to foresee tremendous growth.

Recent Developments

• In May 2022, Teleflex Incorporated announced that it received Health Canada approval for the MANTA Vascular Closure Device – the first commercially available biomechanical vascular closure device designed specifically for large bore femoral arterial access site closure.
• In July 2021, Vivasure Medical Ltd. (Ireland) announced the development of its product, PerQseal Blue. This product is a large-bore vascular closure device used after interventional cardiovascular procedures.
• In September 2021, Abbott acquired Walk Vascular, LLC, to expand its portfolio of peripheral vascular devices.
• In October 2020, Teleflex Incorporated acquired Z-Medica, LLC, an industry-leading manufacturer of hemostatic products that will lead to revenue growth for the company by expanding its product portfolio in the Interventional segment.

Frequently Asked QuestionsQ1. How big is the Vascular Closure Devices market?Ans. The global Vascular Closure Devices market size was USD 1.3 Billion in 2021 and is anticipated to reach USD 4.8 Billion in 2031, growing at a rate of 14.0% from 2022 to 2031.Q2. What is the Vascular Closure Devices market growth rate?Ans. The growth rate of the Vascular Closure Devices market is 14.0%.Q3. Which region holds a major market share for the Vascular Closure Devices market?Ans. North America holds a major market share of the Vascular Closure Devices market in 2021.Q4. Which segment accounted for the largest Vascular Closure Devices market share?Ans. By end user, the hospitals segment accounted for the largest Vascular Closure Devices market share.Q5. Who are the key players in the Vascular Closure Devices market?Ans. The global Vascular Closure Devices market report includes players such as Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), and Tricol Biomedical (US) among others.Q6. What are the factors driving the Vascular Closure Devices market growth?Ans. The major factors driving the growth of the market are the increasing incidence of cardiovascular disease across the globe.Q7. What are the key growth strategies of Vascular Closure Devices market players?Ans. The key growth strategies of Vascular Closure Devices market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Vascular Closure Devices market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Vascular Closure Devices market during the forecast period.

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