Vascular Closure Device Market Size 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), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Mar 2021  |  Report ID: GMI1967  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 200   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry trends

Vascular Closure Device Market size was valued at over USD 1.1 billion in 2020 and is projected to witness around 7.8% CAGR from 2021 to 2027. 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.
 

Vascular Closure Device Market

Get more details on this report - Request Free Sample PDF
 

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.
 

Growing risk of heart stroke coupled with increasing population suffering from various vascular diseases will stimulate the market growth in the coming years. According to the World Health Organization (WHO), cardiovascular diseases are among the leading causes of death accounting for over 17 million deaths each year. Additionally, changing lifestyle and adoption of unhealthy habits including smoking, alcohol consumption and improper diet contributes to escalating number of disease population across the globe. Thus, demand for technologically advanced and highly efficient devices due to increasing procedural volume will offer unprecedented growth opportunities to the market.
 

Technological innovations leading to an increase in number of new product launches will stimulate the vascular closure device market expansion

Along with disease prevalence, technological developments in vascular closure devices will drive industrial revenue over the coming years. Development of vascular closure devices allowed minimal invasions, high patient outcomes, early ambulation, short hospital stay and comfort during procedures. This has led to high product acceptance against manual compression techniques used earlier in the industry. In addition, product approvals with increase in number of registrations for innovative devices by industry players to attain competitive edge will further strengthen the market value.
 

Benefit of active closure devices in shortening of ambulation period will spur the market demand with high product adoption

Active vascular closure device market dominated more than 58% of revenue share in 2020 led by 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.
 

High adoption of femoral mode for vascular access during majority of interventional procedures will positively impact the industry growth

Femoral vascular access segment accounted for USD 957 million in 2020. 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.
 

Increasing hospitalizations with severe cardiovascular conditions and strokes will simulate the industry expansion

Vascular Closure Device Market Size

Get more details on this report - Request Free Sample PDF
 

Hospitals end-use segment dominated more than 59% of the vascular closure device market share in 2020. 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.
 

Rising product demand with growing disease spending will offer unprecedented growth opportunities

North America Vascular Closure Device Market

Get more details on this report - Request Free Sample PDF
 

North America vascular closure device market held over 45% of revenue share in 2020. 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.
 

Prominent industry leaders are extensively focusing on product innovation and strategic collaborations to sustain their competitive advantage

Some of the leading companies operating in the market include Abbott, Terumo Corporation, Cardinal Health, Inc., Teleflex and Merit Medical System among others. These industry participants are adopting various organic as well as inorganic growth strategies to obtain competitive advantage and strengthen their market position.
 

Some of the recent industry developments:

  • In August 2019, Cordis, a Cardinal Health company received CE Mark approval for its Mynx Control vascular closure device in Europe. This has offered growth opportunities to the company, thus strengthening its market position.
     
  • In November 2018, Cordis, a Cardinal Health company announced the launch of its Mynx Control vascular closure device in the U.S. This has assisted the company in business expansion, thereby stimulating its revenue growth.
     

The vascular closure device market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Device Type, 2016 - 2027 (USD Million)

  • Active vascular closure devices
  • Suture-mediated devices
  • Staple/clips-mediated vascular closure devices
  • Collagen plug-mediated devices
  • Passive vascular closure devices
  • Hemostasis pads/patches
  • Compression devices

Market, By Access, 2016 - 2027 (USD Million)

  • Femoral
  • Radial

Market, By End-use, 2016 - 2027 (USD Million)

  • Hospitals
  • Ambulatory surgical centers
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Frequently Asked Questions (FAQ) :

The vascular closure devices industry size crossed USD 1.1 billion in annual revenue in 2020 and is expected to observe a 7.8% CAGR up to 2027 owing to the increasing hospitalizations of COVID-19 patients.
Active vascular closure devices industry size recorded more than 58% of the total revenue share in 2020 and will expand with higher use in reducing the time taken for ambulation and hemostasis.
The femoral access segment in the vascular closure device market was responsible for a revenue share of nearly USD 957 million in 2020 and will witness expansion with higher adoption in coronary angiography and other interventional procedures.
Hospitals contributed to over 59% of the vascular closure devices industry share in 2020 and will register significant growth through 2027 owing to higher patient preference and increasing adoption of advanced devices to offer enhanced cardiac care.
North America accounted for 45% of the vascular closure device revenue share in 2020 and will grow due to the robust presence of major market players across the region.

Premium Report Details

  • Published Date: Mar 2021
  • Pages: 200
  • Tables: 275
  • Charts / Figures: 16
  • Companies covered: 13
  • Countries covered: 18

Get a report that explains COVID-19 impact on this market, request a free sample now

Buy Now

Need a Discount? Get in touch with us for special pricing

Request Discount

 Connect with our sales team

Benefits of Association

Data Coverage & Quality

GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.

Client Trust & Security

GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.

Customer Service

Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.

GMIPulse, our report store

We have introduced ‘GMIPulse’, which is our report store; designed to offer clients a one-stop platform for all market research and business intelligence requirements. Clients can access reports, presentations, raw data excel sheets as well as detailed company profiles. GMIPulse allows you to track relevant industries and stay informed with latest innovation, competitive and regulatory developments to help design strategic framework.

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X