Home > Healthcare & Medical Devices > Vascular Closure Device Market
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.
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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.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 1,140.4 Million (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 7.8% |
2027 Value Projection: | 2,102.1 Million (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 200 |
Tables, Charts & Figures: | 291 |
Segments covered: | Device Type, Access, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
Active vascular closure device 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.
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.
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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.
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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.
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.
Market, By Device Type, 2016 - 2027 (USD Million)
Market, By Access, 2016 - 2027 (USD Million)
Market, By End-use, 2016 - 2027 (USD Million)
The above information is provided for the following regions and countries: