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Based on device type, the active vascular closure devices market is expected to witness tremendous growth and reach USD 1.8 billion by 2032 attributed to the rising patient inclination towards minimally invasive procedures in interventional radiology and cardiology. Active vascular closure devices (AVCDs) provide quicker hemostasis compared to traditional manual compression techniques, allowing patients to ambulate earlier and recover faster with enhanced turnover and optimized resources. Furthermore, AVCDs, when compared to manual compression therapy, provide more comfortable experiences for patients along with less discomfort and shorter recovery time, further driving the segment growth.
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In terms of end-use, the hospitals segment accounted for 60% revenue share of the vascular closure device market in 2022 and is estimated to expand at notable pace between 2023 and 2032. The growth can be attributed to their rising preference due to the presence of dedicated cardiovascular facilities, such as cardiac catheterization labs, operating rooms, and ICUs for managing complex cardiovascular treatments and offering required technologies and resources. The availability of modern diagnostic tools and imaging technology along with highly qualified and experienced healthcare workers for better treatment to patients will also favor the segment expansion.
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North America held dominant share of the vascular closure device market accounting for more than USD 689 million in revenue in 2022 and is projected to witness steady growth through 2032 due to the high incidence of cardiovascular illnesses in the region. The growing elderly population base susceptible to cardiovascular diseases has led to the higher availability of cutting-edge healthcare infrastructure. Furthermore, the presence of reimbursement coverage for medical operations encouraging healthcare professionals and patients to opt for innovative treatment alternatives will drive the market development.