Vascular Closure Device Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1967
Vascular Closure Device Market size is expected to show a steady growth over the forecast period.
Growing geriatric population coupled with rising number of cardiovascular disease (CVD) will drive vascular closure device market growth over the forecast period. Cholesterol, lack of physical activity, high blood pressure, smoking and lifestyle related changes are some of the major factors rising the CVDs. Complications associated with vascular closure devices and need for highly trained professional will restrain market growth.
Active approximators accounted for the highest vascular closure devices market share in 2016, due to their high competence. Recently, MANTA, an active approximator (Essential Medical), seal femoral punctures done while performing cardiac catheterization. Many industry players operating in this industry are focusing on active approximators for introduction of novel technologies. Passive approximators is the fastest growing product segment as they deliver instant and reliable hemostasis of vascular access site. Growing number of products falling in this category, such as FastSeal, X-Seal, Angio-Seal, and Mynx, is likely to increase revenue growth for the segment during the forecast period.
Hospital and clinics will generate major revenue share and are likely to sustain their dominance over the forecast timeline. Growing incidence of CVDs needs immediate treatment that has raised the popularity of vascular closure devices in hospitals and clinics. Moreover, availability of trained staff and organized structure to carry the process will further accelerate the segment growth. The segment will witness considerable growth in the coming years owing to the rising popularity of vascular closure devices to decrease the necessity for open heart surgical procedures.
U.S. vascular closure device market size led the regional segment in 2016, owing to increasing awareness levels amongst the affected population, increased prevalence of cardiovascular and peripheral illness, growing geriatric population and presence of better reimbursement policies. Moreover, increase in the number of people exposed to alcohol consumption, smoking, substance abuse, obesity should positively reinforce the industry growth over the forecast timeframe.
Asia Pacific will be the fastest growing region over the forecast period. India and China will experience significant growth in number of diabetes, obesity, and several other CVDS due to demographic factors, increase in disposable income will lead to change in the lifestyle. The introduction of technologically advanced products and growing prevalence of target diseases coupled with improvement in healthcare infrastructure are expected to fuel the development for expected closure devices market share over the forecast timeframe.
Some of the companies operating in this industry include Abbott Vascular, Merit Medical Systems, Boston Scientific, W L. Gore & Associates, Biotronik, Medtronic, ST. JUDE MEDICAL, C. R. Bard, ESSENTIAL MEDICAL, Cardinal Health, TZ Medical, Scion BioMedical, and Cardival Medical. The companies are introducing novel products to gain power in the market. The players are growing their business by focusing on merger, acquisition and collaborations with other vendors operating in the industry. For example, in November 2015, Medtronic launched VenaSeal closure system in the U.S. This launch by Medtronic will lift its revenue generation, in turn, improve its dominance in the coming years.
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