According to the current analysis of Reports and Data, the global Vascular Closure Devices market was valued at USD 844.6 Million in 2020 and is expected to reach USD 1,435.9 Million by the year 2028, at a CAGR of 6.80 percent. Vascular closure devices (VCD) have emerged as an effective alternative to traditional mechanical compression for femoral artery closure and is being widely used in patients undergoing catheterization via the femoral route. These devices have the potential to reduce the time to hemostasis, facilitate early patient mobilization, reduce patient discomfort associated with prolonged bed rest, improve patient satisfaction, decrease hospital length of stay (by early mobilization and reduction of complications), and potentially reduce femoral artery complications. Vascular closure devices (VCD) are medical devices used in sealing puncture of the artery in patients who have undergone interventional procedures. The increasing government approvals for vascular closure devices, increasing government initiatives and support, increasing research and clinical trials for vascular closure devices and launch of new and advanced vascular closure products are expected to drive the growth of the market.
Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of the report:
- Vascular Closure Devices market is growing at a very high CAGR in North America, followed by Asia Pacific and Europe, with the regions coming second and third in market share respectively. High prevalence of cardiological diseases across the globe is the key factor to accelerate the market growth during forecast period across all regions
- The North American region is growing at the fastest rate, and occupies the greatest market share due to the prevailing reimbursement patterns in the region, the high filing of new patent applications, and the relatively higher amount being spent on healthcare
- The Passive Approximators sub-segment is further subdivided into Collagen Plugs, Gel-Based Devices and Compression Assist Devices. This sub-segmented is expected to witness the highest CAGR in the Type segment during the forecast period
- Active approximator sub-segment is expected to occupy the second highest market share in the Product Type segment
- The femoral Access sub-segment is anticipated to account for over % of the market share in 2018 owing to the widespread preference for this access route amongst cardiologists and physicians during interventional procedures as well as the fewer complications involved during arterial access
- Based on the process, interventional cardiology is expected to witness lucrative growth. The benefits associated with interventional cardiology procedures, including reduced scars and less pain due to their minimally invasive nature is driving its popularity in the forecast period
Key Players covered in this report are
Key participants include Tz Medical, Inc, Vasorum Ltd, Inseal Medical Ltd., Morris Innovative Inc., Essential Medical Inc., and Arstasis Inc., among others
Type (Revenue, USD Million; 2018–2028)
- Active Approximators
- Suture Based Devices
- Clip-Based Devices
- Passive Approximators
- Collagen Plugs
- Sealant Or Gel-Based Devices
- Compression Assist Devices
- External Hemostasis Device
Access (Revenue, USD Million; 2018–2028)
- Femoral
- Radial
Procedure Type (Revenue, USD Million; 2018–2028)
- Interventional Cardiology
- Interventional Radiology/Vascular Surgery
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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