The Global Vascular Closure Devices Industry is poised for a transformative decade, riding on the waves of unprecedented growth and market valuation. In 2023, the industry reached a significant milestone, with market figures soaring to approximately US$ 1,468.4 million. This surge underscores the burgeoning demand for vascular closure devices, signalling a paradigm shift in the landscape of medical procedures.
As we stand at the threshold of the next decade, the industry is gearing up for a remarkable expansion, projecting an impressive valuation of US$ 2,466.5 million by 2033. This substantial leap not only reflects the industry’s robust growth but also highlights the increasing significance and widespread adoption of vascular closure devices across diverse medical applications.
A key driving force behind this extraordinary growth trajectory is the projected Compound Annual Growth Rate (CAGR) of 5.30%, expected to be sustained from 2023 to 2033. This consistent and resilient growth rate serves as a testament to the industry’s adaptability and its ability to evolve in response to the ever-changing landscape of healthcare needs.
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However, the increasing use of transradial arterial access, the continued requirement for post-procedure bed rest, significant costs, and device deployment complexities are observed as key deterrents to the adoption of vascular closure devices. The use of VCDs is also anticipated to be influenced by a significant increase in the number of outpatient PCI procedures and the desire of patients to avoid arterial cut-down procedures. According to the report, hospitals will be the largest end-users of vascular closure devices in the next five years. By the end of 2022, over US$ 600 million in revenues are anticipated to be procured globally from the end-use of vascular closure devices in hospitals.
North America to Exhibit Steadfast Adoption of Vascular Closure Devices
A regional analysis provided in the report reveals North America as the largest market for vascular closure devices. The region is anticipated to remain at the forefront of the global expansion of the vascular closure devices market through 2022. Robust healthcare marketplaces in the US, coupled with consumer lifestyles that have surged the incidence of cardiac disorders, will continue to boost North America’s presence in the Global Vascular Closure Devices Industry. The report also projects that the Asia-Pacific excluding Japan (APEJ) region will register the fastest growth in its vascular closure devices market, and rake over US$ 145 million by the end of 2022.
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Clip-based VCDs to Register 6% CAGR through 2022
A key insight from the report reveals that the demand for clip-based vascular closure devices will be relatively higher than for compression devices and haemostasis pads. Despite the latter being top-selling products in the Global Vascular Closure Devices Industry, clip-based VCDs are expected to outpace them in terms of demand over the next five years. From a medical standpoint, many surgeons prefer VCDs designed with active approximators that can physically close the arteriotomy by using nitinol clips. These metallic clips can also restrict MRI scanners from capturing the unnecessary structures which are immediately adjacent to the arteriotomy. These clip-based VCDs can boost procedural efficiency as well as post-procedural diagnostics for a wide range of cardiovascular treatments.
Companies to Watch
Companies namely, Abbott Laboratories, Terumo Corporation, Cardinal Health, Inc., Medtronic plc, Cardiva Medical, Inc., Arstasis, Inc., Chitogen, Inc., Marine Polymer Technologies, Inc., Essential Medical, Inc., Scion Cardio-Vascular, Inc., Morris Innovative, Inc., Tricol Biomedical, Inc., Vascular Closure Systems, Inc., and TZ Medical, Inc. are profiled in the report as key players in the Global Vascular Closure Devices Industry. Shortly, several manufacturers of vascular closure devices will be focusing on reducing the existing drawbacks of using VCDs, which include extended hospitalisation, high morbidity risks, and the need for administering antibiotics. Some companies will also be focusing on advancing their umbrella on VCD technologies and improving the quality of life for patients being treated through vascular closure devices.
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Global Vascular Closure Devices Industry Taxonomy
The taxonomy of the global vascular closure device market has been concisely illustrated in the table below:
Region
- North America
- Latin America
- Europe
- Japan
- APEX
- META
Product Type
- Haemostasis Pads
- Compression Devices
- Clip
- Plug
- Suture
- Others
End User
- Hospitals
- Ambulatory Surgical Centres
- Independent Catheterisation Labs
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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