The vascular closure devices market is experiencing remarkable growth and transformation, evident in its market figures and anticipated trends. In 2023, the market boasts a valuation of approximately US$ 1,468.4 million, underscoring the surging demand for vascular closure devices.
Looking ahead to 2033, the market is poised for further expansion, with a substantial projection of US$ 2,466.5 million. This significant decade-long increase highlights the growing significance and adoption of vascular closure devices in medical procedures. Over the period from 2023 to 2033, the vascular closure devices market is expected to sustain a consistent Compound Annual Growth Rate (CAGR) of 5.30%. This growth rate reflects the industry’s resilience and its ability to adapt to evolving 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 market. 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 market, 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 market. 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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Market 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
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