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Tuesday, 07 Nov 2023 12:00 am

Vascular Closure Device Market is expected to reach US$ 2,804.55 million by 2030

The global vascular closure device market is projected to grow from USD 1,620.44 million in 2022 to reach USD 2,804.55 million by 2030.

By The Insight Partners

Passive Approximators to Dominate Vascular Closure Device Market During 2022–2030

According to our new research study on "Vascular Closure Device Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis," the market value is projected to grow from US$ 1,620.44 million in 2022 to US$ 2,804.55 million by 2030. The vascular closure device market is further anticipated to record a CAGR of 7.1% from 2022 to 2030. Key factors driving the vascular closure device market growth are the increasing prevalence of cardiovascular diseases and the burgeoning demand for minimally invasive devices. However, the risk of infection related to vascular closure devices hinders the market growth.

The US is estimated to hold the largest share of the vascular closure device market during 2022–2030. The US has a well-developed healthcare sector with access to highly advanced equipment and instruments. The country reports a high prevalence of cardiovascular diseases. According to the “Heart Disease and Stroke Statistics - 2023 Update” by the American Heart Association, in 2020, coronary heart disease (CHD) was a leading cause (41.2%) of deaths associated with CVDs in the US, followed by stroke (17.3%), other CVD (16.8%), high blood pressure (12.9%), heart failure (9.2%), and artery diseases (2.6%), respectively. As per the US Centers for Disease Control and Prevention (CDC), ~1 in 20 adults in the US, aged 20 and above, have coronary artery disease. The study also mentions coronary artery disease as the most common type of heart disease in the US. Thus, a high prevalence of CVDs and coronary artery disease would propel the adoption of vascular closure devices during surgical interventions in the US in the coming years.

Vascular Closure Device Market, by Region, 2022 (%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPHE100001123

Source: The Insight Partners Analysis

The US is a hub for medical innovations and technological advancements in healthcare. Continuous advancements in technologies associated with minimally invasive procedures, improvements in closure device technologies, and the introduction of novel closure devices contribute to the growth of the vascular closure devices market in the US. For instance, in March 2023, Haemonetics Corporation (US) invested ~US$ 31.72 million (EUR 30 million) in Vivasure Medical Limited. In March 2023, Vivasure Medical announced FDA IDE approval to Initiate a US Pivotal Study evaluating the safety and effectiveness of the Vivasure PerQseal Closure Device System. In 2021, VASCADE MVP was the first and only FDA-approved vascular closure device indicated for use following atrial fibrillation (AF) ablation to allow same-day discharge.

Cordis Corp, Transluminal Technologies LLC, Vasorum Ltd, Haemonetics Corp, Abbott Laboratories,     Becton Dickinson and Co, Cardinal Health Inc, ENDOCOR GmbH & CO KG, Medtronic Plc, and Teleflex Inc are among the key companies operating in the vascular closure device market. The companies have been implementing both organic strategies (such as product launches and product approvals) and inorganic strategies (such as expansions, collaborations, and partnerships) to secure growth in the market. For instance, In August 2023, Haemonetics Corp announced that its VASCADE MVP Venous Vascular Closure system was used for the first time in Germany in treatments. This marked the first use of VASCADE systems, which are used widely in hospitals in the US, in a European country.

The report segments the vascular closure device market as follows:

The vascular closure device market, by product type, is segmented into active approximators, passive approximators, and external hemostatic devices. The passive approximators segment held the largest share of the market in 2022, and it is anticipated to register the highest CAGR in the market during 2022–2030. Passive approximators deploy a plug, sealant, or gel at the arteriotomy site instead of closing it via an active mechanism. Unlike active approximators, passive approximators do not require any additional closure mechanisms, such as sutures or clips, once deployed. Passive approximators typically consist of biodegradable or resorbable components that are designed to facilitate the natural clotting process and promote the formation of a stable blood clot at a puncture site.

Based on access, the vascular closure device market has been segmented into femoral access and radial access. The femoral access segment held a larger share of the market in 2022. The radial access segment is expected to register a higher CAGR in the market during 2022–2030. Femoral access involves accessing blood vessels through the femoral artery in the groin area, while radial access involves accessing blood vessels through a radial artery in the wrist. The radial access approach has gained popularity in recent years due to its advantages such as reduced risk of complications, including bleeding and hematoma, compared to femoral access.

Based on procedure, the vascular closure device market is segmented into interventional radiology, interventional cardiology, and endovascular surgical. The interventional cardiology segment held the largest share of the market in 2022. The interventional radiology segment is expected to register the highest CAGR in the market from 2022 to 2030. The interventional radiology (IR) specialty uses minimally invasive techniques guided by medical imaging to diagnose and treat a wide range of conditions.

Based on end user, the vascular closure device market is segmented into hospitals, ambulatory surgical centers, and others. The hospital segment held the largest share of the market in 2022. The ambulatory surgical centers segment is estimated to register the highest CAGR in the market during 2022–2030. Hospitals are the primary end users of vascular closure devices as they offer a wide range of medical services, including invasive procedures that require vascular access.

The vascular closure device market, based on geography, is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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