Vascular Closure Devices Market By Type (Passive Approximators, Active Approximators, External Hemostatic Devices), By Access (Femoral And Radial Access), By Procedure (Interventional Cardiology, Radiology/Vascular Surgery), By End User (Acute Care Facilities, Hospitals And Clinics) And By Region - Global Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)
The Global Vascular Closure Devices Market was worth USD 658.07 Million in 2016 and is estimated to be growing at a CAGR of 7.1%, to reach USD 927.3 Million by 2021. During certain medical investigations, the femoral artery is punctured to gain access to the artery in order to perform diagnostic tests such as angiogram and to place stents.
Vascular closure devices are used to stop the blood flow at the punctured area.
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Before the development of vascular closure devices, manual compression was used to stop the blood flow from the artery which is a painful and time taking process.
Vascular closure devices reduced the discomfort of patients and human effort. Recent advancements introduced materials that dissolve after a period of time unlike the sutures or collagen plugs.
With increase in adoption of surgeries involving small incisions rather than large ones, increasing number of cardiovascular diseases and rising geriatric population are the major factors driving the growth of global vascular closure devices market. Technological advancements resulting in novel materials, increasing awareness about the ease of use and comfort provided by VCDs also play a major role in driving the market.
However, rising prices of implantable VCDs, certain risks such as groin infection involved with the use of VCDs and less adoption rate of emerging technologies in developing countries are restraining the market.
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The global vascular closure devices market is categorized based on the type, access, procedure, end user and by region. Based on the type of devices, the market is categorized into passive approximators, Active Approximators and External Hemostatic Devices.
Active approximators segment is projected to hold the largest share in the VCDs market due to their high efficiency. Passive approximators are again categorized into Sealant or Gel based devices, Collagen plugs and Compression assist devices.
Active approximators are again categorized into Suture based devices and clip based devices. Based on access to the artery, the market is categorized into Femoral and radial access.
Femoral access holds the largest market share because it is largely adopted by physicians around the globe. Based on procedure involved, the market is categorized into interventional cardiology and interventional radiology or vascular surgery.
Based on end user, the market is categorized into acute care facilities, hospitals and clinics. Acute care facilities are the largest market segment due to the increase of emergency cases in cardiovascular diseases.
Based on region, the global vascular closure devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is the largest market segment due to the increasing cardiovascular diseases and rising number of research activities and clinical trials for VCDs.
Asia-Pacific is the fastest growing market segment with a huge patient base providing huge opportunities for the market players.
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Some of the major players in global VCDs market are Merit Medical Systems, Inc., Biotronik GMBH & CO.KG, Abbott Vascular, Cardinal Health, Medtronic, Boston Scientific Corporation, Cardival Medical, Inc., Essential Medical, Inc., W L. Gore & Associates; StJude Medical, TZ Medical, Inc. and Scion BioMedical.
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