Latin America 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 - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)
The Latin America Vascular Closure Devices Market was worth USD 78.9 Million in 2016 and is estimated to be growing at a CAGR of 7%, to reach USD 111.3 Million by 2021. A vast number of diagnostic and therapeutic procedures regarding cardiovascular system are conducted using femoral artery as the access point.
Manual compression was commonly used to close femoral artery after the procedure. It became a sophisticated procedure with the use of anticoagulants and waiting time for blood clotting.
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Vascular closure devices were introduced as an alternate for this problem. For valve replacement procedures which require a large incision on femoral artery, VCDs are the best option as they do not require surgical assistance afterwards.
It reduces the discharge time and can be shifted into ambulance if required.
The demand for vascular closure devices is increasing due to the increase in awareness and comfort levels for physicians as well as patients. Developments made to the existing devices, technological advancements and increase in cardiovascular diseases are expected to drive the market.
However, increasing access point complications and risks associated with the use of VCDs are restraining the market growth.
The Latin America 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 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.
On the basis of region, the Latin America VCDs market is segmented into Brazil, Argentina, Mexico and rest of South America. The vascular closure devices market is rapidly growing due to the investment of emerging economies like Brazil and Mexico in healthcare development and large population base providing huge opportunities.
Cardinal Health, W L. Gore & Associates, Merit Medical Systems, Inc., Biotronik GMBH & CO.KG, Abbott Vascular, Medtronic, Boston Scientific Corporation, Cardival Medical, Inc., Essential Medical, Inc., St. Jude Medical, TZ Medical, Inc. and Scion BioMedical are some of the major players in Latin America VCDs market.
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