According to the latest market research report published by SPER Market Research, the global vascular closure device market estimated to reach USD 1.58 Bn by 2030 with a CAGR of 7.4%.
Increasing occurrence of cardiovascular disorders in the population across the world is a leading driver of vascular closure device market.
A vascular closure device is designed to provide immediate closure of the punctures made in an artery during a surgical procedure. A vascular closure device generally contains a piece of collagen, sutures and/ or metallic clip to ensure sealing.
According to American Heart Association, globally around 17 million deaths per year are caused due to cardiovascular diseases. The prevalence of cardiovascular diseases is expected to even grow further in the forecast period. Thus, there is a pronounced need for the advancement in heart related surgical procedures.
The growth of vascular closure device market is also assured by rising approvals for vascular closure devices for clinical use, rising prevalence of obesity, increasing geriatric population and favorable reimbursement scenarios. The technological advancements in the vascular closure devices have substantially improved patient’s comfort, aided in blood loss management during surgical procedures and helped tackling the complications associated with these procedures. Healthcare experiencing a shift towards minimally invasive procedures is creating opportunities for vascular closure devices.
Active approximators held the largest share of Vascular closure device market. Factors influencing the growth of this market segment are high efficiency rate and availability of broad range of products. On the other hand, passive approximators are the fastest growing segment due to reliable and quick hemostasis during surgeries. North America accounted for the largest regional market. The large share is ascribed by sophisticated infrastructure, prevalence of cardiovascular diseases, and presence of global leaders of vascular closure devices. Emerging economies and medical tourism of Asia-Pacific are expected to boost the growth of this geographical segment.
The global Vascular Closure Device market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Abbott, Cardinal Health, Medtronic, TZ Medical, Merit Medical Systems, Inc., Rex Medical, Vygon Company, Vasorum Ltd., Terumo Corporation, Cardiva Medical, Inc., Boston Scientific Corporation, Scion BioMedical, Morris Innovative, Inc., Vivasure Medical Ltd., Teleflex Incorporated, Tricol Biomedical, Transluminal Technologies, Meril Life Sciences Pvt. Ltd., Medas USA, Advanced Vascular Dynamics, Marine Polymer Technologies, Inc.
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2030. This report provides data for growth estimates and forecasts for Type Segment-Passive approximators, Active approximators, External Hemostatic Devices; Access Segment-Femoral and Radial access; Procedure Segment-Interventional Cardiology, Interventional Radiology/Vascular Surgery. This report also provides the data for key regional segments of North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
This study also encompasses various drivers and restraining factors for this market for the forecast period. Various growth opportunities are also discussed in the report.