Vascular Closure Devices Market Size Worth US$ 2.0 Billion by 2028 | CAGR of 5.9%
According to IMARC Group's latest research report, titled "Vascular Closure Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global vascular closure devices market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
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Vascular Closure Devices Market Outlook:
Vascular closure devices (VCDs) represent the medical devices used to achieve hemostasis of the tiny hole in the artery after the cardiovascular procedure of the endovascular surgery requiring a catheterization. Cardiovascular processes demanding catheterization include diagnostic procedures that aid in diagnosing diseased blood vessels and interventional methods, such as angioplasty, the placement of coronary thrombectomy, and a stent. During such processes, a small incision is created in the groin area, and a gap is made in the femoral artery to gain access. This void is referred to as the access or puncture site. At the completion of the procedure, the hole needs to be closed. Metal clip- and suture-based VCDs reduce the time to hemostasis compared to extrinsic (manual or mechanical) compression.
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Vascular Closure Devices Market Trends:
The rising number of approvals of these instruments, the high prevalence of heart-related diseases, and the increasing cases of obesity are among the primary factors driving the vascular closure devices market. Besides this, the launch of several policies by the government bodies to reimburse interventional radiology procedures and the escalating focus on effective blood loss management in patients during surgeries are further augmenting the market growth. Moreover, the growing popularity of vascular closure devices, as they quickly stop and reduce puncture site complications, seal the opening of an artery in surgery, coronary excision, and placement of a stent is also catalyzing the global market. Apart from this, the inflating medical expenditure of individuals, the expanding healthcare sector, and the elevating construction of hospitals and surgical centers are anticipated to propel the vascular closure devices market over the forecasted period.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Abbott Laboratories
- Cardiva Medical Inc. (Haemonetics Corporation)
- Cordis Corporation (Cardinal Health Inc.)
- ENDOCOR GmbH & Co. KG
- Merit Medical Systems Inc.
- Morris Innovative Inc.
- Teleflex Incorporated
- Terumo Medical Corporation (Terumo Corporation)
- Transluminal Technologies LLC
- Vasorum Ltd.
Product Insights:
- Passive Approximators
- Collagen Plugs
- Sealant or Gel-Based Devices
- Compression-Assist Devices
- Active Approximators
- Suture-Based Devices
- Clip-Based Devices
- External Hemostatic Devices
Access Insights:
- Femoral Access
- Radial Access
Procedure Insights:
- Interventional Cardiology
- Interventional Radiology/Vascular Surgery
End-User Insights:
- Hospitals
- Ambulatory Surgical Centers
- Others
Breakup by Region:
- North America (United States, Canada)
- Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organisations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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