Vascular Closure Devices Market Surges Due to Demand for Minimally Invasive Procedures

PRESS RELEASE
Published April 20, 2023

Worldwide sales of vascular closure devices are predicted to increase at a noteworthy CAGR of 6.6% from 2022 to 2026. At present, the global vascular closure devices market stands at a valuation of US$ 834 million and is anticipated to reach US$ 1.1 billion by the end of the study period. The vascular closure devices market is a rapidly growing industry that is expected to continue to grow in the coming years. Vascular closure devices are medical devices that are used to close the puncture site in the femoral artery after a catheterization procedure. These devices are used to reduce the risk of bleeding and other complications after the procedure.

The market for vascular closure devices is driven by several factors, including the increasing prevalence of cardiovascular diseases, the growing number of interventional procedures, and the development of new and innovative products. In addition, the demand for minimally invasive procedures is increasing, which is further driving the growth of the vascular closure devices market.

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The market is segmented by product type, application, end user, and region. The product types include passive closure devices, active closure devices, and external hemostatic devices. The applications include diagnostic and therapeutic interventions. The end users include hospitals, ambulatory surgical centers, and specialty clinics

Key Takeaways from Market Study

  • The global vascular closure devices market accounts for a valuation of US$ 834 billion.
  • The market is projected to progress rapidly at a CAGR of 6.6% through 2026.
  • The market for vascular closure devices is predicted to climb to US$ 1.1 billion by 2026.
  • Growing geriatric population, increasing incidence of heart disorders, rising number of cardiovascular surgeries, and supportive government initiatives to boost awareness of cardiovascular illnesses are expected to majorly drive vascular closure devices market growth.
  • High costs of vascular closure systems and risks associated with vascular closure device use are expected to restrain market potential to some extent going forward.
  • The U.S. vascular closure devices market currently accounts for a revenue of US$ 342 million.
  • The vascular closure devices market in China is set to evolve at a high CAGR of 8% through 2026 and hold a market value of US$ 109 million.

Region-Wise Analysis

  1. North America: North America dominates the vascular closure devices market and is expected to continue to hold the largest market share in the coming years. The growth in this region is driven by factors such as the increasing prevalence of cardiovascular diseases, the growing number of interventional procedures, and the high adoption of technologically advanced products.
  2. Europe: Europe is the second-largest market for vascular closure devices. The market growth in this region is driven by factors such as the increasing geriatric population, rising healthcare expenditure, and the growing demand for minimally invasive procedures.
  3. Asia Pacific: The Asia Pacific region is expected to grow at a high rate in the coming years due to factors such as the increasing healthcare infrastructure, rising healthcare expenditure, and the growing prevalence of cardiovascular diseases.
  4. Latin America: The market for vascular closure devices in Latin America is expected to grow at a moderate rate due to factors such as the increasing adoption of minimally invasive procedures and the rising prevalence of chronic diseases.
  5. Middle East and Africa: The market for vascular closure devices in the Middle East and Africa region is expected to grow at a slow rate due to factors such as the lack of healthcare infrastructure and the low adoption of advanced medical technologies.

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Competitive Landscape :

Vascular closure device manufacturers are anticipated to focus on novel product innovation and are expected to fast-track the launch of these new products to increase their sales potential.

  • In September 2021, Haemonetics Corporation, a renowned medical technology company, announced the launch of the VASCADE MVP® Venous Vascular Closure System.
  • In May 2022, Teflex Incorporated, a specialty surgical instrument manufacturer, announced that its Manta vascular closure device received approval from Health Canada. With this approval, Teflex is expected to commercialize and launch the Manta closure device for Canadian patients.

Key Companies Profiled

  • Terumo Corporation
  • Advanced Vascular Dynamics
  • Abbott Laboratories
  • Cardiva Medical Inc.
  • Morris Innovative Inc.
  • Transluminal Technologies
  • Teleflex Incorporated
  • Merit Medical Systems Inc.
  • Medas USA
  • Vygon Company
  • Vasorum Ltd.

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Winning Strategy

All main participants in the vascular closure device market are expected to prioritise product innovation over the next several years. Companies that manufacture vascular closure devices may anticipate to see a rise in spending in their R&D departments as they concentrate on releasing new products to fulfil the rising demand throughout the world.

In this most recent vascular closure devices market research study, Fact.MR, a supplier of market research and competitive intelligence, has given a thorough evaluation of the existing as well as anticipated competition landscape.

Key Questions Covered

  1. What are vascular closure devices, and how are they used?
  2. What are the factors driving the growth of the vascular closure devices market?
  3. What are the different types of vascular closure devices, and how do they differ from each other?
  4. What are the different applications of vascular closure devices?
  5. What are the different end users of vascular closure devices?

Contact:

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This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on mediarelations@xherald.com.

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