The global vascular closure devices market is projected to reach USD 1.3 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 7.0% during the forecast period. according to the latest MarketsandMarkets (MnM) analysis. Emerging markets providing growth opportunities for market players and growth in the number of hospitals surgical centers are expected to offer strong growth opportunities for players in the market.
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The passive approximators segment is expected to grow at the highest CAGR during the forecast period and accounted for the largest share. The growth in this market can be attributed to a large number of approvals for vascular closure devices, high prevalence of cardiovascular diseases, increasing prevalence of obesity, increasing focus of market players on large-bore vascular closure devices, growing geriatric population, favorable reimbursement scenario for interventional radiology procedures, and rising focus on effective blood loss management in patients during surgeries
Key Players
The global vascular closure devices market is consolidated. The prominent players operating in this market include Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), Tricol Biomedical (US), Scion Biomedical (US), Advanced Vascular Dynamics (US), Marine Polymer Technologies, Inc. (US), and Rex Medical (US).
Terumo Corporation (Japan) is a leading player in the vascular closure devices market, with a market share of 33.4% in 2020. The company’s large share can be attributed to its broad range of vascular closure devices.
COVID-19 impact on the vascular closure devices market
The COVID-19 outbreak negatively impacted the vascular closure devices market in 2020 due to nationwide lockdowns, denied wound care services, and canceled or postponed elective surgeries. Elective surgeries were being denied (canceled/postponed) to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) towards COVID-19 patient care.
Market Segmentation
The MnM report throws light on an inclusive segmental analysis of the global Vascular Closure Devices market based on Type and Procedure.
Based on type, the vascular closure devices market is segmented into passive approximators, active approximators, and external hemostatic devices.
Regional Analysis
The vascular closure devices market is segmented into North America (the US and Canada), Europe (E-3, and the Rest of Europe), Asia Pacific, and Rest of World. In 2020, North America dominated the global vascular closure devices market, followed by Europe.
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The large share of the North American market can be attributed to the rising prevalence of cardiovascular diseases, the growing trend of one-day surgeries for vascular procedures, increasing research and clinical trials for vascular closure devices in the US, the increasing number of cardiac arrest cases, and the long waiting periods for cardiac surgeries (which encourage the adoption of minimally invasive procedures) in Canada.
