The growth in this Vascular Closure Devices market can be
attributed to the 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.
According to the new market research report by MnM the The global vascular closure devices market is projected to USD 1.3 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 7.0% during the forecast period.
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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 are the major factors driving the
growth of the vascular closure devices market.
Based on type, the vascular closure devices market is
segmented into passive approximators, active approximators, and external
hemostatic devices. Passive approximators account for the largest share of the
vascular closure devices market. The large share of this segment can be
attributed to the increasing number of approvals for vascular closure devices
and the wide range of advantages associated with these devices, such as ease of
use and reduced complication rate in patients.
The global vascular closure devices market is consolidated.
The prominent players operating in this market include The global vascular
closure devices market is consolidated. The top five companies in this market
are 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).
Abbott (US) accounted for the high share of the vascular
closure devices market in 2020. The company’s portfolio of vascular closure
devices consists of suture-based devices, clip-based devices, and compression
assist devices. The company focuses on expanding its presence in the vascular
closure devices market through acquisitions.
North America dominated the global vascular closure devices
market, followed by Europe. 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.
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