Vascular closure devices are relatively high-priced devices
compared to manual compression devices. The average price of a vascular closure
device is about USD 150–USD 250 while that of a manual compression device is
about USD 15–USD 25. The cost of VCDs essentially adds up to the patient’s
hospitalization bill and even increases the per patient cost for hospitals and
simultaneously reduces profits.
Vascular Closure Devices Market by Type (Passive
Approximators, Active Approximators, External Hemostatic Devices), Access
(Femoral, Radial), Procedure (Interventional Cardiology, Interventional
Radiology/Vascular Surgery) - Global Forecast to 2026
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[183 Pages Report] 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.
The major drivers for this market include the large number
of approvals for vascular closure devices, the high prevalence of
cardiovascular diseases, high prevalance of obesity, and increasing focus of
market players on large-bore vascular closure devices.
The market is segmented on the basis of type, access type,
procedure type, and regions. Based on type, the market segment is further
categorized into active approximators, passive approximators, and external
hemostasis devices. Passive approximators are expected to account for the
largest share of the market in 2017. Collagen-based passive approximators are
widely used owing to the wide range of advantages associated with these
devices, including ease of use, short ambulation time for patients, and fewer
complications compared to manual compression.
The passive approximators segment is expected to grow at
the highest CAGR during the forecast period and accounted for the largest share
in 2020.
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.
North America was the largest regional market for the
vascular closure devices market in 2020
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. 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.
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).
Recent Developments
·
In 2021, Vivasure Medical Ltd. (Ireland)
announced the development of its product, PerQseal Blue. This product is a
large-bore vascular closure device used after interventional cardiovascular
procedures.
·
In 2021, Abbott (US) acquired Walk Vascular, LLC
(US) to expand its portfolio of peripheral vascular devices.
·
In 2020, Teleflex Incorporated (US) acquired
Z-Medica, LLC (US), an industry-leading manufacturer of hemostatic products
that will lead to revenue growth for the company by expanding its product
portfolio in the Interventional segment.
·
In 2018, Cardinal Health (US) launched MYNX
Control, a sealant or gel-based device with extravascular sealing and
resorbability properties.
Frequently Asked Questions (FAQ):
1.
What is the impact of COVID-19 on the vascular
closure devices market?
2.
Who are the key players in the vascular closure
devices market?
3.
Which product type dominates the vascular
closure devices market?
4.
What factors are driving the vascular closure
devices market?
5.
What is the market for global vascular closure
devices?
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