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.
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Vascular occlusion devices have emerged as an
effective alternative to traditional mechanical compression for occlusion of
the femoral artery. These devices offer several benefits, including reduced
hemostasis time, improved patient satisfaction with minimal discomfort, and
improved patient transport rates.
Market Segmentation
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.
Regional Analysis
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.
Key Market Players
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).
Expected Revenue Growth:
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.
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. The company has two distribution channels—direct to customers
(healthcare professionals and/or facilities) and sales through distributors.