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.
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.
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.