Vascular Closure Devices Market by Type (Passive Approximators, Active Approximators, External Hemostatic Devices), Access (Femoral, Radial), Procedure (Interventional Cardiology, Interventional Radiology/Vascular Surgery)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Vascular Closure Devices market size was estimated at USD 1.5 billion in 2021 and is expected to surpass around USD 4.3 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 11.0% during the forecast period 2022 to 2030.

The growth in this 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. 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. In contrast, the need for highly skilled professionals, risks associated with vascular closure devices and stringent regulatory framework may challenge market growth to a certain extent. The vascular closure devices market is segmented based on type, access, procedure, and region.

Report Scope of the Vascular Closure Devices Market

Report Coverage

Details

Market Size

US$ 4.3 Billion by 2030

Growth Rate

CAGR of 11.0% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

 and Region,

Companies Mentioned

 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), Transluminal Technologies (US), Rex Medical (US), Meril Life Sciences Pvt. Ltd. (India), Medas USA (US), and Vygon Company (France)

 Global Vascular Closure Devices Market Dynamics

DRIVER: High prevalence of cardiovascular diseases

Cardiovascular diseases (CVDs) are one of the leading causes of death worldwide. According to the American Heart Association (AHA), CVDs resulted in 19.6 million deaths in 2021, where most deaths were reported from Eastern Europe and Central Asia. The AHA estimates that by 2030, 40.9% of the US population is projected to have some form of CVD. The increase in the prevalence of CVDs is thus likely to increase the demand for catheterization and interventional procedures for diagnosing and treating CVDs. The increasing popularity of these procedures is likely to propel the market for vascular closure devices in the coming years.

RESTRAINT: High cost of vascular closure devices

Vascular closure devices are relatively high-priced devices compared to manual compression devices. The average price of a vascular closure device is about USD 150–250, while that of a manual compression device is about USD 15–25. The cost of VCDs essentially adds up to the patient’s hospitalization bill, increases the per-patient cost for hospitals, and simultaneously reduces profits. The costs associated with manual compression devices, on the other hand, are very low compared to vascular closure devices. Thus, the high cost of vascular closure devices acts as a major factor limiting the market growth. Hospitals are also not reimbursed for vascular closure devices, which is another major factor restricting the demand for these devices.

OPPORTUNITY: Growth in the number of hospitals & surgical centers

The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for surgical equipment (including medical devices such as vascular closure devices) is high in these newly established surgical centers and hospitals, owing to the increasing patient population base. For instance, in October 2020, the Prime Minister of the UK announced plans of investing USD 4.3 billion for 40 hospitals and certain schemes for future funding for 48 hospitals by 2030. In the last decade, developing countries such as India and China have witnessed significant improvements in their respective healthcare infrastructures. According to an article published in January 2020, China announced plans to invest USD 4.6 billion in the construction of hospitals in Wuhan. The significant growth in the number of hospitals and surgical centers is expected to support the growth of the vascular closure devices market, as these are key end users of vascular closure devices.

CHALLENGE: Risks associated with vascular closure devices

The various risks associated with the use of vascular closure devices act as a major challenging factor for the growth of this market. Complications such as limb ischemia/arterial stenosis, infection on the access region, device failure, bleeding events, and thrombotic events may arise during or after the procedure. These risks can extend the hospitalization time as well as increase the overall treatment cost. Owing to these risks, most doctors are reluctant to use vascular closure devices and prefer manual compression for vascular closure. According to the Cardiovascular Research Foundation, serious concerns have been raised regarding the application of suture-based vascular closure devices that led to complications and even death; the analysis was done using the US FDA database of adverse events.

Passive approximators segment dominated the Vascular closure devices market in 2021.

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 interventional radiology segment to witness the highest CAGR during the forecast period.

Based on procedure, the vascular closure devices market is segmented into interventional cardiology procedures and interventional radiology/vascular surgery. Interventional cardiology for the largest share of the vascular closure devices market. The large share is attributed to the diagnosis and treatment of numerous cardiovascular disorders due to advancements in angioplasty and cardiac stenting and the growing prevalence of cardiac disorders globally.

North America was the largest regional market for vascular closure devices market in 2021.

The global 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 2021, 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.

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.

Some of the prominent players in the Vascular Closure Devices 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), Transluminal Technologies (US), Rex Medical (US), Meril Life Sciences Pvt. Ltd. (India), Medas USA (US), and Vygon Company (France)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Vascular Closure Devices market

By Type

  • Passive Approximators
    • Collagen Plugs
    • Sealant or Gel-based Devices
    • Compression Assist Devices
  • Active Approximators
    • Suture-based Devices
    • Clip-based Devices
  • External Hemostatic Devices

By Access

  • Femoral Access
  • Radial Access

By Procedure

  • Interventional Cardiology
  • Interventional Radiology/Vascular Surgery

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Vascular Closure Devices industry analysis from 2022 to 2030 to identify the prevailing Vascular Closure Devices industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Vascular Closure Devices industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Vascular Closure Devices industry trends, key players, market segments, application areas, and market growth strategies.