Analysis of COVID-19 Crisis-driven Growth Opportunities in Vascular Closure Devices Market
Vascular Closure Devices Market: Introduction
According to the report, the global vascular closure devices market was valued at US$ 0.8 Bn in 2018 and is projected to expand at a CAGR of ~7% from 2019 to 2027. Vascular closure devices are a new technology that is paving the way to new arenas in interventional surgery. Prior to the adoption of vascular closure devices, mechanical and manual compression techniques were utilized to facilitate access site hemostasis. These techniques had some disadvantages such as patient discomfort, increased hospital stay, over utilization of hospital resources, and delayed ambulation time. Vascular closure devices ensure quick hemostasis and proper closure of access site.
Major types of vascular closure devices are active approximators, passive approximators, and external hemostatic devices. Increasing prevalence of cardiovascular diseases, rise in number of cardiovascular procedures, and recent product approvals by regulatory authorities are the major factors anticipated to drive the global vascular closure devices market during the forecast period. North America held major share of the global market in 2018 due to development of technologically advanced products by leading players to address unmet needs and recent product approvals by the Food Drug Administration (FDA). Additionally, rapid adoption of minimally invasive procedures in cardiology is expected to support the growth of the market in North America during the forecast period.
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The vascular closure devices market in Asia Pacific is likely to expand at a high CAGR of 8% from 2019 to 2027. Rise in number of healthcare providers offering minimally invasive treatment options for cardiac patients and increase in number of surgical procedures are expected to drive the market in the region.
Rise in Number of Minimally Invasive Procedures to Drive Market
Rise in number of minimally invasive surgical procedures across the world is projected to augment the global vascular closure devices market during the forecast period. As per the data by the Society of Thoracic Surgeons (ACC), transcatheter valve therapy (TVT) registry database, in the U.S., the number of TAVR procedures performed rose from 5,000 in 2012 to nearly 50,000 in 2017. Furthermore, adoption of minimally invasive heart surgeries is increasing due to an increase in awareness about these surgeries over traditional open surgeries.
Passive Approximators Key Product in Vascular Closure Devices Market
In terms of product, the market has been divided into passive approximators, active approximators and external hemostatic devices. The passive approximators segment has been further categorized into collagen plugs, sealant or gel-based devices, and compression-assist devices. The active approximators segment has been further divided into suture-based devices and clip-based devices. The passive approximators segment dominated the market in 2018 and the trend is projected to continue during the forecast period. Extensive use of passive approximators and number of manufacturers for passive approximators is anticipated to fuel the growth of the segment during the forecast period.
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Rise in Awareness about Femoral Access Vascular Closure Devices
Based on access type, the market has been classified into femoral access and radial access. The femoral access segment accounted for the largest market share in 2018. The femoral access segment is likely to dominate the market during the forecast period, owing to rise in number of surgeons performing femoral access site closure after various surgical procedures and increasing awareness about use of vascular closure devices instead of manual compression across the globe.
Cardiac Interventions Major Application of Vascular Closure Devices
In terms of application, the global market has been divided into cardiac interventions cerebrovascular interventions, peripheral vascular interventions, and others. The cardiac interventions segment is likely to continue its dominance during the forecast period, owing to increase in burden of cardiovascular disease and demand for technologically advanced devices for treatment.
High Adoption of Vascular Closure Devices Market in Hospitals
In terms of end user, the global market has been divided into hospitals, ambulatory surgical centers, and cardiac catheterization laboratories. The hospitals segment is likely to continue its dominance during the forecast period, owing to high adoption of devices, presence of experienced & qualified healthcare professionals, and increase in number of surgical device manufacturers, especially in Asia Pacific.
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North America to Dominate Global Market; Asia Pacific to Offer Significant Incremental Opportunities
In terms of region, the global vascular closure devices market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for major share of the market during the forecast period. Significant rise in preference of advanced surgical procedures and increase in awareness about newer technologies available in the market are major factors likely to drive the growth of the market in North America. The vascular closure devices market in Asia Pacific is anticipated to grow at a rapid pace in the next few years. China is expected to be a lucrative market for vascular closure devices during the forecast period. Improved diagnosis & treatment of the peripheral arterial diseases (PAD) with the help of technologically advanced tools & techniques are projected to support the growth of the market in the region.
Growth Strategies of Key Players
Key players operating in the global vascular closure devices market include Terumo Medical Corporation, Cardinal Health, Abbott, Cardiva Medical, Inc., Medtronic plc, BIOTRONIK, Teleflex Incorporated, Tricol Medical, Merit Medical Systems, Inc., and Z-Medica, LLC. New product launches, regulatory approvals, and entry into new geographical locations across the global are the key strategies adopted by prominent players operating in the global vascular closure devices market.
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