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Vascular Closure Devices Market Size & Share, By Type (Active Vascular Closure Device, Passive Vascular Closure Device), Access (Radial, Femoral), End-use (Ambulatory Surgical Centers, Hospitals, Others), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Report ID: FBI 5979

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Published Date: Aug-2024

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Format : PDF, Excel

Market Outlook:

Vascular Closure Devices Market was over USD 1.77 Billion in 2023 and is expected to exceed USD 3.17 Billion by end of the year 2032, observing around 6.7% CAGR between 2024 and 2032.

Base Year Value (2023)

USD 1.77 Billion

19-23 x.x %
24-32 x.x %

CAGR (2024-2032)

6.7%

19-23 x.x %
24-32 x.x %

Forecast Year Value (2032)

USD 3.17 Billion

19-23 x.x %
24-32 x.x %
Vascular Closure Devices Market

Historical Data Period

2019-2023

Vascular Closure Devices Market

Largest Region

North America

Vascular Closure Devices Market

Forecast Period

2024-2032

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Market Dynamics:

Growth Drivers & Opportunity:

One of the primary growth drivers for the vascular closure devices market is the increasing prevalence of cardiovascular diseases and related procedures. As the global population ages and lifestyle-related health issues rise, there is a greater demand for minimally invasive procedures, such as angioplasty and catheterization. Vascular closure devices play a crucial role in these procedures by effectively sealing arteriotomy sites, which subsequently enhance patient recovery and reduce complications. This growing need for efficient medical solutions is propelling the demand for advanced vascular closure technologies.

Another important growth driver is the continuous advancements in technology, which are making vascular closure devices more effective and user-friendly. Innovations such as the development of bioresorbable materials and smart devices with improved automation features are enhancing the functionality of these tools. Moreover, manufacturers are investing in research and development to create devices with better efficacy and safety profiles. These technological enhancements not only increase the appeal of new devices but also encourage healthcare providers to adopt these solutions, thereby driving market growth.

The expansion of healthcare infrastructure, particularly in emerging economies, constitutes a significant growth driver for the vascular closure devices market. As nations invest more in improving their healthcare systems, the availability of specialized surgical procedures is increasing. Additionally, rising investments in hospitals and clinics are promoting the adoption of advanced medical technologies, including vascular closure devices. This infrastructure development is expected to bolster the market as more healthcare facilities begin to offer procedures that necessitate the use of these devices.

Report Scope

Report CoverageDetails
Segments CoveredType, Access, End-use
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledMedtronic, Abbott Vascular, Biotronik GMBH & CO. KG, COOK, Merit Medical Systems,, C. R. Bard,, Boston Scientific, ESSENTIAL MEDICAL,, Cardinal Health, W L. Gore & Associates

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Industry Restraints:

Despite the positive growth trajectory, the vascular closure devices market faces several restraints that could hinder its expansion. A primary constraint is the high cost associated with these devices and the procedures in which they are involved. Many healthcare facilities, particularly in developing countries, are limited by budget constraints and may find it difficult to justify the expense of advanced vascular closure technologies. This economic barrier can lead to reduced adoption and utilization rates, ultimately impacting market growth.

Furthermore, one more primary hindrance is the stringent regulatory environment that governs the approval and use of medical devices. The process of obtaining regulatory clearances can be lengthy and complicated, during which manufacturers may face numerous challenges related to compliance with safety and efficacy standards. Delay in approvals and the potential for regulatory changes can hinder the timely entry of new products into the market, restricting expansion and innovation in the vascular closure devices industry. These factors may create uncertainty for manufacturers and healthcare providers alike, affecting overall market dynamics.

Regional Forecast:

Vascular Closure Devices Market

Largest Region

North America

43% Market Share in 2023

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North America:

The North America vascular closure devices market is expected to experience significant growth due to the increasing prevalence of cardiovascular diseases and the rising demand for minimally invasive procedures in the region. The United States and Canada are key countries driving the market growth, with advancements in healthcare infrastructure and a growing geriatric population contributing to the increasing adoption of vascular closure devices.

Asia Pacific:

In the Asia Pacific region, countries such as China, Japan, and South Korea are witnessing a surge in demand for vascular closure devices due to the rising prevalence of cardiovascular diseases and the growing focus on improving healthcare services. The adoption of advanced medical technologies and increasing investment in healthcare infrastructure are expected to drive market growth in these countries.

Europe:

The European market for vascular closure devices is projected to grow significantly in countries such as the United Kingdom, Germany, and France. The increasing prevalence of cardiovascular diseases, along with the presence of well-established healthcare systems, is driving the adoption of vascular closure devices in these countries. Additionally, the growing aging population and increasing awareness about the benefits of minimally invasive procedures are expected to further fuel market growth in Europe.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Vascular Closure Devices Market
Vascular Closure Devices Market

Segmentation Analysis:

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In terms of segmentation, the global Vascular Closure Devices market is analyzed on the basis of Type, Access, End-use.

Active Vascular Closure Device:

The active vascular closure device segment is expected to witness significant growth in the vascular closure devices market. These devices offer advantages such as faster hemostasis and reduced time to ambulation compared to passive vascular closure devices. The demand for active vascular closure devices is increasing due to the rising prevalence of cardiovascular diseases and the growing preference for minimally invasive procedures.

Passive Vascular Closure Device:

The passive vascular closure device segment is also anticipated to show steady growth in the market. These devices are easy to use and cost-effective, making them a popular choice among healthcare providers. Passive vascular closure devices are commonly used for femoral artery access closure, especially in procedures such as angioplasty and stenting.

Access Radial:

The radial access segment is gaining traction in the vascular closure devices market due to the increasing adoption of radial artery access for cardiac catheterization procedures. Radial access offers advantages such as lower rates of bleeding complications and faster post-procedure ambulation, driving the demand for vascular closure devices specifically designed for radial access closure.

Access Femoral:

The femoral access segment remains a key revenue generator in the vascular closure devices market, particularly for procedures such as peripheral vascular interventions and transcatheter aortic valve replacements. Femoral access closure devices play a crucial role in ensuring hemostasis and preventing complications at the femoral puncture site post-procedure.

End-use Ambulatory Surgical Centers:

Ambulatory surgical centers are witnessing a growing demand for vascular closure devices, as they offer cost-effective outpatient procedures for various cardiovascular interventions. The rise in minimally invasive procedures performed at ambulatory surgical centers is driving the adoption of vascular closure devices to enhance patient comfort and reduce recovery times.

End-use Hospitals:

Hospitals continue to be the dominant end-user of vascular closure devices, owing to the high volume of cardiovascular procedures performed in hospital settings. The availability of advanced healthcare infrastructure and skilled medical professionals in hospitals further supports the adoption of vascular closure devices for efficient and safe vascular access closure.

End-use Others:

Other end-use settings, such as specialty clinics and diagnostic centers, are also contributing to the growth of the vascular closure devices market. These facilities are increasingly performing cardiovascular procedures and interventions, leading to a greater demand for reliable vascular closure devices to ensure successful hemostasis and patient safety.

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Competitive Landscape:

The vascular closure devices market is characterized by intense competition due to the presence of several key players, ongoing technological advancements, and increasing adoption of minimally invasive procedures. Companies are focusing on innovation to develop effective and safe devices that cater to a growing patient population undergoing interventional cardiovascular procedures. Additionally, strategic collaborations, mergers, and acquisitions are prevalent as firms aim to enhance their product offerings and expand their geographical presence. The market is driven by the rising demand for outpatient procedures and a growing elderly population, further intensifying competition among leading manufacturers.

Top Market Players

- Abbott Laboratories

- Terumo Corporation

- Cardiovascular Systems Inc.

- Medtronic plc

- Merit Medical Systems Inc.

- AngioDynamics Inc.

- ESI Endovascular Inc.

- Voxeleron LLC

- St. Jude Medical Inc. (acquired by Abbott)

- Teleflex Incorporated

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Vascular Closure Devices Market Size & Share, By T...

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