- North America led the market with the biggest market share of 43% in 2023.
- Asia Pacific is observed to witness the fastest rate of expansion during the forecast period.
- By type, the active vascular closure devices segment held the largest share of the market in 2023.
- By access, the femoral segment is expected to capture a prominent market share during the forecast period while sustaining dominance.
- By end-use, the ambulatory surgical centers segment dominated the market with the largest share of 61% in 2023.
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Growth Factors:
Several factors contribute to the growth of the vascular closure devices market. One of the primary growth factors is the rising prevalence of cardiovascular diseases, including coronary artery disease, peripheral artery disease, and heart failure, among others. These conditions often require diagnostic and interventional catheterization procedures, thereby driving the demand for vascular closure devices. Moreover, advancements in technology, such as the development of next-generation closure devices with enhanced efficacy and safety profiles, are boosting market growth. Additionally, the increasing adoption of minimally invasive procedures over traditional open surgeries is fueling the demand for vascular closure devices due to their ability to reduce post-operative complications and recovery time.
Vascular Closure Devices Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 6.55% |
| Global Market Size in 2023 | USD 1.75 Billion |
| Global Market Size by 2033 | USD 3.30 Billion |
| U.S. Market Size in 2023 | USD 530 Million |
| U.S. Market Size by 2033 | USD 990 Million |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Type, By Access, and By End-use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Vascular Closure Devices Market Dynamics
Drivers:
Several drivers are influencing the growth of the vascular closure devices market. One of the key drivers is the growing preference for outpatient procedures and same-day discharge among patients undergoing catheterization procedures. Vascular closure devices enable healthcare providers to achieve rapid hemostasis, allowing patients to recover quickly and return home sooner, thereby reducing healthcare costs associated with prolonged hospital stays. Furthermore, the rising demand for vascular closure devices is also driven by the increasing prevalence of obesity and sedentary lifestyles, which are significant risk factors for cardiovascular diseases. Additionally, favorable reimbursement policies for minimally invasive procedures and vascular closure devices are further driving market growth, particularly in developed regions.
Restraints:
Despite the significant growth prospects, the vascular closure devices market faces certain restraints that may hinder its expansion. One of the primary challenges is the high cost associated with vascular closure devices, particularly advanced products with innovative features. This can limit their adoption, especially in emerging economies with constrained healthcare budgets. Moreover, concerns regarding the risk of complications associated with vascular closure devices, such as bleeding, hematoma, and pseudoaneurysm formation, may deter their widespread use. Additionally, the lack of skilled healthcare professionals proficient in using vascular closure devices and performing catheterization procedures could pose a restraint to market growth.
Opportunity:
Despite the challenges, the vascular closure devices market presents significant opportunities for growth and innovation. One such opportunity lies in the development of novel closure devices that offer improved efficacy, safety, and patient comfort. Manufacturers are focusing on incorporating advanced materials and mechanisms into their products to enhance their performance and reduce the risk of complications. Moreover, expanding market penetration in emerging economies with a growing prevalence of cardiovascular diseases presents a lucrative opportunity for market players. Furthermore, strategic collaborations and partnerships between medical device companies and healthcare providers can facilitate the adoption of vascular closure devices and drive market growth by improving product accessibility and patient outcomes.
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Region Insights:
The vascular closure devices market exhibits regional variations in terms of market size, growth trends, and key drivers. North America dominates the global market, attributed to the high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and favorable reimbursement policies. Moreover, the presence of major market players and ongoing technological advancements contribute to the region’s market dominance. Europe follows closely, driven by increasing healthcare expenditure and the adoption of minimally invasive procedures. The Asia Pacific region is expected to witness significant growth due to the rising prevalence of cardiovascular diseases, improving healthcare infrastructure, and increasing healthcare spending. Additionally, Latin America and the Middle East & Africa regions offer untapped market potential, primarily driven by the expanding patient population and improving access to healthcare services. However, market growth in these regions may be hindered by economic challenges and limited awareness about vascular closure devices.
Recent Developments
- In February 2023, the LockeT product was introduced to the market by Catheter Precision, Inc., a wholly-owned subsidiary of Ra Medical Systems, Inc. The first shipments of the product to its distributors will start right away. When a catheter is inserted through the skin into a blood artery and subsequently removed after an operation, LockeT can be utilized in combination with the closure of the percutaneous wound site. LockeT is used to keep the sutures in place after the doctor has sutured the vessel and the location. The lockeT can be utilized in place of or in addition to closing devices. These devices are Angioseal, marketed by Terumo, Vascade, marketed by Cardiva, a division of Haemonetics, and Perclose, marketed by Abbott.
Vascular Closure Devices Market Companies
- Medtronic
- Abbott Vascular
- Biotronik GMBH & CO. KG
- COOK
- Merit Medical Systems, Inc.
- C. R. Bard, Inc.
- Boston Scientific Corporation
- ESSENTIAL MEDICAL, Inc.
- Cardinal Health
- W L. Gore & Associates
Segments Covered in the Report
By Type
- Active Vascular Closure Device
- Passive Vascular Closure Device
By Access
- Radial
- Femoral
By End-use
- Ambulatory Surgical Centers
- Hospitals
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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