Vascular Closure Devices Market: By Type (Passive Approximators, Active Approximators, and External Hemostatic Devices), By Procedure (Interventional Cardiology and Interventional Radiology/ Vascular Surgery), By Application (Diagnostic Intervention and Therapeutic Intervention), By End User (Hospitals and Clinics, Specialty Centers, Ambulatory Surgery Centers, Diagnostic Centers, and Others), and Geography

Vascular Closure Devices Market was valued at USD 1,854.3 million in 2023 and is poised to grow at an 8.4% CAGR from 2024 to 2030. vascular closure device is usually a piece of collagen (a fibrous protein found in skin, bone, and connective tissue), metallic clip, or suture (stitch) designed to provide immediate sealing of the small puncture made in an artery after an angiogram. The growth of the market is attributed to the number of approvals on vascular closure devices developed, the increasing prevalence of cardiovascular diseases across the world, and rising obesity enhance the need for the vascular closure device market.

According to the American Health Association, Cardiovascular disease (CVD) remains the leading cause of death in the United States, accounting for 928,741 deaths in the year 2020. Between 2018 and 2019, direct and indirect costs of total CVD were $407.3 billion ($251.4 billion in direct costs and $155.9 billion in lost productivity/mortality) increasing catheterization and interventional diagnosing procedure which is the major factor that drove the market. Regular growth in healthcare infrastructure such as healthcare diagnostics centers creates an amber demand for surgical equipment and to increasing population across the world owning to create opportunities in the vascular closure devices market. Lack of availability of vascular devices and emerging markets across the market cannot afford high-cost vascular closure devices On average the cost of vascular closure is around USD 140-160 which is the major restraint in the growth of the vascular market. Geographically, North America held the major market share in 2023 and is expected to dominate the vascular closure devices market in the forecasted years.

Vascular Closure Devices Market Key Developments:

• In July 2021, Vivasure Medical reported that it would start the development program for PerQseal Blue. The PerQseal Blue technology is based on PerQseal. The company’s vascular closure device is approved in Europe for use in femoral arteries.
• In January 2021, Haemonetics acquired vascular closure systems maker Cardiva Medical for $475m upfront cash payment at closing and up to an additional $35m in contingent consideration based on sales growth.