- Passive Approximators
- Active Approximators
- External Haemostatic Devices
Vascular Closure Devices Market was valued at USD 1,782.3 million in 2022 and is poised to grow at a 7.4% CAGR from 2023 to 2029. 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 centres 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 2022 and is expected to dominate the vascular closure devices market in the forecasted years.
Fastest Growing Market
The increasing prevalence of cardiovascular diseases across the world is the major market driver in the Vascular Closure Devices Market during the forecast period. Vascular disease affects the blood vessels that carry oxygen and nutrients throughout your body. Vascular problems happen because plaque which is made of fat and cholesterol blocks blood flow inside your arteries or veins. The increase in healthcare infrastructure across the world needs high-standard vascular closure devices, interventional closure devices dominate the vascular closure devices market, with a large share attributed to the diagnosis of various cardiovascular diseases. Hence, this will drive the global market growth at a significant rate.
The vascular closure devices market size was valued at USD 1,782.3 million in 2022 and is poised to grow at a 7.4% CAGR from 2023 to 2029.
The leading players in the vascular closure devices market are Abbott Laboratories, Cardinal Health., Cardival Medical, Inc., Terumo Corporation, Scion BioMedical, Medtronic, B. Braun Melsungen AG, Biotronik, Inc., BD, W.L. Gore & Associates, Teleflex Incorporated, Merit Medical Systems., Transluminal Technologies, LLC, Hemostasis, LLC. Vasorum Ltd., Tricol Biomedical., and ENDOCOR GmbH.
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and is forecast presented from 2023 – 2029.