Vascular Closure Devices Market Research Report, by Product Type (Passive Vascular Closure Device, Active Vascular Closure Device, External Hemostatic Device), Access (Femoral, Radial), Procedures (Interventional Cardiology, Interventional Radiology), Application (Diagnostic, Therapeutic), End User (Hospitals & Clinics, ASCs) – Global Forecast 2021-2029

                                          
Market Scenario: Vascular Closure Devices Market


The global vascular closure devices market is projected to grow significantly over the forecast period. It is estimated that the global vascular closure devices market is expected to register a CAGR of 6.4% during the forecast period of 2021–2029.

Vascular closure devices are medical devices used in sealing puncture of the femoral artery in patients that have undergone diagnostic angiography procedures or interventional procedures. The rising approvals for vascular closure devices, government initiatives, and support, rising demand for advanced treatment, increasing research and clinical trials for vascular closure devices and growing market players offering newer products are expected to drive the growth of the market.

Also, the high-efficiency rate of the vascular closure devices is estimated to boost the growth of the vascular closure devices market. According to the data published by the Centers for Disease Control and Prevention (CDC) in 2017, Coronary heart disease is a type of heart disease which causes about 370,000 deaths in U.S. annually. Moreover, factors such as high prevalence of cardiovascular diseases, and growing incidence of obesity are likely to drive the market.

On the contrary, the poor quality, device malfunction, and underperformance of devices are of primary concern leading to product failures and recalls. These reasons are responsible for product replacements and lost revenues to the companies, creating a negative impression about the product, which in turn may limit the adoption of these products.

Segmentation: Vascular Closure Devices Market

The global vascular closure devices market is segmented on the basis of product type, access, procedures, application, and end-user.

The vascular closure devices market, by product type, is categorized into passive vascular closure devices, active vascular closure devices, and external hemostatic devices

The passive vascular closure devices segment is further divided into plug-based devices, sealant or gel-based devices, compression assist devices.

The active vascular closure devices segment is further divided into clip-based devices, suture-based devices, and gamma-retroviral vectors.

Based on access, the vascular closure devices market is categorized into femoral access and radial access

On the basis of procedures, the market is segmented into interventional cardiology and interventional radiology/vascular surgery.

Based on application, the vascular closure devices market is segmented into diagnostic intervention and therapeutic intervention.

On the basis of end user, the market is segmented into hospitals & clinics, specialty centers, ambulatory surgery centers, and others.

On the basis of region, the global vascular closure devices market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is sub-segmented into North America and Latin America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the UK, Spain, and the rest of Western Europe. The Asia-Pacific region is sub-segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. The vascular closure devices market in the Middle East and Africa has been segmented into the Middle East and Africa.

Regional Market Summary: Vascular Closure Devices Market

It is projected that the Americas dominated the global vascular closure devices market owing to the factors such as rising awareness about vascular closure devices among medical professionals along with the increase in research funding. Europe is expected to hold the second-largest share in the vascular closure devices market owing to the numerous initiatives by public and private organizations is anticipated to boost the growth of the vascular closure devices market. Asia-Pacific was projected to be the fastest-growing region for the global vascular closure devices market. This owes to the technological advancements resulting in the development of cost-effective vascular closure devices leading to a high acceptance rate for the devices in the Asia-Pacific region. The Middle East and Africa hold the least share in the global vascular closure devices market due to the presence of economically diverse countries, and fewer initiatives taken by the government.

U.S. vascular closure device market size led the regional segment in 2020, owing to increasing awareness levels amongst the affected population, increased prevalence of cardiovascular and peripheral illness, growing geriatric population and presence of better reimbursement policies. Moreover, an increase in the number of people exposed to alcohol consumption, smoking, substance abuse, obesity should positively reinforce the industry growth over the forecast timeframe.

The Asia Pacific will be the fastest-growing region over the forecast period. India and China will experience significant growth in the number of diabetes, obesity, and several other CVDS due to demographic factors, an increase in disposable income will lead to change in the lifestyle. The introduction of technologically advanced products and the growing prevalence of target diseases coupled with improvement in healthcare infrastructure are expected to fuel the development for expected closure devices market share over the forecast timeframe.

Global Vascular Closure Devices Market, by Product type

Passive Vascular Closure Devices

 	
Plug-Based Devices
 	
Sealant or Gel-Based Devices
 	
Compression Assist Devices

Active Vascular Closure Devices

 	
Clip-Based Devices
 	
Suture-Based Devices
 	
Gamma-Retroviral Vectors

External Hemostatic Devices

Global Vascular Closure Devices Market, by Access

 	
Femoral Access
 	
Radial Access

Global Vascular Closure Devices Market, by Procedures

 	
Interventional cardiology
 	
Interventional radiology/vascular surgery

Global Vascular Closure Devices Market, by Application

 	
Diagnostic Intervention
 	
Therapeutic Intervention

Global Vascular Closure Devices Market, by End User

 	
Hospitals & Clinics
 	
Specialty Centers
 	
Ambulatory Surgery Center
 	
Others

Global Vascular Closure Devices Market, by Region

 	
Americas
 	
Latin America
 	
Europe
 	
Asia-Pacific
 	
The Middle East & Africa

Global Vascular closure devices Market, Key Players

 	
Abbott Laboratories
 	
Terumo Corporation
 	
Cardinal Health Inc.
 	
Cardiva Medical Inc.
 	
Morris Innovative, Inc.
 	
Medtronic plc
 	
Essential Medical, Inc.
 	
Merit Medical Systems, Inc.
 	
TZ Medical, Inc.
 	
Vasorum Ltd.
 	
Transluminal Technologies LLC
 	
Vascular Closure Systems, Inc.
 	
Vivasure Medical Ltd.


Research Methodology

To compile the detailed study of the global Vascular Closure Devices Market, a robust research methodology has been adopted that aids in determining the key insights and also evaluates the growth prospects of the Vascular Closure Devices Market. Trusted Business Insights analysts have conducted in-depth primary and secondary research to obtain crucial insights into the Vascular Closure Devices Market. To carry out secondary research, the analysts have collected the information through company annual reports, journals, company press releases, and paid databases that were referred to gain and identify better opportunities in the global market.

This research comprehensively answers the following 9 important questions:

 	
Q.1. What are some of the most promising growth trends in the Vascular Closure Devices Market worldwide?
 	
Q.2.Which segments and sub-segments will grow at a faster pace and why? Which segment is nearing the peak and demand saturation?
 	
Q.3.Which region will witness a higher growth rate and why? Which region might see a slower or negative growth region?
 	
Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in Vascular Closure Devices Market?
 	
Q.5.What are the business risks and who pose challenges to the global leaders and are competitive threats in this Vascular Closure Devices Market?
 	
Q.6.What are the emerging trends post COVID-19 reshuffle in this Vascular Closure Devices Market and the what are reasons behind these trends and do they translate in global exploration?
 	
Q.7. Who are the major global and regional players in the Vascular Closure Devices Market? Which are the strategic initiatives key players are pursuing for business growth?
 	
Q.8.Which are the competing products in Vascular Closure Devices Market and how big of a threat do they pose for loss of market share by material or product substitution?
 	
Q.9.What M & A activity has occurred in the last 5 years and what is its impact on the Vascular Closure Devices industry?