Vascular Closure Devices Market worth over $2bn by 2027

Vascular Closure Devices Market size is set to surpass USD 2.1 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Increasing product development efforts by industry players to cater demand with lucratively growing disease prone population will positively impact the market growth in the coming years. Excessive smoking, alcohol consumption and minimized physical activities contributed to disease prevalence. Moreover, high risk of atrial fibrillation among patients with COVID-19 has stimulated the product demand. However, decrease in number of emergency as well as general visits related to cardiovascular diseases during COVID-19 pandemic has affected the product adoption to certain extent. With establishment of policies and standards to ensure safety of patients, the number of procedures will continue to increase again. Therefore, the market is expected to experience tremendous growth in coming years with declining number of COVID-19 patients in some regions and favorable government protocols.
 

Increasing risk of cardiovascular diseases with aging leading to rising hospital admissions will boost the product acceptance

Growing geriatric population suffering from cardiovascular diseases will be one of the notable factors driving the market expansion. Aging is responsible for changes in heart and blood vessels that increases the risk of cardiovascular disease. According to the Centers for Disease Control and Prevention, about 17% of adults aged 65 years and older are currently reported with coronary heart disease in the U.S. The elderly population base is more prone to heart strokes. As per the World Health Organization, the number of population aged 60 years and older is projected to reach 2 billion by 2050 worldwide. Thus, rising elderly population prone to cardiovascular diseases in foreseeable future will offer unprecedented growth opportunities to the industry during the forecast timeframe.
 

High product adoption with continued product development will impel the vascular closure devices market revenue

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Passive vascular closure devices segment is estimated to progress at 7.7% growth rate till 2027 led by increasing use of devices with continued developments. These devices help to avoid excessive bleeding with use of blood clotting material during surgeries. Some of the passive approximation devices include VasoSeal and Duett. Focus on advancements in passive closure approaches has enhanced manual compression with utilization of external patches. Thus, increasing product demand with improved patient outcomes will fuel the segment revenue.
 

Growing preference for radial access with minimized procedural complications will influence the market demand

Vascular closure devices market for radial access segment accounted for USD 183 million in 2020 propelled by advantage in reduction of major bleeding. Some complications associated with femoral mode of vascular access will act as driver for acceptance of radial access. Radial access closure devices assist in achieving radial artery hemostasis without disturbing vessel patency. In addition, radial artery is easily accessible and closer than femoral sites with fewer bleeding complications.
 

Browse key industry insights spread across 200 pages with 275 market data tables & 16 figures & charts from the report, “Vascular Closure Devices Market Size By Device Type (Active Vascular Closure Devices {Suture-mediated Devices, Staple/Clip-mediated Vascular Closure Devices, Collagen Plug-mediated Devices}, Passive Vascular Closure Devices {Hemostasis Pads/Patches, Compression Devices}), By Access (Femoral, Radial), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/vascular-closure-device-market
 

Facility expansion with sophisticated infrastructure in emerging economies will result in increased patient inflow in facilities

Ambulatory surgical centers segment in the vascular closure devices market exceeded USD 262 million in 2020 impelled by availability of extensive range of advanced treatments catering to escalating patient population with cardiovascular condition. Reduced hospital stay with adoption of developed devices encourages the procedural volume. Furthermore, collaborations between physicians and administrators help these facilities to attain operational efficiency in cardiovascular services. Thus, expanding network of ambulatory surgical centers in emerging economies will foster the segment growth
 

Rising disease prone population offering business development opportunities to the industry providers will augment the growth for European region

Europe vascular closure devices market held more than30% of revenue share in 2020 on account of increasing disease population. According to the European Society of Cardiology, cardiovascular diseases are responsible for nearly 45% of overall deaths and becoming the leading cause of death in Europe. Moreover, approximately 11 million cases are newly reported each year in the region. To provide effective treatment therapy for growing disease population, leading industry providers are focusing on market development in the region.
 

Prominent players are focusing on acceptance of various growth strategies including portfolio expansion to strengthen their market position

Some of the notable companies involved in the vascular closure devices market are Abbott, Terumo Corporation, Cardinal Health, Inc., Teleflex and Merit Medical System. These industry leaders have undertaken various strategies such as new product development, collaborations and mergers to expand their market footprint.