The global vascular closure devices market was valued at USD 1.3 billion in 2021 and it is anticipated to grow up to USD 4.8 billion by 2031, at a CAGR of 14.0% during the forecast period.
Vascular closure devices have emerged as an effective alternative to traditional mechanical compression for femoral artery closure. These devices offer several benefits including reduced time for haemostasis, higher patient satisfaction with minimal discomfort and early patient mobilization. With its beneficial applications, the market is predicted to experience higher product demand.
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Market Trends and Drivers
Rising prevalence of cardiovascular diseases will drive the market growth during the forecast period. Cardiovascular diseases (CVDs) are one of the leading causes of death worldwide. According to the American Heart Association (AHA), CVDs resulted in 18.6 million deaths in 2019, where most deaths were reported from Eastern Europe and Central Asia.
The AHA estimates that by 2030, 40.5% of the US population is projected to have some form of CVD. The increase in the prevalence of CVDs is thus likely to increase the demand for catheterization and interventional procedures for diagnosing and treating CVDs. The increasing popularity of these procedures is likely to propel the market for vascular closure devices in the coming years.
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Global Vascular Closure Devices Market Segmentation
By Device Type
- Active vascular closure devices
- Suture-mediated devices
- Staple/clips-mediated vascular closure devices
- Collagen plug-mediated devices
- Passive vascular closure devices
- Hemostasis pads/patches
- Compression devices
- Ambulatory Surgery Centers/Clinics
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Major Players in the Global Vascular Closure Devices Market
The key players in the market are Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), and Tricol Biomedical (US), among others
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