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.
View The Full Report Here –https://www.globalinsightservices.com/reports/vascular-closure-devices-market/
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.
Market Restraints and Challenges
High cost of vascular closure devices may hamper the market growth. Vascular closure devices are relatively high-priced devices compared to manual compression devices. The average price of a vascular closure device is about USD 150–250, while that of a manual compression device is about USD 15–25. The cost of VCDs essentially adds up to the patient’s hospitalization bill, increases the per-patient cost for hospitals, and simultaneously reduces profits. The costs associated with manual compression devices, on the other hand, are very low compared to vascular closure devices. Thus, the high cost of vascular closure devices acts as a major factor limiting the market growth. Hospitals are also not reimbursed for vascular closure devices, which is another major factor restricting the demand for these devices.
Unlock Growth Potential in Your Industry – Get Your Sample Report Now–https://www.globalinsightservices.com/request-sample/GIS10374
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
By Access
- Femoral
- Radial
By End-use
- Hospitals
- Ambulatory Surgery Centers/Clinics
- Others
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
Unlock Insights: Request Your Customizable Report Today –https://www.globalinsightservices.com/request-customization/GIS10374
COVID-19 Impact
A worldwide emergency has been caused by the COVID-19 pandemic. Emergence of COVID-19 has impacted the procedural volume of several cardiovascular treatments during the initial period of pandemic. High risk of coronavirus infection during such procedures with increasing hospitalizations of COVID-19 patients resulted in procedure deferral. However, with standard operating protocols and reducing number of patients in some countries, the industry is expected to showcase continued growth. Moreover, organizational collaborations and government support to continue offering effective emergency cardiac care to patients have sustained industrial revenue growth. Although the market has experienced moderate impact during certain period, it will continue to foresee tremendous growth.
Buy Now-https://www.globalinsightservices.com/checkout/single_user/GIS10374
With Global Insight Services, you receive:
10-year forecast to help you make strategic decisions
- In-depth segmentation which can be customized as per your requirements
- Free consultation with lead analyst of the report
- Infographic excel data pack, easy to analyze big data
- Robust and transparent research methodology
- Unmatched data quality and after sales service
Contact Us:
Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: [email protected]
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.