The Vascular Closure Devices Market in Europe was worth USD 2.86 billion in 2022 and is estimated to be growing at a CAGR of 6.9% to reach USD 4.00 billion by 2027.
During catheterization procedures, vascular closure devices are used for hemostasis post-puncturing of the artery. The adoption of vascular closure devices is growing significantly across the European region. VCDs contain a suture or a small piece of collagen, or a metallic chip. Manual compression was the only possible way to achieve hemostasis when VCDs are not in existence, which is a painful procedure that needs anticoagulation agents and takes a long recovery time for patients. Such impacts can be eliminated by using vascular closure devices. In addition, VCDs take less time and effort compared with manual compression.
The growing awareness among healthcare professionals regarding the advantages of VCDs and the increasing patient population suffering from CVDs in the European region are majorly driving the European VCDs market. According to the data published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), an estimated 60 million people in Europe live with cardiovascular diseases, and around 5000 people die of CVDs each day in Europe. Furthermore, the growing preference towards minimally invasive surgeries from healthcare professionals and patients in the European region and the increasing adoption of technological advancements in manufacturing advanced VCDs further promote European market growth.
The growing patient count suffering from obesity is another notable factor promoting the VCDs market growth in Europe. According to the statistics published by the World Health Organization (WHO), an estimated 60% of the European adult population is connected to obesity and overweight. In addition, the growing number of product approvals and increasing R&D activities by the market participants are anticipated to fuel the market’s growth rate in Europe.
On the other end, the lack of awareness among physicians regarding the disadvantages of using VCDs at the wrong time and the rising cost of implantable VCDs inhibits the market's growth rate in Europe. In addition, vascular closure devices are much more expensive than their manual compression counterparts. The average price of a vascular closure device is at least ten times more expensive than a manual compression device in Europe. Moreover, radial artery access makes it more convenient for doctors to achieve homeostasis using simple manual compression methods, thus requiring lesser vascular closure devices, which is another challenging factor.
Furthermore, malfunctioning products, poor quality, and system inefficiencies contribute to product recalls, costing companies millions of dollars in product replacement and loss of profits. It also creates a negative impression of the devices, limiting their adoption. Lack of awareness of physicians regarding the disadvantages of using VCDs at the wrong time and the rising cost of implantable VCDs inhibits the growth rate of the market.
This research report on the Europe Vascular Closure Devices Market has been segmented and sub-segmented into the following categories:
By End User:
Regionally, the European VCDs market accounted for the second-largest global market share in 2021. During the forecast period, the European market is anticipated to showcase a promising CAGR owing to the growing disposable income, increasing healthcare spending, growing prevalence of CVDs, and the presence of developed and developing countries. In addition, the increasing popularity of femoral artery cardiac catheterization is fuelling the VCDs market growth in Europe.
The UK had the leading share of the European market in 2021 and is anticipated to hold a notable share in the European market during the forecast period owing to the rising incidence of lifestyle diseases. The UK government has been taking several initiatives to promote technology penetration in the UK medical devices industry, which is a favorable factor for the VCDs market growth in the UK. In addition, the availability of modern healthcare infrastructure in the UK is another factor promoting the UK market growth. Furthermore, the growing incidence of obesity and CVDs are fuelling the UK market growth.
The France VCDs market is estimated to showcase the highest CAGR among European countries during the forecast period. The market in France is primarily driven by the growing awareness of VCDs, increasing adoption of minimally invasive surgeries, and rising number of R&D activities by market participants. In addition, the population suffering from cardiovascular diseases is growing rapidly in North American countries, supporting the market’s growth rate in France. Therefore, in the coming years, the usage of VCDs is expected to rise in France to address the growing patient volume suffering from obesity and result in market growth.
The German VCDs market is expected to register a noteworthy CAGR in the coming years.
KEY MARKET PLAYERS:
Companies playing a significant role in the European Vascular Closure Devices Market profiled in this report are Biotronik GMBH & CO.KG, Abbott Vascular, Cardinal Health, Merit Medical Systems, Inc., Medtronic, Cardival Medical, Inc., Boston Scientific Corporation, Essential Medical, Inc., W L. Gore & Associates; St. Jude Medical, TZ Medical, Inc., and Scion BioMedical.
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