The Vascular Closure Devices Market in Europe was worth USD 2.68 billion in 2020 and is estimated to be growing at a CAGR of 6.9% to reach USD 8.68 billion by 2025.
Vascular closure devices are used to achieve homeostasis after the puncturing of an artery during catheterization procedures. Puncturing is typically done to the femoral artery to conduct angiogram tests or for endovascular surgeries. The vascular closure devices include suture or a small piece of collagen or a metallic clip. VCDs have achieved significant growth since their introduction. Before the introduction of VCDs, manual compression was used to achieve homeostasis. It is a painful procedure, and it requires anticoagulation agents, and it also requires bed rest for patients for long periods. VCDs decreased the time and effort necessary for stopping the blood flow and increased comfort for patients.
The decrease in access site complications due to the usage of VCDs, decreased discharge time, and an increase in cardiovascular devices are the major factors driving the vascular closure devices market. A rise in popularity for minimally invasive surgeries and increased adoption of the latest technology and devices in healthcare is also expected to drive the market.
The most important factors driving the growth of the market are the increasing prevalence of cardiovascular diseases, the increase in the number of obese people, the growing number of regulatory approvals, and the increasing emphasis on large bore vascular closure devices among market players. Also, by shifting some steps of the manufacturing process to countries like China, India, and Brazil, the manufacturing costs can be brought down, thus mitigating issues related to high costs.
Lack of awareness of physicians regarding the disadvantages of using VCDs at the wrong time, the rising cost of implantable VCDs inhibits the growth rate of the market. Vascular closure devices are much more high priced compared to 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, which in turn limits their adoption. Lack of awareness of physicians regarding the disadvantages of using VCDs at the wrong time, the rising cost of implantable VCDs inhibits the growth rate of the market.
This research report segmented and sub-segmented into the following categories:
European VCDs market was the second leading region in the global vascular closure devices market in 2019. An increase in the per capita income of people and disposable incomes with increasing cardiovascular diseases is responsible for the growth of Europe's market. The high prevalence of cardiovascular disease and the increasing popularity of femoral artery cardiac catheterization are the critical factors driving the growth of the market.
In 2019, The U.K. vascular closed device market held the most significant market share in the European region due to the increasing prevalence of lifestyle diseases, and government authorities take initiatives in establishing innovative technologies and demand for sophisticated medical services. Besides, the growing incidence of obesity and the rising prevalence of cardiovascular disease are likely to drive the market in the U.K., heart and circulatory disease causes around more than a quarter of 27% of all death, which is about 170000 death annually.
France vascular closed device market showing the fastest growth rate due to the increasing trend of one-day surgery for vascular procedures, and the expanding number of research and clinical trials for vascular closure devices. The European Parliament has announced the deferral of the implementation of the new Medical Device Regulation by this year. The Europe vascular closer device market challenged with urgent needs due to the COVID-19 pandemic, which is relatively hazardous in European nations. As such, the new EU-MDR's deferral will help Medtech companies steady their operations over the next few months and prevent scarcity of medical devices.
Key players operating in the Europe 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.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Passive Approximators
22.214.171.124 Collagen Plugs
126.96.36.199 Sealant or Gel based Devices
188.8.131.52 Compression Assist Devices
5.1.3 Active Approximators
184.108.40.206 Suture-Based Devices
220.127.116.11 Clip-Based Devices
5.1.4 External Hemostatic Devices
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2.2 Femoral Access
5.2.3 Radial Access
5.2.4 Y-o-Y Growth Analysis, By Access
5.2.5 Market Attractiveness Analysis, By Access
5.2.6 Market Share Analysis, By Access
5.3.2 Interventional Cardiology
5.3.3 Interventional Radiology/Vascular Surgery
5.3.4 Y-o-Y Growth Analysis, By Procedure
5.3.5 Market Attractiveness Analysis, By Procedure
5.3.6 Market Share Analysis, By Procedure
5.4 End User
5.4.2 Acute Care Facilities
5.4.5 Y-o-Y Growth Analysis, By End User
5.4.5 Market Attractiveness Analysis, By End User
5.4.6 Market Share Analysis, By End User
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Access
126.96.36.199 By Procedure
188.8.131.52 By End User
6.1.4 Market Attractiveness Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Type
18.104.22.168 By Access
22.214.171.124 By Procedure
126.96.36.199 By End User
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Type
220.127.116.11 By Access
18.104.22.168 By Procedure
22.214.171.124 By End User
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Merit Medical Systems, Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Biotronik GMBH & CO.KG
8.3 Abbott Vascular
8.4 Cardinal Health
8.6 Boston Scientific Corporation
8.7 Cardival Medical, Inc.
8.8 Essential Medical, Inc.
8.9 W L. Gore & Associates
8.10 Scion BioMedical
8.11 St. Jude Medical
8.12 TZ Medical, Inc.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures