The Latin American vascular closure devices market is predicted to be worth USD 903.08 million in 2023 and USD 1266 million in 2028, growing at a CAGR of 7% from 2023 to 2028.
Many diagnostic and therapeutic procedures regarding the cardiovascular system are conducted using the femoral artery as the access point. Manual compression was commonly used to close the femoral artery after the procedure. It became a sophisticated procedure using anticoagulants and waiting time for blood clotting.
Vascular closure devices were introduced as an alternative to this problem. For valve replacement procedures that require a large incision on the femoral artery, VCDs are the best option as they do not require surgical assistance afterward. In addition, it reduces the discharge time and can be shifted into the ambulance if needed.
The demand for vascular closure devices is increasing due to increased awareness and comfort levels for physicians and patients. In addition, developments in existing devices, technological advancements, and an increase in cardiovascular diseases are expected to drive the market. However, increasing access point complications and risks associated with using VCDs are restraining market growth.
This research report on the Latin American vascular closure devices market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the Latin American vascular closure devices market is anticipated to register a promising share in the global market during the forecast period. In Latin America, the vascular closure devices market is likely to thrive at a steady CAGR during the forecast period. This is due to the level of sophistication prevalent in healthcare facilities, the increasing prevalence of lifestyle-related diseases, government initiatives to establish innovative technologies and awareness about various health disorders. Further, the major driving factors for this market include many vascular closure device approvals, the high prevalence of cardiovascular (CVD) disease, the high prevalence of obesity, better healthcare infrastructure, and the growing demand for major market players' vascular closure devices.
Brazil accounted for the majority of the share in the Latin American regional market, and it is more likely to continue to grow its growth during the forecast period. The market growth is attributed to the increasing prevalence of cardiovascular disease, the availability of advanced healthcare infrastructure, the growing trend towards day surgery for vascular procedures, and the growing body of research and clinical trials for vascular closure devices.
On the other hand, Argentina and Mexico are projected to showcase a considerable share of the market during the forecast period. The growing demand for diagnostic services, Supportive government policies, improving healthcare sector, Increased spending on health infrastructure, and disposable income of the individuals in these countries are expected to propel the market growth.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin American 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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