The Middle East and Africa vascular closure devices market was worth USD 0.66 billion in 2023 and is estimated to grow at a CAGR of 5.5% from 2023 to 2028. The regional market size is estimated to be worth USD 0.91 billion by 2028.
The increasing population suffering from heart-related problems in the Middle East and African countries due to lifestyle changes is majorly accelerating the vascular closure devices market in MEA. An estimated 34% of deaths in the Middle East are due to cardiovascular diseases. In addition, the growing consumption of smoking and alcohol, hypertension, dyslipidemia, and others are majorly contributing to the increasing incidence of CVD deaths in MEA countries.
The growing manufacturing activities of vascular closure devices further promote the market’s growth rate in MEA. To address the growing demand for vascular closure devices, manufacturers have increased their focus to accelerate their manufacturing activities of vascular closure devices for various sizes. As a result, the success rate of vascular closure devices is primarily fuelling the adoption of these devices. In addition, the growing R&D activities around vascular closure devices and increasing support from the governments of the MEA region are expected to boost the MEA market growth.
In addition, the growing number of hospitals and surgical centers in the MEA region and the increasing adoption of vascular closure devices among hospitals to treat heart diseases is anticipated to promote regional market growth. Furthermore, the growing geriatric population in the MEA region and increasing favorable reimbursement policies favor the MEA vascular closure devices market. Older people are more prone to heart-related problems. As a result, these people prefer minimal invasion surgeries for heart-related disorders, which require the use of a vascular closure device after the surgery for a fast recovery from the treatment.
On the other hand, high costs associated with vascular closure devices and low purchasing power in MEA countries hamper regional market growth.
This research report on the MEA vascular closure devices market has been segmented and sub-segmented into the following categories:
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In 2021, the MEA market held a moderate share of the global market. During the forecast period, the MEA market is anticipated to have decent occupancy in the global market owing to the rising prevalence of cancer and the increasing focus of major players to expand in this region. Furthermore, owing to the growing number of manufacturing activities of vascular closure devices, increasing healthcare expenditure, and rising number of electrophysiology procedures, the MEA vascular closure devices market is expected to improve their occupancy worldwide.
Egypt is a promising vascular closure device market in the MEA region. During the forecast period, the Egypt market is expected to showcase a healthy CAGR owing to the presence of the Egyptian association of vascular biology and atherosclerosis. Approximately 15% of deaths in Egypt are from cardiovascular diseases. Due to the increasing death rate, the Egyptian government has taken several measures to provide treatment and products related to heart diseases, which helps market growth. Along with this, increasing health consciousness among the people also helps in the market growth in this region.
UAE is expected to hold a considerable share of the MEA market during the forecast period owing to the presence of qualified vascular surgeons in the United Arab Emirates. As a result, due to the increasing success rate of heart-related procedures, people are undergoing several heart-related surgeries which need the use of vascular closure devices, leading to market growth.
Israel is predicted to have a substantial share of the MEA market in the coming years due to the approval of vascular devices in Israel. Therefore, the Israeli government takes several measures to approve the product and provides it to the population at an affordable cost.
KEY MARKET PLAYERS:
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 are prominent companies operating in the MEA vascular closure devices market.
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