The North America Vascular Closure Devices Market is expected to be worth USD 3.54 billion in 2023 and USD 4.85 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028.
In general, vascular closure devices are a metallic clip, a suture, or a small piece of collagen used to achieve a damaged artery's homeostasis. Then, the artery is punctured to conduct specific diagnostic procedures such as an angiogram test. Manual compression was used to restrict the blood flow from the artery before introducing vascular closure devices. It is a painful procedure and consumes a lot of time and effort. The introduction of VCDs has increased the patients' comfort after the diagnostic procedure. With the advancement of technology, materials like polyethylene glycol are used in making VCDs, which do not have any side effects.
The growing patient count suffering from cardiovascular cases in the North American region is one of the major factors propelling the vascular closure devices market in North America. For instance, an estimated 20.1 million adults in the U.S. have coronary heart disease. Every 4 minutes, one person dies in the United States due to heart disease. In recent years minimally invasive surgeries have become more popular for cardiac surgery. Most of these are performed by using femoral cannulation for extracorporeal circulation. Vascular closure devices are used for patients undergoing catheterization via the femoral route. For these people, these devices help reduce time to hemostasis, provide early patient mobilization, reduce patient discomfort, reduce the bed rest time after the surgery, decrease the hospital stay, and others.
In addition, the growing number of R&D activities and clinical trials to introduce new materials for VCDs and an increasing number of product approvals are propelling the North American vascular closure devices market growth. Furthermore, the growing geriatric population in North American countries is expected to favor North America's vascular closure devices market. According to the data published by the Urban Institute, the number of people over 65 is expected to reach 80 million by 2040.
Furthermore, well-established healthcare infrastructure in North American countries, growing investments from governmental and non-governmental organizations, and rising adoption of technological advancements to manufacture more effective VCDs are anticipated to fuel the market’s growth rate in North America. The governments of North American countries have taken several measures to approve new vascular closure devices.
An increasing number of hospitals and surgical centers is expected to promote market growth during the forecast period. An increasing rate of chronic disease and infection results in increasing surgical procedures requiring vascular closure devices after the surgery for fast wound healing. Obesity is one of the issues in many of America due to the increasing consumption of junk food, the increasing consumption of alcohol, and changing lifestyles. Obesity-related surgeries also use vascular closure devices, which drives market growth.
However, various risks associated with VCDs, such as leg ischemia and the high costs of vascular closure devices, hinder the market's growth rate in North America. In addition, side effects associated with vascular closure devices, such as hematoma formation, rebleeding, retroperitoneal bleeding, arterial dissection, and pseudoaneurysm, further hamper the vascular closure devices market in North America. Furthermore, the scarcity of skilled professionals and the increasing availability of alternative devices are showcasing a negative impact on the market growth in North America.
This research report on the North America Vascular Closure Devices Market has been segmented and sub-segmented into the following categories:
By End User:
North America had the largest share of the worldwide market in 2022 and is anticipated to continue holding a dominating share of the global market during the forecast period. The U.S led the vascular closure devices market in the North American region in 2021. The U.S. market is expected to witness a notable CAGR in the North American region during the forecast period. Owing to the high adoption rate of advanced VCD devices and the growing population suffering from obesity and cardiovascular diseases, the U.S. is expected to have significant growth in the coming years. In the recent past, the U.S. has been experiencing severe R&D efforts toward developing innovative vascular closure devices and introduced many VCD devices to the market. Such factors favored the market in the U.S. in the recent past. In addition, the growing number of endovascular procedures in the U.S. supports North America's market growth.
The Canadian market is anticipated to showcase a healthy CAGR during the forecast period. The growing adoption of VCDs among healthcare professionals is one of the key factors boosting the market growth in Canada. The penetration of technological developments in the Canadian medical devices industry has been growing rapidly over the last few years. Canada has access to technologically well-developed vascular closure devices, due to which healthcare professionals can provide the best quality of care in the relevant situations, which is also expected to favor the growth rate of the North American VCDs market.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American Vascular Closure Devices Market profiled in this report are Merit Medical Systems, Inc., Boston Scientific Corporation, Cardinal Medical, Abbott Vascular, Biotronik GMBH & CO.KG, Cardinal Health, ST. Jude Medical, Medtronic, Inc., Essential Medical, Inc., W L. Gore & Associates; TZ Medical, Inc. and Scion BioMedical.
The vascular closure devices market in North America is expected to grow at a CAGR of 6.5% from 2022 to 2027.
The U.S. accounted for the major share of the North American market in 2021.
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