As per our report, the global VCDs market size was worth USD 754.83 Million in 2020 and is estimated to be growing at a CAGR of 7.1% to reach USD 1063.64 Million by 2025.
During specific medical investigations, the femoral artery is punctured to gain access to the highway to perform diagnostic tests such as angiograms and place stents. Vascular closure devices are used to stop the blood flow in the damaged area.
Before developing vascular closure devices, manual compression was used to stop the artery's blood flow, which is a painful and time-consuming process. Vascular closure devices reduced the discomfort of patients and human effort. Recent advancements introduced materials that dissolve after some time, unlike the sutures or collagen plugs.
MARKET DRIVERS:
The significant factors driving the growth of the global vascular closure devices market are the rising demand for advanced therapies, government initiatives, rising approvals, and increasing research and clinical trials for vascular closure devices.
Also, the high effectiveness of the vascular closure devices is projected to boost the growth of the vascular closure devices market. Moreover, factors such as the growing incidence of obesity and the high occurrence of cardiovascular diseases are expected to drive the global VCDs market.
Y-O-Y growth in the number of patients suffering from cardiovascular diseases, growing incidence of obesity, and substantial regular product approvals are further expected to accelerate the market growth.
According to the World Health Organization (WHO), cardiovascular diseases are the leading causes of death, recording over 17 million deaths every year. By 2030, the number is forecasted to reach approximately 23.6 million. The rising adoption of sedentary lifestyle changes, growing unhealthy habits such as smoking, alcohol consumption, and irregular diet is expected to increase the need for VCDs in the near future.
The increasing number of device approvals, a growing wide range of cardiac processes, and prominence for minimally invasive surgeries are favorable signals to the market growth. The accelerating need for angiography due to the rise in chronic cardiac diseases is a big plus to the market. The growing support and initiatives from the governments, increasing need for advanced treatment and spurring research and clinical trials are further predicted to support the vascular closure devices market growth as per the data published by the Centres for Disease Control (CDC) in 2017, coronary heart disease-causing 370,000 deaths in the United States every year.
MARKET RESTRAINTS:
On the other side, the low quality and failures in the devices and a deficit of devices are the problems leading to the product recalls one of the leading causes hindering the market growth. Some factors, such as product replacements to the companies creating a negative impression, hampers the development of these products.
Impact of COVID-19 on the global vascular closure devices market:
The COVID 19 eruption was caused by the SARS-CoV-2 reagent and caused many deaths. Daily, the coronavirus cases are increasing, and the movement of the COVID-19 pandemic has squeezed the procedural volume of various cardiovascular disease treatments during the pandemic's early stages. The inventions in the vascular closure devices have retarded due to the COVID-19 and the postponement of the elective surgeries, which strained the market growth rate. Due to the abnormal outbreak of coronavirus, the European parliament revealed the delay in implementing the new Medical Device Regulation (MDR). As it assists the Medtech companies in the VCDs market to support their operations due to weakening results of the pandemic crisis. High threat of COVID 19 infection amid such procedures with rising hospitalizations of COVID 19 patients evolved in procedure extension.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Type, Access, Procedure, End User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This research report on the global vascular closure devices market is categorized based on the type, access, procedure, end-user, and region.
Vascular Closure Devices Market - By Type of Devices:
Based on the type of devices, the Active approximators segment is projected to hold the largest share in the VCDs market due to their high efficiency. The Active approximators lead the product type segment due to their high-efficiency rate, and it takes less time for ambulation than labor-intensive compression.
Vascular Closure Devices Market - By Access
The femoral access segment holds the largest market share based on access because physicians mostly adopt it worldwide. The femoral access segment is projected to account for the highest percentage of the market due to many physicians and cardiologists selecting for femoral access in interventional procedures. The market is likely to observe substantial growth during the forecast period.
Vascular Closure Devices Market - By Procedure
The vascular closure market is further segmented into Interventional Cardiology and Interventional Radiology/Vascular Surgery by the procedure. The Interventional cardiology segment is expected to lead the market during the forecast period due to the rapidly increasing population and high cardiovascular diseases.
Vascular Closure Devices Market - By End User
Based on End-User, acute care facilities are the largest market segment due to increased emergency cases in cardiovascular diseases. The hospitals and clinic segment is the fastest-growing segment due to the increasing cardiovascular patients' pool, and heart arrest incidents are the major factors driving the growth of this segment.
Vascular Closure Devices Market - By Region:
Geographically, the North American market is the largest market segment due to the increasing cardiovascular diseases and the rising number of research activities and clinical trials for VCDs. Growth is ascribed to rising government initiatives in creating advanced technologies, the occurrence of lifestyle diseases, and demand for sophisticated medical services. The U.S and Canada are contributing the share for the growth of the regional vascular closure market.
Europe is expected to hold the second significant share in the vascular closure devices market due to private and public organizations' significant initiatives.
Asia-Pacific is the fastest-growing market segment with a vast patient base providing enormous opportunities for the market players. Asia Pacific region has the fastest growth rate of the vascular closure devices market due to the population's unstable lifestyle and rising population. China and India are massive contributors to the VCD market due to the fast development of the healthcare structure and increasing demand for treatment services in this region.
KEY MARKET PARTICIPANTS:
Some of the major players in the global VCDs market are Merit Medical Systems, Inc., Biotronik GMBH & CO.KG, Abbott Vascular, Cardinal Health, Medtronic, Boston Scientific Corporation, Cardival Medical, Inc., Essential Medical, Inc., W L. Gore & Associates; St. Jude Medical, TZ Medical, Inc., and Scion BioMedical.
KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1.Introduction
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
2.1 Introduction
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. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
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 Type
5.1.1 Introduction
5.1.2 Passive Approximators
5.1.2.1 Collagen Plugs
5.1.2.2 Sealant or Gel based Devices
5.1.2.3 Compression Assist Devices
5.1.3 Active Approximators
5.1.3.1 Suture-Based Devices
5.1.3.2 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 Access
5.2.1 Introduction
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 Procedure
5.3.1 Introduction
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
5.4.1 Introduction
5.4.2 Acute Care Facilities
5.4.3 Hospitals
5.4.4 Clinics
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 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 Type
6.1.3.3 By Access
6.1.3.4 By Procedure
6.1.3.5 By End User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Access
6.1.4.4 By Procedure
6.1.4.5 By End User
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Access
6.1.5.4 By Procedure
6.1.5.5 By End User
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
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.
8.1.1 Overview
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
8.5 Medtronic
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.Competitive Landscape
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
Appendix
a) List of Tables
b) List of Figures
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