As per our report, the global VCDs market size was worth USD 754.83 Million in 2019 and is estimated to be growing at a CAGR of 7.1%, to reach USD 1063.64 Million by 2024.
During specific medical investigations, the femoral artery is punctured to gain access to the highway to perform diagnostic tests such as angiogram and to place stents. Vascular closure devices are used to stop the blood flow at the damaged area.
Before the development of vascular closure devices, manual compression was used to stop the blood flow from the artery, which is a painful and time taking 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 that are driving the growth of 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.
MARKET RESTRAINTS
On the other side, the poor quality and failures in the devices, and a deficit of devices are the problems leading to the product recalls one of the leading cause hindering the market growth. Some factors such as product replacements to the companies creating a negative impression of the product which hampering the growth of these products to some extent.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2018 to 2024 |
|
Base Year |
2018 |
|
Forecast Period |
2019 to 2024 |
|
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 |
The 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 are leading the product type segment due to its high-efficiency rate, and it takes lesser time for ambulation as compared to labour-intensive compression.
Vascular Closure Devices Market - By Access
Based on access, the femoral access segment holds the largest market share because physicians mostly adopt it around the globe. The femoral access segment is projected to account for the highest percentage of the market due to a rising number of physicians and cardiologists selecting for femoral access in interventional procedures. The market is probable to observe substantial growth during the forecast period.
Vascular Closure Devices Market - By Procedure
By procedure, the vascular closure market is further segmented into Interventional Cardiology and Interventional Radiology/Vascular Surgery. The Interventional cardiology segment is expected to lead the market during the forecast period, due to the rapidly increasing population and high occurrence of cardiovascular diseases.
Vascular Closure Devices Market - By End User
Based on End-User, acute care facilities are the largest market segment due to the increase in emergency cases in cardiovascular diseases. The hospitals and clinic segment is the fastest-growing segment due to increasing cardiovascular patients pool, and heart arrest incidents are the major factors driving the growth of this segment.
Vascular Closure Devices Market - By Region
North America 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 the abundant initiatives by private and public organizations.
Asia-Pacific is the fastest-growing market segment with a vast patient base providing enormous opportunities for the market players. Asia Pacific region is the having fastest growth rate of the vascular closure devices market due to the unstable lifestyle of population and rising population. China and India are a massive contributor to the VCD market due to the fast development of healthcare structure and increasing demand for treatment services in this region.
TOP COMPANIES IN THE MARKET
Some of the major players in 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.
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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