Vascular Closure Devices Market : Large number of approvals for vascular closure devices
The global vascular closure devices market is expected to reach USD 984.6 Million by 2022 from USD 704.8 Million in 2017, at a CAGR of 6.9%. The major drivers for this market include the large number of approvals for vascular closure devices, the high prevalence of cardiovascular diseases, high prevalance of obesity, and increasing focus of market players on large-bore vascular closure devices.
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The market is segmented on the basis of type, access type, procedure type, and regions. Based on type, the market segment is further categorized into active approximators, passive approximators, and external hemostasis devices. Passive approximators are expected to account for the largest share of the market in 2017. Collagen-based passive approximators are widely used owing to the wide range of advantages associated with these devices, including ease of use, short ambulation time for patients, and fewer complications compared to manual compression.
Based on access, the market is broadly classified into femoral access and radial access. The femoral access segment is estimated to account for the largest share of the market in 2017. With an increasing number of cardiologists and physicians opting for femoral access in interventional procedures, the market is expected to witness significant growth in the coming years.
On the basis of procedures, the market is segmented into interventional cardiology and interventional radiology/vascular surgery. The interventional cardiology segment is expected to dominate this market in 2017. The large share of this segment can be attributed to the high prevalence of cardiovascular diseases and the rapidly increasing obese population.
On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and RoW (Rest of the World). Of these, the North American segment is expected to account the largest share of the market in 2017. Market growth is primarily driven by factors such as the high prevalence of cardiovascular diseases, increasing number of research studies and clinical trials for vascular closure devices in the U.S., and the growing trend of one-day surgery for vascular procedures, Moreover, the increasing number of cardiac arrest cases, long waiting periods for cardiac surgery likely to encourage the adoption of minimally invasive procedures in Canada, are other factors driving the growth of this market in this region.
Some prominent players in the market include Terumo Corporation (Japan), Abbott (U.S.), Cardinal Health Inc. (U.S.), Cardiva Medical Inc. (U.S.), and Morris Innovative, Inc. (U.S.).