Vascular Closure Devices Market Segment Analysis-By Product Type
The Vascular Closure Devices Market based on the Product Type can be segmented into Passive Approximators, Active Approximators, Compression-assist Devices, Clip-based Devices, Collagen Plugs, Gel-based Devices, External Hemostatic Devices, Vascular Surgical Instruments, and Others. The Active Approximators segment held the largest revenue share owing to the factors such as the growing demand for approximators that replicate surgical closures and the increasing focus on developing advanced active approximators. Based on the National Inpatient sample, active approximators are extensively being used for more than 92,000 patients for femoral artery diagnosis. Moreover, companies such as Essential Medical are focusing on developing active approximators that seal punctures made during catheterization, which is driving the growth of the Vascular Closure Devices Market. The Passive Approximators segment is estimated to be the fastest-growing segment with a CAGR of 7.2% over the period 2021-2026. This growth is owing to the factors such as the growing research and development activities by the key players to develop passive approximators and the rise in the adoption of approximators that provide reliable hemostasis of access sites.
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Vascular Closure Devices Market Segment Analysis-By End User
The Vascular Closure Devices Market based on the End User can be further segmented into Hospitals, Ambulatory Surgery Centers, Academic and Research Institutes, and Others. The Hospitals segment held the largest share in 2020 owing to the factors such as the increasing demand for Angio-seal medical devices in hospitals and the easy availability of cost-effective closure devices in hospitals. The growing investment by the key players in emerging countries is driving the growth of the Vascular Closure Devices Market. Survey data suggests that 43% of vascular surgical procedures were treated in hospitals owing to the enhanced quality and less mortality rates. The Ambulatory Surgery Centers segment is estimated to be the fastest-growing segment with a CAGR of 7.5% over the period 2021-2026. This growth is owing to the factors such as the growing popularity of hemostatic devices in ambulatory surgery centers and the rise in the utilization of closure devices in femoral artery diagnosis.
Vascular Closure Devices Market Segment Analysis-By Geography
The Vascular Closure Devices Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. North America held the largest share, with 34% of the overall market in 2020. The growth in this segment is owing to the factors such as the increasing demand for vascular surgical devices and the rise in the approvals of devices by the Food and Drug Administration (FDA). For instance, Vasorum Ltd has gained FDA clearance for its vascular closure devices. The rise in the adoption of Angio-seal medical devices is driving the growth of the Vascular Closure Devices Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the increase in the importance of Vascular Closure Devices in hospitals in emerging countries and the growing investment by the key players to develop advanced vascular closure devices.
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Vascular Closure Devices Market Drivers
Increase in the Adoption of Angio-Seal Closure Devices in Superficial Femoral Artery (SFA) Access is Expected to Boost Product Demand.
According to the American Journal of Interventional Radiology (AJIR), SFA access with Angio-Seal closure devices proved to be safe and effective when a total of 140 antegrade SFA punctures was performed in 110 limbs in 88 unique patients with Angio-Seal closures. Moreover, the key players are focusing on developing advanced Angio-seal devices, which is one of the major factors driving the growth of the Vascular Closure Devices Market.
Rise in the Demand for Vascular Closure Devices in Hospitals will Provide New Growth Avenues to the Industry Growth
Vascular closure devices are increasingly being adopted in hospitals owing to the easy availability of cost-effective closure devices in hospitals and the rise in the demand for Angio-seal medical devices in hospitals. According to the American College of Cardiology-National Cardiovascular Data Registry (ACC-NCDR) analysis, 166,680 diagnostic catheterizations were done in hospitals, further propelling the demand for vascular closure devices.
Vascular Closure Devices Market Challenges
High Cost of Vascular Closure Devices may Pose Hindrance to Market Growth
The key players in the market are increasing their investment to carry out various research and development activities for developing advanced hemostatic devices. However, the average cost of compression devices ranges from $15 to $25, and the average cost of vascular closure devices ranges from $15 to $250, which is one of the major factors that is estimated to reduce the growth of the Vascular Closure Devices Market.
Vascular Closure Devices Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Vascular Closure Devices Market. Key companies of this market are –
Cardiva Medical Inc.
Morris Innovative Inc
Essential Medical, Inc.
TZ Medical Inc
Merit Medical Systems, Inc.
In January 2021, Haemonetics Corporation has acquired Cardiva Medical, Inc for a cash payment of $475 million and an additional $35 million based on sales growth to develop catheter-based vascular closure devices.
In August 2020, Vasorum Ltd entered into a partnership with Veryan Medical for the commercialization of atrial closure devices to allow complete and rapid independent hemostasis of vascular anatomy.
Geographically, the North America Vascular Closure Devices Market accounted for the highest revenue share in 2020, and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of Angio-seal medical devices in developed nations.
The increase in the focus on developing advanced active approximators is driving the Active Approximators segment. However, the high cost of vascular closure devices is one of the major factors that is said to reduce the growth of the Vascular Closure Devices Market.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Vascular Closure Devices Market report.
A. Interventional Cardiology And Peripheral Vascular Devices Market
B. Cardiology Surgical & Interventional Cardiology Devices Market
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