What is the total market value of Vascular Closure Devices Market report?

Posted by Johnny on September 6th, 2022

Expected Revenue Growth:

[183 Pages Report] The global vascular closure devices market is projected to reach USD 1.3 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 7.0% during the forecast period.

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What This Report Will Provide?

This study involved four major activities in estimating the current size of the vascular closure devices market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.

Major Growth Boosters:

Large number of approvals for vascular closure devices, high prevalence of cardiovascular diseases, increasing prevalence of obesity, increasing focus of market players on large-bore vascular closure devices, growing geriatric population, favorable reimbursement scenario for interventional radiology procedures, and rising focus on effective blood loss management in patients during surgeries are the major factors driving the growth of the vascular closure devices market.

COVID-19 impact on the vascular closure devices market

The COVID-19 outbreak negatively impacted the vascular closure devices market in 2020 due to nationwide lockdowns, denied wound care services, and canceled or postponed elective surgeries. Elective surgeries were being denied (canceled/postponed) to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) towards COVID-19 patient care.

Regional Growth Analysis:

North America dominated the global vascular closure devices market, followed by Europe. The large share of the North American market can be attributed to the rising prevalence of cardiovascular diseases, the growing trend of one-day surgeries for vascular procedures, increasing research and clinical trials for vascular closure devices in the US, the increasing number of cardiac arrest cases, and the long waiting periods for cardiac surgeries in Canada.

Key Market Players

The global vascular closure devices market is consolidated. The prominent players operating in this market include Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), Tricol Biomedical (US), Scion Biomedical (US), Advanced Vascular Dynamics (US), Marine Polymer Technologies, Inc. (US), and Rex Medical (US).

Recent Developments

•          In 2021, Vivasure Medical Ltd. (Ireland) announced the development of its product, PerQseal Blue. This product is a large-bore vascular closure device used after interventional cardiovascular procedures.
•          In 2021, Abbott (US) acquired Walk Vascular, LLC (US) to expand its portfolio of peripheral vascular devices.
•          In 2020, Teleflex Incorporated (US) acquired Z-Medica, LLC (US), an industry-leading manufacturer of hemostatic products that will lead to revenue growth for the company by expanding its product portfolio in the Interventional segment.

Frequently Asked Questions (FAQ):

1.        What is the impact of COVID-19 on the vascular closure devices market?
2.        Who are the key players in the vascular closure devices market?
3.        Which product type dominates the vascular closure devices market?
4.        What factors are driving the vascular closure devices market?
5.        What is the market for global vascular closure devices?

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