Global Vascular Closure Devices Market: The demand for the Vascular Closure Devices Market will increase dramatically in the future
Rising in prevalence of cardiovascular disease is expected to drive growth of the global vascular closure devices market.
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Growing geriatric population is expected to drive growth of the global vascular closure devices market.
According to the World Population Prospects, by 2050, one in six people in the world will be over aged age 65 years and above. Furthermore, in 2018, individuals aged 65 and above outnumbered children under 5 years of age worldwide.
High cost of vascular closure devices is expected to restrain growth of the global vascular closure device market.
Asia Pacific is expected to grow rapidly in near future due to heavy investment in healthcare sector in emerging countries such as India and China. According to the data released by Department for Promotion of Industry and Internal Trade (DPIIT), Indian Hospitals and diagnostic centers attracted Foreign Direct Investment (FDI) worth US$ 6.72 billion between April 2000 and March 2020.
North America is expected to dominate the global vascular closure devices market due to increasing capital investments made in hospitals and rising number of surgeries performed in the region.
Key competitors for global vascular closure devices market are Abbott, Merit Medical Systems, Transluminal Technologies Inc., Terumo Corporation, Medtronic, Hemostasis LLC, Vasorum Ltd., Tricol Biomedical, ENDOCOR GmbH, Cardinal Health, Teleflex Incorporated, TZ Medical Inc. and Semlar Technologies Inc.
In March 2018, Terumo Corporation acquired the large bore vascular closure device business of Medeion Biodesign Inc. This acquisition will expand the business of Terumo Corporation as well as its share in the market in this fast growing segment.
In November 2018, Cardinal Health’s Cordis launched Mynx Control vascular closure system intended to reduce time to hemostasis and ambulation after diagnostic or interventional procedures.
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