Vascular Closure Devices Market Demands, Industry Size, Supply, Sales and Manufacturers Future Outlook
The European Parliament recently announced the postponement of the implementation of the new Medical Device Regulation (MDR) by a year, due to the unprecedented COVID-19 (coronavirus) outbreak. This will help medtech companies in the vascular closure devices market to stabilize their operations, owing to the debilitating consequences of the pandemic. This postponement is to come in practice after individual member states share their approval. However, the COVID-19 crisis has slowed down innovations in the vascular closure devices market and postponement of the regulations is anticipated to affect the growth rate of the market.
Given the current pressure on the national health authorities, popular news outlets state that compliance with new regulations could create a shortage and delay in the supply of medical devices in Europe. Hence, the postponement of the new Medical Device Regulation (MDR) will help medical device manufacturers to meet urgent demands in healthcare facilities caused due to the COVID-19 outbreak.
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Biomechanical Vascular Closure Devices Overcome Limitations in Closure of Large Bore Femoral Arteriotomies
Specialty-focused solutions are acquiring prominence in the vascular closure devices market. For instance, leading supplier of specialty medical devices for critical care and surgery Teleflex, announced to showcase their MANTA® vascular closure device at the 2019 PCR London Valves-a cross-disciplinary course being held in London, U.K. Specialty-focused solutions are helping healthcare providers to improve the health and patient quality of life worldwide. Companies are increasing efforts to develop products that simplify complex procedures and overcome barriers associated with common procedural challenges.
Novel biomechanical vascular closure devices (VDCs) are boosting the credibility of companies in the market landscape. These devices are being pervasively used by interventionalists worldwide for the closure of large bore femoral arteriotomies. Companies in the vascular closure devices market are designing products that seal arterial puncture holes post percutaneous coronary intervention (PCI) catheter based vascular procedures. As such, the revenue of peripheral vascular interventions is anticipated for robust growth during the forecast period.
Devices with Biocompatible Stainless Steel Implants Gain Prominence in Intra-Arterial Procedures
Companies in the vascular closure devices market are investing in capacity additions to manufacture products used to close femoral arteriotomies following intra-arterial procedures. This explains why cardiac interventions dictate the highest revenue among all applications in the vascular closure devices market, since these devices are being increasingly used in peripheral and coronary angioplasty, owing to the high prevalence of cardiovascular diseases worldwide. As such, the market is estimated to reach a value of ~US$ 1 Bn by the end of 2027.
Other important applications demanding vascular closure devices are other intra-arterial procedures such as arterial stents, balloon angioplasty, and diagnostic or interventional catheterization procedures. Hence, companies in the vascular closure devices market are increasing their production capabilities to manufacture biocompatible stainless steel implants. They are increasing R&D to design implants that can be applied both inside and outside of the puncture site in the femoral artery.
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Improved Suture-based Techniques Aid in Challenging Procedures of Final Vascular Closures
Suture-based closure devices are being adopted by healthcare professionals for percutaneous closure of large-bore arteriotomies. Such advancements are boosting the growth for the vascular closure devices market, which is predicted to grow at a robust CAGR of ~7% during the forecast period. However, suture-based closure devices are cumbersome and are experiencing a downtick, owing to their long learning curve and increased risk of complications. Hence, companies in the vascular closure devices market are increasing their efforts to design devices that are used in parallel or angulated configuration.
Prominent medical devices and healthcare company Abbott is increasing awareness about Perclose ProGlide-an improved suture-based vascular closure device, which is being frequently used in large-bore vessel closures. Advanced vascular closure devices are performing in challenging procedures such as suture knots that are advanced to the vessel wall for final vascular closures. Recent trends include single-device deployment in hybrid closure techniques. On the other hand, dedicated large-bore closure devices are overcoming limitations of surgical and suture-based closure techniques.
Vascular Closure Devices Market: Overview
This report analyzes the current scenario and future growth prospects of the global vascular closure devices market
The report provides an elaborate executive summary, which provides a snapshot of various segments of the global market. It also provides information and data analysis of the global vascular closure devices market with respect to segments based on product, access type, application, end user, and region.
The overview section of the report provides a detailed qualitative analysis of drivers, restraints, and opportunities that impact the global vascular closure devices market
The report includes company profiles, which provide information about business strategies, product portfolios, and financials of players operating in the global vascular closure devices market and competitive landscape of the market
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The report on the global vascular closure devices market offers attractiveness analysis of different segments of the market across regions
The last section of the report comprises quantitative and qualitative analysis on market share/position of key players operating in the market. It analyzes key competitive strategies adopted by major market players, thereby presenting a thorough understanding of the competition scenario in the global vascular closure devices market.
Vascular Closure Devices Market: Key Segments
In terms of product, the market has been segmented into passive approximators, active approximators, and external hemostatic devices. The passive approximators segment is further categorized into collagen plugs, sealant or gel-based devices, and compression-assist devices. The active approximators segment is further categorized into suture-based devices and clip-based devices.
The passive approximators segment dominated the market in 2018 and the trend is projected to continue during the forecast period, owing to extensive use of these devices for vessel closure
Based on access type, the market has been classified into femoral access and radial access. The femoral access segment accounted for the largest market share in 2018. The femoral access segment projected to dominate the market during the forecast period due to increase in availability of femoral access site closure devices.
In terms of application, the global market has been categorized into cardiac interventions cerebrovascular interventions, peripheral vascular interventions, and others. The cardiac interventions segment is dominated in 2018 and expected to continue its growth during the forecast period, owing to an increase in prevalence of cardiovascular diseases. As per the American Heart Association estimates, more than 130 million adults are likely to suffer from cardiovascular disorders in the U.S. by 2035.
In terms of end user, the global market has been divided into hospitals, ambulatory surgical centers, and cardiac catheterization laboratories. The hospitals segment is likely to continue its dominance during the forecast period due to increase in number of cases heart disease and related complications.
Market size and forecast for each of the segments of the global vascular closure devices market have been provided for the period from 2017 to 2027. The CAGRs of the segments of the global vascular closure devices market have also been provided for the period from 2019 to 2027, considering 2018 as the base year.
Vascular Closure Devices Market: Regional Outlook
In terms of region, the global vascular closure devices market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa). Each region of the global market has been divided into major countries/sub-regions.
The report provides the size and forecast of the market in each region and country/sub-region for the period from 2017 to 2027. The CAGR of the market in each of these regions and countries/sub-regions has also been provided for the period from 2019 to 2027. The study also covers the market competition scenario in these regions.
Continuous focus on quality management, increase in number of healthcare providers opting for vascular closure devices, and rise in prevalence of lifestyle diseases leading to cardiac arrest & other heart diseases are expected to boost the growth of the market in North America
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Companies Covered in Vascular Closure Devices Market Report
Key players in the global vascular closure devices market have been profiled based on attributes such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
Major companies profiled in the global vascular closure devices market report are
Terumo Medical Corporation
Cardiva Medical, Inc.
Merit Medical Systems, Inc.
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