Closure Devices Market Growing Rapidly by 2031 - Teleflex medical, Pfizer Inc & Siemens.

The Global Closure Devices Market is projected to grow at a high CAGR of 7.2% during the forecast period of 2024-2031.

Closure devices are increasingly being used as an effective alternative to traditional mechanical compression for femoral artery closure, especially in patients undergoing catheterization via the femoral route. These devices are inserted at the end of a procedure to ensure secure closure of the artery. Closure devices are generally classified into two main categories: passive and active. Passive vascular closure devices work by promoting blood clot formation or through mechanical compression to stop bleeding, providing a less invasive option compared to traditional methods.

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Market Dynamics:

The growing risk of heart stroke, along with the increasing population suffering from various vascular diseases, will rise the market growth.

Cardiovascular diseases (CVDs) are the leading cause of death globally, claiming approximately 17.9 million lives annually, with around 18.6 million deaths recorded in 2019 alone, reflecting a 17.1% increase over the past decade. In the U.S., about 805,000 heart attacks occur each year, with 605,000 being first-time incidents. The rising prevalence of CVDs has led to an increased number of invasive cardiovascular procedures, estimated at around 7 million globally each year. As these procedures often involve the femoral artery, effective arterial hemostasis techniques are crucial for quality patient care.

Closure devices, including passive and active Arteriotomy Closure Devices (ACDs), have been developed to minimize vascular complications and reduce hemostasis time. These devices incorporate various mechanisms such as sutures, collagen plugs, and nitinol clips to achieve hemostasis, making them essential in modern cardiovascular procedures. Notably, Angio-Seal, a popular closure device, uses a collagen plug anchored to the vessel wall to achieve hemostasis. The latest generation, Angio-Seal STS Platform™, has streamlined the deployment process, allowing the procedure to be completed in the cath lab, enhancing efficiency and patient outcomes.

Market Segmentation:

By Product Type: Active Vascular Closure Devices, Passive Vascular Closure Devices, External Haemostatic Devices.

By Access: Femoral Access, Radial Access.
By End-User: Hospitals, Ambulatory surgical centers, Specialty Clinics.

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Major Key Players:

• Teleflex medical
• Johnson & Johnson Services Inc
• Pfizer Inc
• Lupin
• Siemens
• Koninklijke Philips NV
• Medsinglong Co Ltd.
• Guangzhou Medunion Technologies Co.ltd
• Guangzhou Maya Medical Equipment.Co.ltd
• Teva Pharmaceutical Industries Ltd

Regional Analysis:

The global Closure Devices Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Closure Devices Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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