Global Vascular Closure Devices Market to Reach $1 Billion by 2026

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SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Vascular Closure Devices – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Vascular Closure Devices Market

FACTS AT A GLANCE
Edition: 9; Released: April 2021
Executive Pool: 10443
Companies: 36 – Players covered include Abbott Laboratories; Advanced Vascular Dynamics; Cardinal Health, Inc.; Cardival Medical, Inc.; Endocor GmbH; Medtronic PLC; Merit Medical Systems Inc.; Morris Innovative Inc.; Teleflex Incorporated; Terumo Corporation; Transluminal Technologies LLC; Tricol Medical Inc.; Vivasure Medical Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Type (Passive Approximators, Active Approximators, External Hemostatic Devices); Procedure (Interventional Cardiology, Interventional Radiology/Vascular Surgery); Access (Femoral, Radial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Vascular Closure Devices Market to Reach $1 Billion by 2026
A vascular closure device is a medical device designed to provide rapid hemostasis and reduce vascular complications after percutaneous femoral access and. Vascular closure devices also improve patient comfort, reduce discomfort associated with prolonged bed rest, facilitate early patient mobilization, and decrease hospital length of stay. These devices have emerged as an effective alternative to traditional mechanical compression for femoral artery closure. Suture-based and metal clip-based vascular closure devices reduce time to hemostasis when compared with manual or mechanical compression. Vascular closure devices are being widely used in patients undergoing cardiac catheterization through femoral arterial access. Cardiovascular procedures that require catheterization include interventional procedures such as angioplasty, coronary thrombectomy and placement of a stent, and diagnostic procedures that help diagnose diseased blood vessels. Most vascular closure devices leave foreign bodies within the artery and/or surrounding soft tissues. Recent methods to close the access site involve the use of novel materials such as sealants comprised of polyethylene glycol that dissolve over a short period of time.

Amid the COVID-19 crisis, the global market for Vascular Closure Devices estimated at US$731.5 Million in the year 2020, is projected to reach a revised size of US$1 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Passive Approximators, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$783.3 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Active Approximators segment is readjusted to a revised 6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $323 Million in 2021, While China is Forecast to Reach $110.5 Million by 2026
The Vascular Closure Devices market in the U.S. is estimated at US$323 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$110.5 Million by the year 2026 trailing a CAGR of 8.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 6.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR.

The market is expected to witness steady growth in the long term due to the increasing number of femoral artery cardiac catheterization, the benefits of reduced hemostasis time, and enhanced patient comfort. Vascular closure devices seal femoral artery punctures in patients who have undergone interventional procedures or diagnostic angiography procedures. In countries across the world, approvals for new vascular closure devices are increasing. This combined with the other factors of rising government support and initiatives and growing demand among patients for more advanced treatment options for cardiovascular diseases is expected to result in steady growth for the market over the long term. Market players aggressively invest in research for new products which is also a major market growth driver. Another important growth driving factor is the higher efficiency rate of the new devices that have entered the market in the recent years.

In the current era where healthcare is cutting down on costs, there is a shift in focus for technologies from manual compression for hemostasis to fasten vascular closure. Although these devices increase the procedural costs, in the long run, it is cost-effective. Faster hemostasis reduces bleeding complications, saves nursing time after the procedure, increases patient throughput, quickens patient ambulation, and increases overall patient satisfaction. Further, it supports hospitals following percutaneous coronary intervention (PCI) programs. The devices are classified into three sections – vascular closure devices that instantly closes the vessel using mechanical process; compression devices that fasten onto the patient to enable pressure on the arteriotomy site; and hemostatic pads comprising materials to fasten the clotting force to lower time to hemostasis. Typically, manual compression is used in combination with hemostatic pads.

External Hemostatic Devices Segment to Reach $137.4 Million by 2026
This category comprises pads or patches and aid in the promotion of coagulation through concentrating clotting devices and factors, which exert pressure manually on the arteriotomy. With increased employment of transradial access in several centers, the use of external hemostatic devices are increasing across various settings. Due to several advantages associated with transradial access in comparison to transfemoral access. In terms of cost also, radial hemostatic devices are affordable in comparison to several VCDs, which are used after the transfemoral access. In the global External Hemostatic Devices segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$91.9 Million in the year 2020 will reach a projected size of US$125.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.3 Million by the year 2026, while Latin America will expand at a 4.9% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com

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SOURCE Global Industry Analysts, Inc.

https://markets.businessinsider.com/news/stocks/global-vascular-closure-devices-market-to-reach-1-billion-by-2026-1030701994

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