Vascular Closure Devices Market Analysis
The vascular closure devices market is likely to expand at a 6.8% CAGR between 2018-2023, reveals the new Market Research Future (MRFR) report. Vascular closure device, or VCD, simply put, is a medical device used to seal femoral artery puncture in patients that have undergone interventional procedures or diagnostic angiography procedures.
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Numerous factors are adding to the global vascular closure devices market. Such factors, as revealed by the recent MRFR report, include a high prevalence of obesity and cardiovascular diseases, rising product approvals, government support and initiatives, demand for advanced treatment, and increasing clinical trials and research for such devices. Additional factors adding market growth include market players providing newer products and a high-efficiency rate of these devices.
On the contrary, rising preference for the interventional process using radial artery access, product failures and recalls, and the high price of such devices are factors that may limit the vascular closure devices market growth over the forecast period.
Vascular Closure Devices Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the vascular closure devices market based on product type, access, procedures, application, and end user.
By product, the vascular closure devices market is segmented into the external hemostatic device, active vascular closure device, and passive vascular closure device. Of these, the passive vascular closure device segment will lead the market over the forecast period for the rising incidence of obesity and cardiovascular disease and increasing approvals for such devices.
By access, the vascular closure devices market is segmented into radial and femoral. Of these, femoral will dominate the market over the forecast period for its wide preference among physicians and cardiologists during interventional procedures and certain complications during arterial access.
By procedures, the global vascular closure devices market has been segmented into interventional radiology and interventional cardiology. Of these, interventional cardiology will have a major share in the market over the forecast period for the increasing obese population and rising incidence of cardiovascular diseases.
By application, the vascular closure devices market is segmented into therapeutic and diagnostic.
By end user, the vascular closure devices market is segmented into ambulatory surgery centers, specialty centers, hospitals and clinics, and others.
Vascular Closure Devices Market Regional Analysis
By region, the global vascular closure devices market covers the growth opportunities and recent trends across Europe, the Americas, the Middle East & Africa (MEA), and the Asia Pacific (APAC). Of these, the Americas will lead the market over the forecast period. Factors adding to the growth of the vascular closure devices market in the region include increased funding and research by the government, and the rising awareness about vascular closure devices.
The global vascular closure devices market in Europe is predicted to hold the second-largest share over the forecast period for the different initiatives undertaken by private & public organizations.
The global vascular closure devices market in the APAC region is predicted to grow at a rapid pace during the forecast period for technological advances that have resulted in the creation of pocket-friendly vascular closure devices, patients’ unmet needs, presence of untapped areas, and enhancement of product catalogueby several major players.
The global vascular closure devices market in the Middle East and Africa is predicted to have small share during the forecast period for fewer government initiatives and the presence of economically diverse countries.
Key Players
Notable players profiled in the global vascular closure devices market report include Vivasure Medical Ltd., Vascular Closure Systems, Inc., Transluminal Technologies LLC, Vasorum Ltd., TZ Medical, Inc., Merit Medical Systems, Inc., Essential Medical, Inc., Medtronic Plc, Morris Innovative, Inc., Cardiva Medical Inc., Cardinal Health Inc., Terumo Corporation, and Abbott Laboratories. Industry players have incorporated strategies such as partnerships, acquisitions, agreements, joint ventures, and new product launches to stay ahead in the competition.
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