Vascular closure device sales are expected to grow globally between 2022 and 2026 at a notable CAGR of 6.6%. The market for vascular closure devices is currently valued at US$ 834 million, but by the end of the study period, it is expected to have grown to US$ 1.1 billion. The vascular closure devices market refers to the production and consumption of medical devices used to achieve hemostasis (closure of the blood vessel) after catheterization procedures. These devices are used to reduce the time and risk associated with manual compression or other traditional methods of achieving hemostasis, and are commonly used in interventional cardiology and radiology procedures.
The global vascular closure devices market is expected to grow in the coming years, driven by increasing demand for minimally invasive procedures and improvements in device design and materials. The growing prevalence of cardiovascular diseases and the increasing adoption of vascular closure devices in emerging markets are also expected to drive market growth
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Key Takeaways from Market Study
- The global vascular closure devices market accounts for a valuation of US$ 834 billion.
- The market is projected to progress rapidly at a CAGR of 6.6% through 2026.
- The market for vascular closure devices is predicted to climb to US$ 1.1 billion by 2026.
- Growing geriatric population, increasing incidence of heart disorders, rising number of cardiovascular surgeries, and supportive government initiatives to boost awareness of cardiovascular illnesses are expected to majorly drive vascular closure devices market growth.
- High costs of vascular closure systems and risks associated with vascular closure device use are expected to restrain market potential to some extent going forward.
- The U.S. vascular closure devices market currently accounts for a revenue of US$ 342 million.
- The vascular closure devices market in China is set to evolve at a high
- CAGR of 8% through 2026 and hold a market value of US$ 109 million.
Competitive Landscape :
Vascular closure device manufacturers are anticipated to focus on novel product innovation and are expected to fast-track the launch of these new products to increase their sales potential.
- In September 2021, Haemonetics Corporation, a renowned medical technology company, announced the launch of the VASCADE MVP® Venous Vascular Closure System.
- In May 2022, Teflex Incorporated, a specialty surgical instrument manufacturer, announced that its Manta vascular closure device received approval from Health Canada. With this approval, Teflex is expected to commercialize and launch the Manta closure device for Canadian patients.
Key Companies Profiled
- Terumo Corporation
- Advanced Vascular Dynamics
- Abbott Laboratories
- Cardiva Medical Inc.
- Morris Innovative Inc.
- Transluminal Technologies
- Teleflex Incorporated
- Merit Medical Systems Inc.
- Medas USA
- Vygon Company
- Vasorum Ltd.
- TZ Medical Inc.
- Medtronic Plc
- Vivasure Medical Ltd.
- Tricol Biomedical
- Scion Biomedical
- Marine Polymer Technologies Inc.
- Rex Medical
- Cardinal Health
- Meril Life Sciences Pvt. Ltd.
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Why Should Vascular Closure Device Suppliers Invest in the U.S.?
A growing geriatric population, a well-developed healthcare system, rising R&D efforts, an increase in the accessibility of cardiovascular surgeries, and rising obesity rates are just a few of the factors that will likely make the US market for vascular closure devices very lucrative for market players.
Throughout the forecast period, investments from the government to support research and development and raise awareness of cardiovascular disorders are also anticipated to favor vascular closure device demand.
In the upcoming years, it is anticipated that vascular closure devices with a large bore and arterial closure devices will enjoy tremendous popularity in the nation.
Key Questions Covered in the Vascular Closure Devices Market
- What are vascular closure devices, and how do they work?
- What are the different types of vascular closure devices, and how do they compare to each other?
- What are the key drivers of growth in the vascular closure devices market, and how are they expected to evolve in the coming years?
- What are the main challenges facing companies in the vascular closure devices market, and how are they addressing these challenges?
- What are the regulatory requirements for vascular closure devices, and how are they changing?
- What are the key trends and developments in the vascular closure devices market, and how are they impacting the industry?
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Overall, the vascular closure devices market offers significant opportunities for growth and innovation in the coming years, as manufacturers continue to develop new and improved devices that can meet the evolving needs of healthcare providers and patients. The market is expected to remain competitive, with companies focusing on developing products that are more efficient, effective, and patient-friendly, while also addressing emerging trends such as personalized medicine and real-time imaging technologies
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