Latest Research Report of Vascular Closure Devices Market

The report "Vascular Closure Device Market by Type (Passive Approximators (Collagen Plugs Sealent/Gel Based), Active Approximators (Clip, Suture Devices)), Access (Femoral,Radial) & Procedure (Interventional Cardiology, Radiology) - Global Forecasts to 2022", report provides a detailed overview of the major drivers, restraints, opportunities, and threats impacting the vascular closure devices market along with the estimates and forecasts of the revenue and market share analysis.

Browse 61 market data tables and 30 figures spread through 128 pages and in-depth TOC on "Vascular Closure Device Market by Type (Passive Approximators (Collagen Plugs Sealent/Gel Based), Active Approximators (Clip, Suture Devices)), Access (Femoral,Radial) & Procedure (Interventional Cardiology, Radiology) - Global Forecasts to 2022"

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The global vascular closure devices market is expected to reach USD 984.6 Million by 2022 from USD 704.8 Million in 2017, at a CAGR of 6.9%. Growth in this market can be attributed to factors such as the large number of approvals for vascular closure devices, high prevalence of cardiovascular diseases and obesity, and increasing focus of market players on large-bore vascular closure devices.

The market is segmented on the basis of type, access type, procedure type, and regions. Based on type, the market segment is further categorized into active approximators, passive approximators, and external hemostasis devices. Passive approximators are expected to account for the largest share of the market in 2017. Collagen-based passive approximators are widely used owing to the wide range of advantages associated with these devices, including ease of use, short ambulation time for patients, and fewer complications compared to manual compression.

The market is segmented into North America, Europe, Asia-Pacific, and RoW (Rest of the World). Of these, the North American segment is expected to account the largest share of the market in 2017. Market growth is primarily driven by factors such as the high prevalence of cardiovascular diseases, increasing number of research studies and clinical trials for vascular closure devices in the U.S., and the growing trend of one-day surgery for vascular procedures, Moreover, the increasing number of cardiac arrest cases, long waiting periods for cardiac surgery likely to encourage the adoption of minimally invasive procedures in Canada, are other factors driving the growth of this market in this region.

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Vascular closure devices are relatively high-priced devices compared to manual compression devices. The average price of a vascular closure device is about USD 150–USD 250 while that of a manual compression device is about USD 15–USD 25. The cost of VCDs essentially adds up to the patient’s hospitalization bill and even increases the per patient cost for hospitals and simultaneously reduces profits.

Moreover, radial artery access makes it more convenient for doctors to achieve hemostasis using simple manual compression methods. Interventional procedures using radial artery access do not generally require vascular closure devices, which is another factor that leads to cost savings.

Additionally, malfunctioning of devices, poor quality, and underperformance of devices are the primary causes of product recalls. Product failures and recalls cost companies millions of dollars in product replacements and lost revenues. They may also create a negative impression about the product, which in turn may limit the adoption of these products.

However, growth in target markets in emerging nations such as China, India, and Brazil, offer significant growth opportunities for players operating in the vascular closure devices market.

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