Vascular Closure Devices are used to achieve hemostasis after a cardiovascular procedure. It is usually collagen, a suture, a clip or an external patch that is intended to seal the small puncture after the angiogram procedure.
The global vascular closure devices market is majorly driven by the high prevalence of cardiovascular diseases, high incidence of obesity and rising need for minimally invasive procedures. Additionally, factors such as rising approvals for vascular closure devices, government initiatives, and support, rising demand for advanced treatment, increasing research and clinical trials for vascular closure devices and growing market players offering newer products are likely to drive the market.
Factors that are likely to hamper the growth of the market are the high cost of the vascular closure devices.
The Global Vascular Closure Devices Market is expected to grow at a CAGR of 6.5% during the forecast period.
Some of the key players in the vascular closure devices market are Terumo Corporation, Abbott, Cardinal Health Inc., Cardiva Medical Inc., Morris Innovative, Inc., Medtronic plc, Essential Medical, Inc., Merit Medical Systems, Inc., TZ Medical, Inc., and Vasorum Ltd.
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The Global Vascular Closure Devices Market is segmented on the basis of type, access, application, and end user.
On the basis of the type, the market is segmented into passive approximators, active approximators, and external hemostatic devices. On the basis of passive approximators, it is further sub-segmented into collagen plug, sealant or gel-based devices and compression assist devices. On the basis of active approximators, it is further sub-segmented into suture-based devices and clip-based devices.
On the basis of access, the market is segmented into femoral access and radial access.
On the basis of application, the market is segmented into diagnostic intervention and therapeutic intervention.
On the basis of the end user, the market is segmented into hospitals & clinics, specialty centers, and ambulatory surgical centers.
North America vascular closure devices market is a growing market in the Americas region. North America is segmented into the U.S. and Canada. Increasing number of obesity and rising prevalence of cardiovascular rates are likely to enhance the growth of vascular closure devices. Additionally rising need for minimally invasive procedures, growing healthcare expenditure and rising demand for technologically advanced treatment and products along with rising government support is likely to enhance the growth of vascular closure devices market in North America.
Europe is the second largest market and holds a healthy share in the global vascular closure devices market. The European market is expected to grow a healthy growth during the forecast period owing to the availability of newer and advanced treatment facilities, and healthcare expenditure along with growing need for better healthcare infrastructure. Furthermore, rising cardiovascular rates, along with rising population inclined towards sedentary lifestyle is driving the growth of vascular closure devices market.According to European Heart Network, in 2015, there were 11.3 million cardiovascular disorder cases in Europe.
Asia Pacific is expected to be the fastest growing market. Increasing prevalence of chronic diseases is the major driver for the market growth. China is the fastest growing region owing to an increasing population. Rising awareness about the health and availability of new treatment methods drive the market in this region. Rising healthcare expenditure and rise in the standard of living are driving the growth of vascular closure devices market in the Asia Pacific region.
The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access and availability of treatment facilities. In the Middle East, United Arab Emirates is the largest market share owing to the development of healthcare industry and rising availability of specialty care centers.
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