Vascular Closure Device Market Projected to Grow at a Steady Pace During 2021-2026

Stratview Research delivers key insights on the global Vascular Closure Device Market. According to Stratview Research, the market is segmented By Device Type (Passive Approximators, Active Approximators, External Hemostatic Devices), By Procedure (Interventional Cardiology, Interventional Radiology/Vascular Surgery), and Region.

The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.

Market Insights

The report suggests that the overall Vascular Closure Device market is projected to grow from USD 0.9 billion in 2020 to USD 1.3 billion by 2026 at a CAGR of over 7.3% during the forecast period.

Market Segments' Analysis

Based on device type, the global vascular closure device market has been classified into passive approximators, active approximators, and external hemostatic devices. Under these, the active approximators segment held the largest market share of around 60% in 2020 and is likely to grow at a considered CAGR during the forecast period. Active vascular closure device uses different methods for direct closure of artery entry site by using suture or collagen-based products. Moreover, growing product availability catering to a larger population offers revenue generation avenues, thus bolstering the segment growth.

By region, the North American market held a significant market share of almost 45% in 2020 and is projected to grow at a healthy CAGR in the coming years. Rising healthcare expenditure, favorable reimbursement scenario, growing hospitalizations associated with cardiovascular diseases boosts the patient inflow in facilities, further augments the regional market growth.

Key Players

The following are some of the key players in the Vascular Closure Device Market:

• Terumo (Japan)
• Abbott Laboratories (US)
• Cordis (US)
• Cardiva Medical (US)
• Medtronic (Ireland)
• Morris Innovative (US)
• Essential Medical (US)
• Merit Medical (US)
• Vasorum (Ireland)
• TZ Medical (US).

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