Vascular Closure Devices Market 2022 Future Growth Insights

Vascular Closure Devices Market Trends:

The global vascular closure devices market is projected to USD 1.3 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 7.0% during the forecast period. The growth of this market can be attributed to high number of approvals for vascular occlusion devices, high prevalence of cardiovascular disease, increasing prevalence of obesity, increasing market participant interest in large-diameter vascular occlusion devices, growing geriatric population, and favorable repayment scenarios. Increasing interest in interventional radiotherapy, effective blood loss management of patients during surgery.

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Key Market Players of Vascular Closure Devices Market:

Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), Tricol Biomedical (US), Scion Biomedical (US), Advanced Vascular Dynamics (US), Marine Polymer Technologies, Inc. (US), and Rex Medical (US)

Terumo Corporation (Japan) is a leading player in the vascular closure devices market, with a market share of 33.4%. The company’s large share can be attributed to its broad range of vascular closure devices. The company has two distribution channels—direct to customers (healthcare professionals and/or facilities) and sales through distributors

COVID-19 impact on the vascular closure devices market

The COVID-19 outbreak negatively impacted the vascular closure devices market in 2020 due to nationwide lockdowns, denied wound care services, and canceled or postponed elective surgeries. Elective surgeries were being denied (canceled/postponed) to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) towards COVID-19 patient care. In addition, various countries had enforced lockdowns and curfews to curb the rising number of COVID-19 cases. Due to these lockdowns, patients were not able to visit hospitals, OPDs, or clinics.

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OPPORTUNITY: Growth in the number of hospitals & surgical centers

The number of hospitals and surgical centers is increasing in both developed and emerging countries. Newly established surgical centers and hospitals are in high demand for surgical equipment (including medical devices such as vascular occlusion devices) due to a growing patient population base. For example, in October 2020, the British Prime Minister announced concrete plans for 48 hospitals by 2030, investing $4.3 billion in 40 hospitals. Over the past decade, developing countries such as India and China have improved their respective healthcare infrastructures.

Recent Developments

• In 2021, Vivasure Medical Ltd. (Ireland) announced the development of its product, PerQseal Blue. This product is a large-bore vascular closure device used after interventional cardiovascular procedures.
• In 2021, Abbott (US) acquired Walk Vascular, LLC (US) to expand its portfolio of peripheral vascular devices.

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