Global Vascular Closure Device Market, by Product Type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), By Access (Femoral, and Radial), By Hole Size (Small Hole, and Large Hole) By End User (Hospitals, Ambulatory Surgical Centers, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,283.2 Mn in 2023 and is expected to exhibit a CAGR of 6.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing organic growth strategies, such as product approval by key market players to expand their product portfolio, are expected to drive market growth over the forecast period. For instance, on October 4, 2023, Terumo Corporation, a medical device company, announced that Vascular Closure Devices, Angio-Seal VIP & Femoseal, received the European Union Medical Device Regulation (EU MDR) certifications.
Global Vascular Closure Device Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
The coronavirus (COVID-19) pandemic and resulting lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector is one of the sectors that has been majorly impacted by the COVID-19 pandemic. The pandemic has negatively impacted the global vascular closure device market by affecting, production, and supply of medical devices. It has also affected the growth of the pharmaceutical businesses of various companies globally due to lockdowns implemented by the governments of several countries. The nationwide lockdowns have led to closure of industrial establishments, except for the manufacturing of essential commodities, and disruptions in the supply chain of the pharmaceuticals and kits for diagnostic and therapeutic use. For instance, during the COVID-19 pandemic, there was a reduction in non-emergency surgical procedure, which impacted the growth of the market. According to an article published by journal of JAMA Network Open, an open access journal, in December 2021, titled 'Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic', the pandemic had affected every aspect of medical care, including the surgical treatments. The article analyzed the surgical data in the U.S. from November 2020 through July 2021 and indicated that the initial shutdown period in March 2020 through April 2020 was associated with a decrease in surgical procedure volumes. After the restrictions were lifted, the rate of surgical procedures rebounded to 2019 levels. Such reductions in the surgical volumes hindered the growth of the market during the COVID-19 pandemic.
Global Vascular Closure Device Market: Key Developments
On October 10, 2023, Haemonetics Corporation, a global healthcare company, announced acquisition of OpSens Inc., a medical device cardiology-focused company, to expand interventional cardiology product portfolio.
On October 2, 2023, Cordis, a leader in the development and manufacturing of interventional cardiovascular and endovascular technology, announced that it had completed the acquisition of MedAlliance, a Switzerland-based developer of drug-eluting balloon technology. This acquisition adds a key growth driver to the company’s coronary and peripheral vascular portfolios.
In August 2022, Boston Scientific Corporation, a medical device company, announced the acquisition of Obsidio, Inc., a privately held company that has developed the Gel Embolic Material (GEM) technology used for embolization of blood vessels in the peripheral vasculature.
Browse 44 Market Data Tables and 41 Figures spread through 233 Pages and in-depth TOC on “Global vascular closure device market, by Product Type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), By Access (Femoral, and Radial), By Hole Size (Small Hole, and Large Hole) By End User (Hospitals, Ambulatory Surgical Centers, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/vascular-closure-device-1330
Key Takeaways of the Global Vascular Closure Device Market:
- The global vascular closure device market is expected to exhibit a CAGR of 6.1% during the forecast period due to the increasing use of vascular closure devices during surgeries. For instance, owing to increasing number of cardiovascular surgeries is expected to drive the segment growth over the forecast period. For instance, in August 2022, according to the data published by New Jersey Department of Health, 42.8 % (7,398) of the 17,291 total open heart surgeries were performed in New Jersey, U.S., in 2022. In 2019-2020, the number of bypass surgeries were 43.1% (4,094 of the 9,489) in 2019 and 42.4% (3,304 out of 7,802) in 2020 were bypass surgeries in the U.S.
- Among region, North America segment is expected to be dominant in the global vascular closure device market, owing to the rise in Ear, Nose & Throat (ENT ) surgical procedures in the region. For instance, according to the U.S. National Library of Medicine May 2020, tonsillectomy was one of the most commonly performed surgical procedures, and over 500,000 cases are performed annually in children less than 15 years of age in 2019.
- Major players operating in the global vascular closure device market include Abbott, Cardiva Medical Inc., Terumo Corporation, Johnson & Johnson Services Inc., B. Braun SE, Biotronik SE & Co. KG, MicroPort Scientific Corporation, ConforMIS, Inc., Medtronic, Transluminal Technologies LLC, Cardinal Health, Teleflex Incorporated, Vasorum Ltd., Tricol Biomedical, Merit Medical Systems, Inc., Stryker
