The report "Vascular closure device" markets is segmented By Type (Passive Approximators, Collagen Plugs, A sealant or Gel-based Devices, Compression Assist Devices, Active Approximators, Suture-based Devices, Clip-based Devices, External Hemostatic Devices), By Access (Femoral Access, Radial Access), By Procedure (Interventional Cardiology, Interventional Radiology/Vascular Surgery ), By Region (North America, US, Canada, Europe, E-3, Rest of Europe, Asia Pacific, Rest of World) – Global forecast to 2030. By the year 2030, the market size of the global Vascular closure device Market will reach 1.761 billion U.S. dollars with a significant growing CAGR of 7.0%. Factors like the high prevalence of cardiovascular diseases, increasing focus of market players on large-bore vascular closure devices, a large number of approvals for vascular closure devices, favorable reimbursement scenario for interventional radiology procedures, increasing prevalence of obesity, and growing geriatric population can be attributed for the growth of this market.
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KEY FACTORS AUGMENTING THE MARKET GROWTH
Technological developments, R&D investments, and regulatory body approvals are the key factors responsible for the development of this market. Compared to traditional mechanical compression, vascular closure devices provide a wide range of advantages such as reduced time for hemostasis, early patient mobilization and reduced discomfort during the entire process,
By Type, the "passive approximators" segment held the highest share in 2020
Passive approximators, active approximators, and external hemostatic devices are the segments into which the Vascular closure device market is divided based on Type. Among the three, passive approximators are currently enjoying the largest market share. Reduced compilations and ease of use of these devices are the key reasons for the largest share of this market segment.
By procedure, the Interventional cardiology segment held the highest share in 2020
Interventional cardiology procedures and interventional radiology/vascular surgery are the segments into which the Vascular closure device market is divided on the procedure. The interventional cardiology segment is expected to have a large market share with a decent CAGR.
By access, the Femoral vascular access segment held the highest share in 2020
Femoral access and Radial access are the segments into which the Vascular closure device market is divided based on the access. Femoral access has the largest market share with a significant CAGR during the forecasted period. In comparison to radial access, femoral arteries are less prone to spasms.
By end-user, the hospital's segment held the highest market share in 2020
Ambulatory surgical centers, Hospitals, and Others are the segments into which the Vascular closure device market is divided based on the access. Hospitals have the largest market share among different segments. It is estimated that the hospital's segment accounts for 59% of the overall market share. Demand for catheterization, growing admissions with heart stroke and angiography procedures are the driving factors for the increased market share of this segment. This segment is estimated to have growing revenues with a steady CAGR.
By region, the North America segment held the highest share in 2020
On a regional basis, North America has the largest market share among different regions throughout the forecasted period. Every year, more than 4,54,000 cases are reported related to atrial fibrillations in the U.S., as per the reports suggested by the Centers for Disease Control and Prevention. Moreover, factors like the growing diseases, sophisticated infrastructure and increasing disposable incomes in this region facilitate the growth of this segment's market share.
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