Global Vascular Closure Device Market Insights, Size and Growth Forecast To 2030

 

According to SPER Market Research, the global vascular closure device market was valued at USD 1.12 Bn in 2021 and estimated to reach USD 1.58 Bn by 2030 with a CAGR of 7.4%. The global burden of cardiovascular disorders causes around 17 Mn deaths per year across the globe. The number of patients with cardiovascular disorder will continue to grow as the geriatric population will increase in coming years. 

Impact of COVID-19 on the Vascular Closure Device Market
The upsurge in COVID-19 infections across the world redirect the resources and professionals towards COVID relief thus, compromising with wound care services, and elective surgeries. The temporary denial is notified for all the non-emergent healthcare services. Enforcing of lockdowns, curfews and fear of getting infected restrict the patients to visit hospitals, clinics or OPDs.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”


Driver: Rising prevalence of cardiovascular diseases
High occurrence of cardiovascular diseases across the world will render high growth of vascular closure devices market in the forecast period. Rising prevalence of obesity, increasing geriatric population is leading to higher number of patients suffering from cardiovascular diseases. 

Challenge: High medical costs and risk associated with vascular closure devices
The high costs of vascular closure devices can hinder the growth of this market. Countries with poor reimbursement policies can pose significant challenge for the adaption of vascular closure devices. The risks associated with the use of vascular closure devices during surgical procedures such as infections, bleeding, device failures and thrombotic events can also restrict the estimated growth. 

Opportunity: Rising demand for minimally invasive procedures 
The vascular closure devices provide minimal invasion and reduces risk of excessive blood loss during the surgeries. The rising awareness of patients towards minimally invasive procedures will provide growth opportunities for this market. Rising number of hospitals and healthcare funding will also support the growth of vascular closure devices. 

Vascular Closure Devices Market by Product type:
Based on product type, the market has been segmented into passive approximators, active approximators and external Hemostatic Devices 

Vascular Closure Devices Market by Access:
Based on access, the market has been segmented into femoral access and radial access

Vascular Closure Devices Market by Procedures:
Based on procedures, the market has been segmented into interventional cardiology and interventional radiology/vascular surgery

Vascular Closure Devices Market by Region:
North America accounted for the largest share of Vascular Closure devices market. The large share is ascribed by sophisticated infrastructure, increasing prevalence of cardiovascular diseases and presence of leading players of this market in this region.

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