The global large bore vascular closure device market revenue stood at USD 415.0 million in 2017 and the demand is expected to grow on account of the increasing prevalence of cardiovascular diseases & obesity and increasing complications related to vascular surgeries. Due to rising complications associated with achieving effective hemostasis, the demand for large bore vascular devices is on the rise as these devices help in achieving rapid hemostasis of the artery and thus help in reduction of access site complications.
main aim of vascular devices is to provide rapid hemostasis, reduce time to ambulation and time to hospital discharge. Vascular devices are very useful for geriatric and sick patients where manual compression is difficult, particularly when the patient is not able to lie down flat for hours. Overall, vascular devices help in reduction in time after an angiographic procedure. The growth of the global large bore vascular closure devices market is propelled by rising technological advancements and innovations in VCDs (vascular closure devices) which paves the way for better intervention procedures and hence better patient care.
At a compound annual growth rate of 7.0,%, the size of the worldwide Large Bore Vascular Closure Device market is projected to reach $1.761 billion in 2030.
On the basis of product, the global large bore vascular closure device market is segmented into passive closure devices and active closure devices. In 2017, active closure devices revenue was USD 262.5 million and are expected to grow at CAGR of over 9.5% during the forecast period. Passive closure devices stop the bleeding with blood clotting materials and manual compression whereas, active closure devices comprise collagen-based and suture-based products for stopping the bleeding at the entry site in the artery. However, in the latter method some part of the device stays in the artery which can cause complications; both the methods comprise complications. The newer devices in the market use a material, such as polyethylene glycol, which is applied outside the artery and considered more effective.
On the basis of application, the large bore vascular closure device market is segmented into femoral arterial and transradial arterial. The femoral arterial application holds the majority of the global large bore vascular closure device market share as compared to its counterpart due to the advantages associated with it. There are various limitations of radial artery access over transfemoral such as the potential of radial spasm, increased radiation exposure among others whereas the former application is a classical approach, easy access, and less radiation.
On the basis of region, the global large bore vascular closure device market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. In the year 2017, North America accounted for the majority of the global large bore vascular closure device market share at 64.8%. The dominance within the global industry is owed to the growing prevalence of cardiovascular diseases among US states. CVDs (cardiovascular diseases) is the leading cause of death in the US. As per the reports of the American Medical Association, in the year 2016, the death toll due to CVD’s reached to 900,000. The rising prevalence of CVDs in the US is expected to fuel the growth of the North America large bore vascular device market size in the coming future.
The global large bore vascular closure device market is marked by consolidation due to the presence of leading companies together accounting for a substantial share. Key players within the market are Abbott, Teleflex Incorporated, ESSENTIAL MEDICAL, INC, InSeal Medical, Terumo Medical Corporation, Transluminal Technologies, Vasorum Ltd., and Cardinal Health among others.
Key vendors are also concentrating on expanding on new product developments, and mergers & acquisition to meet the increasing demand from various end-user industries. For instance, in 2018, Teleflex Incorporated, a U.S based company, acquired Essential Medical and its CE market vascular closure device MANTA™. It is designed for closure of large bore arteriotomies following procedures. MANTA is very helpful as it is made of resorbable collagen-based technology and helps in rapid and reliable hemostasis.
Large Bore Vascular Closure Device Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$1.761 billion|
|Growth Rate||CAGR of 7.0 % during 2022-2030|
|Segment Covered||By Type, By Access, By Procedure, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Abbott, Cardinal Health., Cardival Medical, Inc., Terumo Corporation, Scion BioMedical, Medtronic, B. Braun Melsungen AG, Biotronik, Inc., BD, W.L. Gore & Associates, Teleflex Incorporated, Merit Medical Systems., Transluminal Technologies, LLC, Hemostasis, LLC. Vasorum Ltd., Tricol Biomedical., ENDOCOR GmbH., TZ Medical., Vivasure Medical Ltd. and Marine Polymer Technologies, Inc. among other domestic and global players.|
Key segments of the global large bore vascular closure device market
Product Overview, 2018-2025 (USD Million)
- Passive Closure Devices
- Active Closure Devices
Application Overview, 2018-2025 (USD Million)
- Femoral Arterial
- Transradial Arterial
Regional Overview, 2018-2025 (USD Million)
- North America
- Asia Pacific
- Rest of the World