March 11, 2019: Adroit Market Research launched a study titled, “Global Large Bore Vascular Closure Device Market Size 2017 By Product (Passive Closure Devices and Active Closure Devices), By Application (Femoral Arterial and Transradial Arterial), By Region and Forecast 2018 to 2025”. The study covers the global large bore vascular closure device market revenue for the time frame of 2015-2025. The study also discusses the global large bore vascular closure device market share for different products and applications for key regions and countries within these regions.
By 2025, the global large bore vascular closure devices market size is estimated to cross USD 850 million driven by the rise in complications associated with the manual compression techniques, growing cardiovascular diseases, and obesity to name a few. The vascular closure device technique is a modern one which has drafted new vistas to drive interventional surgery a step further. Propelled by technological advancements and innovations, vascular closure devices hold significant promises to provide better interventional procedures to patients and thus, improve the quality of their life.
Of the two types of products available commercially, active closure devices dominated the global large bore vascular closure device market share in 2017 and the trend is anticipated to continue over the forecast period growing at a CAGR of 9.8% during the forecast period between 2018 and 2025. Vascular closure devices came into the picture in order to reduce the bleeding at the access site. Passive closure devices comprise sealants, coagulant patches, and clamps for assisted compression whereas, active closure devices comprise clips and sutures. According to the American Heart Association, an estimate of 7.0 million invasive cardiovascular procedures are performed every year and the complications related to vascular access in these cases is reported up to 6% and is one of the major cause of morbidity after cardiac catheterization.
Large bore vascular closure devices are widely used in the femoral arterial procedure as the femoral artery is the most common access site for vascular access. However, after the completion of the interventional procedure at the arterial site, the puncture site becomes host to various problems such as hematoma, bleeding, and pseudoaneurysm. These complications lead to patient discomfort, increased medications, longer hospital time and vascular surgery if not treated properly. Transradial arterial is the fastest growing application segment within the global large bore vascular closure device market to reach an estimated value of USD 400.7 million by 2025.
In 2017, North America comprised the major chunk of the global large bore vascular closure device market share. In the US, cardiovascular disease is the leading cause of death & disability and is responsible for the death of 1 individual out of 4 every year. The cost associated with the treatment and procedure is expected to reach approximately USD 900 billion by 2030. With the increasing cardiovascular diseases in the US and spending by the public for treatment, there is tremendous opportunity for the companies who have their footprints in the vascular closure device market along with the new entrants who want to explore the market.
Key players within the global large bore vascular closure device industry include Abbott, Teleflex Incorporated, ESSENTIAL MEDICAL, INC, InSeal Medical, Terumo Medical Corporation, Transluminal Technologies, Vasorum Ltd., and Cardinal among others. Market players are introducing and marketing new advanced and innovative vascular closure devices. For instance, in 2018, Vivasure Medical, a leading European medical device company, announced the launch of PerQseal closure device for large bore transcatheter procedures which is a fully synthetic implant for large bore arterial procedures. Launches such as these as well as increasing prevalence of CVDs are anticipated to augment the growth of the global large bore vascular closure devices over the next few years.
Key segments of the global large bore vascular closure device market
Product Overview, 2015-2025 (USD Million)
- Passive Closure Devices
- Active Closure Devices
Application Overview, 2015-2025 (USD Million)
- Femoral Arterial
- Transradial Arterial
Regional Overview, 2015-2025 (USD Million)
- North America
- Central and South America
- Middle East and Africa