The global market for vascular closure devices is projected to grow significantly, reaching approximately US$ 2,804.55 million by 2030, up from US$ 1,620.44 million in 2022. This growth represents a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030.
Several factors are propelling this market expansion, including the rising incidence of cardiovascular diseases and an increasing preference for minimally invasive medical devices. Nonetheless, the potential risk of infections associated with vascular closure devices poses a challenge to market growth.
Opportunities in the Vascular Closure Device Market
Emerging economies such as India, China, Argentina, Brazil, the UAE, and South Africa are anticipated to present substantial growth opportunities for stakeholders in the vascular closure device market. This is attributed to factors such as rising disposable incomes, a growing patient demographic, enhanced research and development efforts, improved healthcare infrastructure, heightened awareness of cardiovascular diseases, and comparatively relaxed regulatory frameworks than those in developed nations. According to the World Economic Forum, as of 2022, countries like Russia, Brazil, China, India, and South Africa accounted for about one-third of global health expenditures. The World Bank reported that health spending in India and China rose by 3.01% and 5.35%, respectively, from 2018 to 2019. Additionally, there has been a notable increase in heart failure cases in these emerging markets over the last decade, leading to a significant number of deaths related to cardiovascular diseases. The India Brand Equity Foundation states that hospitals generate approximately 70% of the revenue in India's healthcare sector. In China, the number of private hospitals reached around 36,000 in 2022, with private facilities making up about 57% of all hospitals in the country. The anticipated growth in surgical centers and hospitals in developing regions, driven by increased healthcare spending and a rising patient population, is likely to enhance the awareness and adoption of vascular closure devices. Furthermore, the intense competition in mature markets is prompting manufacturers to focus on developing regions, creating additional growth opportunities for vascular closure device providers to establish a strong market presence.
Challenges Facing the Vascular Closure Device Market
Vascular closure devices carry a higher risk of infection compared to manual compression techniques. One of the most prevalent complications following sheath removal is groin hematomas, which can occur if the femoral artery is not adequately controlled when using femoral vascular closure devices. In instances where a vascular closure device fails, manual compression is necessary to achieve hemostasis. Groin hematomas are a common complication associated with femoral access, and patients experiencing this issue may face significant limitations in their daily activities. Consequently, groin hematomas can lead to increased healthcare costs due to complications and prolonged hospital stays. Other significant complications associated with closure devices include limb ischemia and ischemia distal to the arteriotomy site. Distal limb ischemia can arise from distal embolization or thrombosis, often linked to the placement of a closure device in heavily calcified arterial regions. Compared to manual compression, the incidence of limb ischemia and infection is notably higher with vascular closure devices. Therefore, the associated risks of infection and complications can impede the growth of the vascular closure device market to some extent.
Segment Analysis of the Vascular Closure Device Market
The vascular closure device market is categorized by product type into active approximators, passive approximators, and external hemostatic devices. In 2022, the passive approximators segment dominated the market and is expected to exhibit the highest CAGR from 2022 to 2030. Passive approximators utilize a plug, sealant, or gel at the arteriotomy site rather than employing an active closure mechanism. Unlike active approximators, passive approximators do not necessitate additional closure methods, such as sutures or clips, once deployed. Typically, passive approximators are composed of biodegradable or resorbable materials that aid in the natural clotting process and support the formation of a stable blood clot at the puncture site.
In terms of access, the vascular closure device market is divided into femoral access and radial access. The femoral access segment held a larger market share in 2022, while the radial access segment is projected to experience a higher CAGR during the period from 2022 to 2030. Femoral access involves accessing blood vessels through the femoral artery located in the groin, whereas radial access involves accessing blood vessels through the radial artery in the wrist. The radial approach has gained traction in recent years due to its benefits, including a lower risk of complications such as bleeding and hematoma compared to femoral access.
By procedure, the vascular closure device market is segmented into interventional radiology, interventional cardiology, and endovascular surgery. The interventional cardiology segment accounted for the largest market share in 2022, but the interventional radiology segment is expected to achieve the highest CAGR from 2022 to 2030. Interventional radiology (IR) is a medical specialty that employs minimally invasive techniques guided by imaging to diagnose and treat various conditions.
Regarding end users, the vascular closure device market is segmented into hospitals, ambulatory surgical centers, and others. The hospital segment represented the largest market share in 2022, while the ambulatory surgical centers segment is anticipated to register the highest CAGR during the period from 2022 to 2030. Hospitals are the primary consumers of vascular closure devices, as they provide a comprehensive range of medical services, including invasive procedures requiring vascular access.
Geographical Insights into the Vascular Closure Device Market
North America held the largest share of the global vascular closure device market in 2022, with the United States leading the market and expected to register the highest CAGR from 2022 to 2030. The US is projected to maintain its dominant position in the vascular closure device market during this period, supported by a well-established healthcare system equipped with advanced technologies. The prevalence of cardiovascular diseases is notably high in the US. According to the "Heart Disease and Stroke Statistics - 2023 Update" by the American Heart Association, coronary heart disease (CHD) was responsible for 41.2% of CVD-related deaths in 2020, followed by stroke (17.3%), other CVDs (16.8%), high blood pressure (12.9%), heart failure (9.2%), and artery diseases (2.6%). The US Centers for Disease Control and Prevention (CDC) indicates that approximately 1 in 20 adults aged 20 and older in the US have coronary artery disease, which is the most prevalent type of heart disease in the country. This high prevalence of CVDs and coronary artery disease is expected to drive the adoption of vascular closure devices during surgical procedures in the US in the coming years.
The US is recognized as a center for medical innovation and technological advancements in healthcare. Ongoing improvements in technologies related to minimally invasive procedures, advancements in closure device technologies, and the introduction of new closure devices are contributing to the growth of the vascular closure device market in the US. For example, in March 2023, Haemonetics Corporation (US) invested approximately US$ 31.72 million (EUR 30 million) in Vivasure Medical Limited. In the same month, Vivasure Medical announced FDA IDE approval to initiate a US pivotal study evaluating the safety and effectiveness of the Vivasure PerQseal Closure Device System. In 2021, VASCADE MVP became the first and only FDA-approved vascular closure device indicated for use following atrial fibrillation (AF) ablation, allowing for same-day discharge.
A variety of primary and secondary sources were consulted in the preparation of the report on the vascular closure device market, including data from the World Bank, the National Health Service (NHS), the FDA (Food and Drug Administration), the EMA (European Medicines Agency), and the WHO (World Health Organization).