Vascular Closure Device Market to exceed US$ 2,804.55 million by 2030

by Sameer Joshi or 07-Nov-2023
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Report : Vascular Closure Device Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Product Type (Active Approximators, Passive Approximators, and External Hemostatic Devices), Access (Femoral Access and Radial Access), Procedure (Interventional Cardiology, Interventional Radiology, and Endovascular Surgery), and End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Femoral Access Segment by Access to Account Larger Share in Vascular Closure Device Market during 2022–2030
According to our latest study on “Vascular Closure Device Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis" the market is expected to grow from US$ 1,620.44 million in 2022 and is expected to reach US$ 2,804.55 million by 2030; it is anticipated to record a CAGR of 7.1% from 2022 to 2030. The report highlights the key factors driving the vascular closure device market growth and prominent players with their developments in the market.

A vascular closure device is a piece of collagen (a fibrous protein found in skin, connective tissue, and bone), a metallic clip, or a suture designed to close the small puncture produced in an artery following an angiography.

The vascular closure device market, by product type, is segmented into active approximators, passive approximators, and external hemostatic devices. The passive approximators segment held the largest share of the market in 2022, and it is anticipated to register the highest CAGR in the market during 2022-2030. Passive approximators deploy a plug, sealant, or gel at the arteriotomy site instead of closing it via an active mechanism. Unlike active approximators, passive approximators do not require any additional closure mechanisms, such as sutures or clips, once deployed. Passive approximators typically consist of biodegradable or resorbable components that are designed to facilitate the natural clotting process and promote the formation of a stable blood clot at a puncture site.

Based on access, the vascular closure device market has been segmented into femoral access and radial access. Based on the procedure, the vascular closure device market is segmented into interventional radiology, interventional cardiology, and endovascular surgical. Based on the end users, the vascular closure device market is segmented into hospitals, ambulatory surgical centers, and others.

Cordis Corp, Transluminal Technologies LLC, Vasorum Ltd, Haemonetics Corp, Abbott Laboratories,     Becton Dickinson and Co, Cardinal Health Inc, ENDOCOR GmbH & CO KG, Medtronic Plc, and Teleflex Inc are among the leading companies operating in the global Vascular Closure Device market.    
Companies operating in the vascular closure device market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the vascular closure device market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall vascular closure device market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key market players are listed below.

• In August 2023, Haemonetics Corp announced that its VASCADE MVP Venous Vascular Closure system was used for the first time in Germany in treatments. This marked the first use of VASCADE systems, which are used widely in hospitals in the US, in a European country.
• In June 2023, Becton Dickinson and Co. opened a new manufacturing facility in Tijuana. The new 15,775-square-meter facility produces devices and other products to improve medication safety within healthcare settings. 
• In May 2023, Cardinal Health Canada planned to open a new distribution center in Greater Toronto, strategically expanding its distribution channel with the addition of 9 other locations to better meet the medical and surgical product demands of the Canadian healthcare system.
• In September 2022, Haemonetics Corp earned CE mark certification for its VASCADE vascular closure and VASCADE MVP venous vascular closure systems.
• In May 2022, Teleflex Inc, a global provider of medical technologies, received Health Canada approval for the MANTA Vascular Closure Device—the first commercially available biomechanical vascular closure device designed specifically for large bore femoral arterial access site closure. This approval marks an important milestone in the plan of Teleflex to expand the availability of the MANTA globally, followed by apt regulatory approvals, thereby providing healthcare systems in Canada and in the world access to its another uniquely designed device.
• In August 2020, Vasorum Ltd signed a distribution agreement with Veryan Medical. Under the agreement, Veryan Medical supported Vasorum Ltd to commercialize the Celt ACD in the US market. Moreover, the agreement allowed both companies to strengthen their presence in the US market.

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