Market Trends of Arteriotomy Closure Devices Industry
This section covers the major market trends shaping the Arteriotomy Closure Devices Market according to our research experts:
Passive Closure Devices Segment is Expected to Witness the Largest Growth over the Forecast Period
Passive closure devices have become a powerful tool for interventional cardiologists and other procedural professionals to achieve hemostasis at the catheter entry site. Passive closure devices help with mechanical compression or by increasing thrombosis for effective hemostasis. However, passive devices do not hasten the actual time it takes to reach hemostasis. The passive closure device is usually a piece of collagen (a fibrous protein found in skin, bone, and connective tissue), a metal clip, or a suture (suture) designed to provide immediate sealing of a small puncture made in an artery after an angiogram.
The increasing cases of hypertension and the rising geriatric population are the major factors propelling the segment's growth. For instance, as per the November 2021 report published by the Asian Pacific Observatory on Health Systems and Policies, by 2050, about one-fourth population of the Asia-Pacific region will be 60 years or older due to the decreasing fertility rate and increasing longevity in the region. This is further expected to increase the burden of cardiovascular diseases and thus drive the demand for effective and advanced treatment procedures. Furthermore, according to the Australian Institute of Health and Welfare in 2022, during 2020-2021, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had cardiovascular diseases. This is based on self-reported data from the Australian Bureau of Statistics 2020-21 National Health Survey. The geriatric population is more prone to cardiovascular diseases and hypertension cases. Therefore, the rising geriatric population is expected to positively impact the segment.
Furthermore, hypertension is one of the major factors contributing to cardiovascular diseases. Hypertension is defined as systolic blood pressure greater than 130 mmHg or diastolic blood pressure greater than 80 mmHg. According to the report published by CDC in 2021, around more than half of the adults in the United States, which is around 47.0%, have hypertension or are taking medication for hypertension. Therefore, the increase in the geriatric population and the increasing burden of cardiovascular diseases is expected to fuel growth in the segment studied over the forecast period.
North American Region is Expected to Witness Significant Growth over the Forecast Period
North America is expected to witness significant growth in the overall arteriotomy closure devices market over the forecast period. The growth is due to factors such as the rising cases of vascular diseases and the increasing geriatric population. For instance, as per the 2021 data from the Centers for Disease Control and Prevention, every year, more than 805,000 people in the United States have a heart attack; 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the AHA 2021 Journal, it is estimated that by 2035, more than 130 million adults in the United States will have some type of heart disease. With this increasing burden of cardiovascular diseases, the market is anticipated to witness considerable growth in the North American region.
Key product launches, high concentration of market players or manufacturers' presence, acquisitions, and partnerships among major players, and rising cardiovascular diseases in the United States are some of the factors driving the growth of the arteriotomy closure devices market in the country. For instance, in September 2021, Haemonetics Corporation announced that the VASCADE MVP Venous Vascular Closure System had received FDA approval for treating patients having same-day discharge following atrial fibrillation (AF) ablation.
Therefore, owing to the aforementioned factors, the growth of the market studied is anticipated in the North American Region.
