Market Size of Vascular Closure Device (VCD) Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 6.82 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Vascular Closure Devices Market Analysis
The vascular closure device (VCD) market is anticipated to exhibit a CAGR of 6.82 % over the forecast period (2022-2027).
During the COVID-19 pandemic, there was a reduction in the non-emergency surgical procedure, which impacted the growth of the market. According to an article titled 'Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic' published in the journal of JAMA Network Open in December 2021, the pandemic had affected every aspect of medical care, including the surgical treatments. The article analyzed the surgical data in the United States from November 2020 through July 2021 and indicated that the initial shutdown period in March 2020 through April 2020, was associated with a decrease in surgical procedure volumes. After the restrictions were lifted, the rate of surgical procedures rebounded to 2019 levels. Such reductions in the surgical volumes hindered the growth of the market during the COVID-19 pandemic.
Factors such as an increase in catheterization-related procedures, a rise in demand for minimally invasive solutions, and ease of usage of VCDs, coupled with the growing burden of cardiovascular diseases, are driving the growth of the market. The several advantages of minimally invasive surgeries, such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time, are encouraging an increasing number of patients to opt for minimally invasive balloon angioplasty surgeries. The growing burden of cardiovascular disease and deaths due to it generates the need for devices for the treatment and hence drives the market's growth. For instance, the World Health Organization article titled 'Cardiovascular Diseases: Key Facts' updated in June 2021, reported that cardiovascular diseases (CVDs) are the leading cause of death globally.
Additionally, the market growth is also propelled by the launch of new products. For instance, in September 2021, Haemonetics Corporation received the United States Food and Drug Administration's approval for VASCADE MVP Venous Vascular Closure System. Thus, the number of approvals by the regulatory authority for the products by different market players is boosting the growth of the market. However, the high cost of products and complications associated with VCDs may hinder the growth of the market over the forecast period.
Vascular Closure Devices Industry Segmentation
As per the scope of this report, vascular closure devices (VCDs) are medical devices used in sealing puncture of the femoral artery in patients who have undergone diagnostic angiography procedures or interventional procedures. The growing popularity of VCDs is primarily due to the fact that they are an alternative to the manual compression method, which is a time-intensive procedure, the exact procedure-time depending on the size of the plastic sheath placed in the artery. VCDs provide immediate sealing of the femoral artery access site, which is not the case with mechanical or manual compression. The market is segmented by product type (active approximators and passive approximators), mode of access (femoral access and radial access), end users (hospitals, ambulatory surgical centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers value in USD million for the above segments.
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Vascular Closure Device (VCD) Market Size Summary
The vascular closure devices market is poised for significant growth, driven by an increasing demand for minimally invasive surgical solutions and a rising prevalence of cardiovascular diseases. The market's expansion is supported by the growing number of catheterization-related procedures and the advantages offered by vascular closure devices, such as reduced surgical pain, quicker recovery times, and minimal scarring. The COVID-19 pandemic initially hindered market growth due to a decrease in non-emergency surgical procedures; however, the market has rebounded as surgical volumes returned to pre-pandemic levels. The introduction of new products and regulatory approvals further bolster market growth, despite challenges posed by high product costs and potential complications associated with vascular closure devices.
In North America, the market is expected to experience robust growth due to a well-established healthcare infrastructure and a high burden of cardiovascular diseases, which drive the demand for vascular closure devices. Regulatory approvals from authorities like the United States Food and Drug Administration and Health Canada have facilitated the introduction of innovative devices, enhancing market prospects. The competitive landscape is characterized by significant rivalry, with major players such as Abbott Laboratories, Cardinal Health Inc., and Terumo Corporation actively developing novel devices and expanding their product portfolios through acquisitions and collaborations. This dynamic environment is anticipated to lead to substantial revenue generation and market expansion over the forecast period.
Vascular Closure Device (VCD) Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Catheterization-related Procedures
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1.2.2 Increase in Demand for Minimally Invasive Solutions
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1.2.3 Ease of Use of VCDs
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1.3 Market Restraints
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1.3.1 High Cost of Products
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1.3.2 Complications Associated with VCDs
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 Product Type
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2.1.1 Active Approximators
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2.1.1.1 Clip-based Devices
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2.1.1.2 Suture-based Devices
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2.1.1.3 Plug-based Devices
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2.1.2 Passive Approximators
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2.1.2.1 Hemostatic Pads and Patches
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2.1.2.2 Compression Devices
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2.2 Mode of Access
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2.2.1 Femoral Access
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2.2.2 Radial Access
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2.3 End User
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2.3.1 Hospitals
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2.3.2 Ambulatory Surgical Centres
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East & Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East & Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Vascular Closure Device (VCD) Market Size FAQs
What is the current Vascular Closure Device (VCD) Market size?
The Vascular Closure Device (VCD) Market is projected to register a CAGR of 6.82% during the forecast period (2024-2029)
Who are the key players in Vascular Closure Device (VCD) Market?
Cardinal Health, Abbott Laboratories, Cardiva Medical Inc., Terumo Corporation and Biotronik SE & Co. KG are the major companies operating in the Vascular Closure Device (VCD) Market.