The global vascular closure devices market is projected to reach USD 1.3 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 7.0% during the forecast period. The growth in this market can be attributed to a large number of approvals for vascular closure devices, high prevalence of cardiovascular diseases, increasing prevalence of obesity, increasing focus of market players on large-bore vascular closure devices, growing geriatric population, favorable reimbursement scenario for interventional radiology procedures, and rising focus on effective blood loss management in patients during surgeries.
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Key Market Players
The global vascular closure devices market is consolidated. The prominent players operating in this market include The global vascular closure devices market is consolidated. The top five companies in this market are Terumo Corporation (Japan), Abbott (US), Cardinal Health (US), Cardiva Medical, Inc. (US), Medtronic Plc (Ireland), Morris Innovative, Inc. (US), Teleflex Incorporated (US), Merit Medical Systems, Inc. (US), Vasorum Ltd. (Ireland), TZ Medical, Inc. (US), Vivasure Medical Ltd. (Ireland), Tricol Biomedical (US), Scion Biomedical (US), Advanced Vascular Dynamics (US), Marine Polymer Technologies, Inc. (US), and Rex Medical (US).
Terumo Corporation (Japan) is a leading player in the vascular closure devices market, with a market share of 33.4%. The company’s large share can be attributed to its broad range of vascular closure devices. The company has two distribution channels—direct to customers (healthcare professionals and/or facilities) and sales through distributors.
Abbott (US) accounted for the high share of the vascular closure devices market in 2020. The company’s portfolio of vascular closure devices consists of suture-based devices, clip-based devices, and compression assist devices. The company focuses on expanding its presence in the vascular closure devices market through acquisitions.
Cardinal Health (US) held the third position in the vascular closure devices market in 2020. This can be attributed to its strong brand recognition and comprehensive suite of vascular closure devices, such as MYNX Control, MYNX Grip, EXOSEAL, and Zephyr. A majority of the company’s sales are generated from the US, and only 3% of the sales are generated outside the US.
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North America was the largest regional market for the vascular closure devices market
The vascular closure devices market is segmented into North America (the US and Canada), Europe (E-3, and the Rest of Europe), Asia Pacific, and Rest of World. North America dominated the global vascular closure devices market, followed by Europe. The large share of the North American market can be attributed to the rising prevalence of cardiovascular diseases, the growing trend of one-day surgeries for vascular procedures, increasing research and clinical trials for vascular closure devices in the US, the increasing number of cardiac arrest cases, and the long waiting periods for cardiac surgeries (which encourage the adoption of minimally invasive procedures) in Canada.
Recent Developments:
- Vivasure Medical Ltd. (Ireland) announced the development of its product, PerQseal Blue. This product is a large-bore vascular closure device used after interventional cardiovascular procedures.
- Abbott (US) acquired Walk Vascular, LLC (US) to expand its portfolio of peripheral vascular devices.
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