Global Active Approximators Vascular Closure Device (VCDs) Market – Industry Trends and Forecast to 2029

Global Active Approximators Vascular Closure Device (VCDs) Market, By Type (Passive Approximators, Active Approximators, and External Hemostatic Devices), Access (Femoral Access and Radial Access), Procedure (Interventional Cardiology, Interventional Radiology/ Vascular Surgery), Distribution Channel (Direct Tenders and Retail), Application (Diagnostic Intervention and Therapeutic Intervention), End User (Hospitals and Clinics, Specialty Centres, Ambulatory Surgery Centres and Others) – Industry Trends and Forecast to 2029

Active Approximators Vascular Closure Device (VCDs) Market Analysis and Size

According to the WHO data, strokes and heart attacks account for more than four out of every five deaths caused by cardiovascular disorders, and one-third of these deaths are thought to happen before the age of 70. The European Society for Cardiology (ESC) (2021) reports that cardiovascular disease (CVD) kills 3.9 million people annually in Europe and more than 1.8 million people in the European Union. They account for roughly 45% of all deaths in Europe and 37% of deaths within the European Union.

Data Bridge Market Research analyses that the active approximators vascular closure device (VCDs) market which was USD 807.7 million in 2021, would rocket up to USD 1451.27 million by 2029, and is expected to undergo a CAGR of 7.60% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Active Approximators Vascular Closure Device (VCDs) Market Scope and Segmentation     

Market Definition

After an angiography, a collagen or suture piece is utilised as a vascular closure device. Vascular closure devices are useful in angiogram leaves an artery puncture. The punctured arteries are sealed using vascular closure devices. The patients' bodies are not negatively affected by the vascular closure devices.

Active Approximators Vascular Closure Device (VCDs) Market Dynamics

Drivers

• High prevalence of cardiovascular diseases

In the entire world, cardiovascular diseases (CVDs) rank among the main causes of death. The American Heart Association (AHA) estimates that 18.6 million people died in 2019 as a result of CVDs, with the majority of these deaths occurring in Eastern Europe and Central Asia. According to the AHA's projections, 40.5 percent of the US population will have a CVD by 2030. Thus, the demand for catheterization and interventional treatments for diagnosing and treating CVDs is projected to rise as CVD prevalence rises. In the upcoming years, the market for active approximators vascular closure devices is projected to grow significantly due to the rising popularity of these treatments.

• Growing vascular closure device approvals as well as consumer inclination

The main factors fuelling the growth of the active approximators vascular closure devices market is the rising prevalence of cardiovascular illnesses in the population. Other indirect factors influencing the growth of the market include increasing consumer disposable income and increasing players' focus on large-bore vascular closure devices. Growing vascular closure device approvals as well as consumer inclination for minimally invasive procedures will create more fruitful chances for market expansion. Increased obesity rates will also pave the ground for market expansion.

Opportunities

• Growth in the number of hospitals and surgical centers

The growing patient population is a considerable need for surgical supplies (including medical equipment like vascular closure devices) at these recently opened surgical centres and hospitals. As the primary end users of vascular closure devices, the significant increase in hospitals and surgical facilities is anticipated to drive the growth of the active approximators vascular closure devices market.

Restraints/Challenges

• High cost of vascular closure devices

When compared to manual compression devices, vascular closure devices are more expensive. Vascular closure devices typically cost between $150 and $250, whereas manual compression devices cost between $15 and $25. VCD expenses essentially add to the patient's hospital bill, raise hospitals' per-patient expenses, and at the same time lower their earnings. On the other hand, manual compression devices have very cheap prices when compared to vascular closure devices. As a result, one of the main factors restricting the market's growth is the high price of vascular closure devices. Another significant barrier limiting the market for these devices is the fact that hospitals are not compensated for vascular closure devices.

This active approximators vascular closure device (VCDs) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the active approximators vascular closure device (VCDs) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Active Approximators Vascular Closure Device (VCDs) Market

The COVID-19 outbreak's statewide lockdowns, refusal of wound care services, and cancellation or postponement of elective procedures, the market for active approximators vascular closure devices suffered in 2020. In order to reserve or reallocate the limited capacities and resources (such hospital beds and patient care specialists) toward COVID-19 patient care, elective procedures were being refused (cancelled/postponed). Additionally, many nations had implemented curfews and lockdowns to reduce the rising number of COVID-19 instances. Patients were unable to visit clinics, hospitals, or OPDs as a result of these lockdowns. The expansion of the market for active approximators vascular closure devices is anticipated to be constrained by this temporary denial of non-emergent healthcare services. However, it is anticipated that demand for active approximator vascular closure devices would increase in the upcoming years.

Recent Development

• In July 2021, the new investigational product that is currently being developed, PerQseal Blue, was announced by Vivasure Medical. In particular, PerQseal Blue is made to be utilised in percutaneous cardiovascular procedures like transcatheter mitral valve repair or replacement (TMVR) and transcatheter tricuspid valve repair or replacement for suture-less, fully absorbable large-bore venous artery closure (TTVR).
• In March 2021, the main CE Mark study for CyndRx LLC's AbsorbaSealTM vascular closure device, which was designed to assess the safety and effectiveness of this polymer-based device, was completed with strong clinical results.
• In January 2021, Haemonetics Corporation and Cardiva Medical Inc., a privately held producer of vascular closure systems, signed a legally binding agreement to combine their businesses.

Global Active Approximators Vascular Closure Device (VCDs) Market Scope

The active approximators vascular closure device (VCDs) market is segmented on the basis of type, access, procedure, distribution channel, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Passive Approximators
• Collagen Plugs
• Sealant or Gel-based Devices
• Compression Assist Devices
• Active Approximators
• Suture-based Devices
• Clip-based Devices
• External Hemostatic Devices

Access

• Femoral Access
• Radial Access

Procedure

• Interventional Cardiology
• Interventional Radiology/Vascular Surgery

Distribution Channel

• Direct Tenders
•  Retail

 Application

• Diagnostic Intervention
• Therapeutic Intervention

 End User

• Hospitals
• Clinics
• Specialty Centres
• Ambulatory Surgery Centres
• Others

Active Approximators Vascular Closure Device (VCDs) Market Regional Analysis/Insights

The active approximators vascular closure device (VCDs) market is analysed and market size insights and trends are provided by country, type, access, procedure, distribution channel, application, and end user as referenced above.

The countries covered in the active approximators vascular closure device (VCDs) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominated the global active approximators vascular closure devices market, due to the increasing prevalence of cardiovascular diseases.

Asia-Pacific is expected to witness the fastest growth in the next 7 years due to the emerging economies of China and India.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure growth Installed base and New Technology Penetration

The Global active approximators vascular closure device (VCDs) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Global active approximators vascular closure device (VCDs) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Global active approximators vascular closure device (VCDs) market. The data is available for historic period 2010-2020.

Competitive Landscape and Active Approximators Vascular Closure Device (VCDs) Market Share Analysis

The active approximators vascular closure device (VCDs) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to active approximators vascular closure device (VCDs) market.

Some of the major players operating in the active approximators vascular closure device (VCDs) market are:

• Terumo Corporation (Japan)
• Abbott (U.S.)
• Cardinal Health (U.S.)
• Cardiva Medical, Inc. (U.S.)
• Medtronic (Ireland)
• Morris Innovative (U.S.)
• Teleflex Incorporated (U.S.)
• Merit Medical Systems (U.S.)
• Vasorum Ltd. (Ireland)
• TZ Medical, (U.S.)
• Vivasure Medical Ltd. (Ireland)
• Tricol Biomedical (U.S.)
• Scion Biomedical (U.S.)
• Advanced Vascular Dynamics (U.S.)
• Marine Polymer Technologies, Inc. (U.S.)
• Transluminal Technologies (U.S.)