Vascular Closure Devices Market is expected to grow up to USD 4.8 billion by 2031

The global vascular closure devices market was valued at USD 1.3 billion in 2021 and it is anticipated to grow up to USD 4.8 billion by 2031, at a CAGR of 14.0% during the forecast period.

Vascular closure devices have emerged as an effective alternative to traditional mechanical compression for femoral artery closure. These devices offer several benefits including reduced time for haemostasis, higher patient satisfaction with minimal discomfort and early patient mobilization. With its beneficial applications, the market is predicted to experience higher product demand.

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Market Trends and Drivers:

Rising prevalence of cardiovascular diseases will drive the market growth during the forecast period. Cardiovascular diseases (CVDs) are one of the leading causes of death worldwide. According to the American Heart Association (AHA), CVDs resulted in 18.6 million deaths in 2019, where most deaths were reported from Eastern Europe and Central Asia. The AHA estimates that by 2030, 40.5% of the US population is projected to have some form of CVD. The increase in the prevalence of CVDs is thus likely to increase the demand for catheterization and interventional procedures for diagnosing and treating CVDs. The increasing popularity of these procedures is likely to propel the market for vascular closure devices in the coming years.

Market Restraints and Challenges:

High cost of vascular closure devices may hamper the market growth. Vascular closure devices are relatively high-priced devices compared to manual compression devices. The average price of a vascular closure device is about USD 150-250, while that of a manual compression device is about USD 15-25. The cost of VCDs essentially adds up to the patient's hospitalization bill, increases the per-patient cost for hospitals, and simultaneously reduces profits.

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COVID-19 Impact:

A worldwide emergency has been caused by the COVID-19 pandemic. Emergence of COVID-19 has impacted the procedural volume of several cardiovascular treatments during the initial period of pandemic. High risk of coronavirus infection during such procedures with increasing hospitalizations of COVID-19 patients resulted in procedure deferral. However, with standard operating protocols and reducing number of patients in some countries, the industry is expected to showcase continued growth. Moreover, organizational collaborations and government support to continue offering effective emergency cardiac care to patients have sustained industrial revenue growth. Although the market has experienced moderate impact during certain period, it will continue to foresee tremendous growth.

Major Players in the Global Vascular Closure Devices Market:

The key players in the 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), and Tricol Biomedical (US), among others

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