12th April 2023
Vascular closure devices (VCDs) are medical devices used to seal the small hole or puncture made in a blood vessel during diagnostic or therapeutic interventions, such as cardiac catheterization, angiography, or endovascular surgery. These devices can help reduce the time to hemostasis (cessation of bleeding) and improve patient comfort and mobility after the procedure. There are several types of VCDs available which are either mechanical or biological mechanisms to seal the puncture site.
Mechanical VCDs use a variety of mechanisms to achieve hemostasis, including sutures, clips, plugs, or collagen-based sealants. These devices close the wall and stimulate clot formation which in turn deals with the sealing of holes. These devices typically consist of a collagen-based plug or a hemostatic agent that is delivered to the puncture site. The hemostatic agent promotes clot formation and helps seal the hole.
The increasing prevalence of cardiovascular diseases, the growing number of minimally invasive procedures, and the desire to reduce procedure time & enhance patient outcomes are the major factors that drive the market of Vascular Closure Devices worldwide. Majorly these devices are a valuable tool for achieving hemostasis after vascular procedures, but their use should be carefully considered based on individual patient factors and the specific procedure being performed. Various interventional surgery for cardiovascular and heart disease increased the demand for the use of vascular closure devices to treat the sutures and has drastically improved its market value globally as extrapolated in this forecast period.
The Global Vascular Closure Devices Market has reached a value of $1.4 billion in 2022. This market is projected to grow from $1.5 billion in 2023 to $2.44 billion in 2023 with a CAGR of 7.2% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are types such as Passive Approximators, Active Approximators, and External Hemostatic Devices, mode of access including Femoral & Radial, and procedures such as Interventional Cardiology, Interventional Radiology/Vascular Surgery. The leading players such as Cardinal Health, Abbott Laboratories, Terumo Corporation, Medtronic Plc, and Morris Innovative, Inc.
In vascular closure devices, the passive approximators account for a larger market among other segments. They are a type of vascular closure device that works by applying gentle pressure to the puncture site, promoting hemostasis and reducing the risk of bleeding. They are becoming more popular among healthcare providers and patients due to their ease of use, low risk of complications, cost-effectiveness, and patient comfort. The market demand for these types of vascular closure devices increased because of the growing need for vascular procedures that are being performed, the desire to reduce the time to hemostasis, and enhanced patient outcomes.
North America placed a huge market position for vascular closure devices among other regions. Since they have specialized healthcare systems, the increasing cause of cardiovascular disease & heart attacks, along with huge vascular, and cardio-related surgery. The report made by Centers for Disease Control and Prevention on heart disease in the United States mentioned that it is a major cause of death, people were dying every 34 seconds, and nearly 697,000 people died due to heart disease in 2020. Coronary Artery Disease and Heart attack are considered serious illnesses among all in the United States due to their high death rate. All these leading concerns raised the need for vascular closure devices in the United States region eventually enhancing the market value of vascular closure devices in the North American region.
Further, in 2022 the leading medical technology service provider company Teleflex Incorporated got its approval from Health Canada for marketing their product MANTA Vascular Closure Device developed specifically for large bore femoral arterial access site closure. In 2020, Veryan Medical made a collaboration with Vasorum for the marketization of the Celt Atrial Closure Device in the United States. New development and collaboration will eventually enhance the vascular closure device market overall in the coming years.
The demand for the vascular closure market definitely going to have a huge market growth in the upcoming years due to its greater advantages in various cardiac surgical interventions. It is necessary for emerging and stable market-holding companies to develop new and improved VCDs which are more effective, safer, and easier to use. Investing in research and development to stay ahead of the competition and meet the evolving needs of healthcare providers and patients.
Develop strong relationships with hospitals and healthcare providers to increase awareness of these devices and promote their use. Offering specific training programs and educational materials to help healthcare providers understand the benefits of VCDs and how to use them effectively and reasonably enhances their use. Further, obtaining necessary regulatory approvals for your VCDs to ensure they meet safety and efficacy standards. This can help build trust with healthcare providers and increase market demand for the vascular closure devices market in the coming years as predicted.