Vascular Closure Device Market Growing at a CAGR of 6.9% During 2016 to 2021 - ReportsnReports
PUNE, India, May 16, 2017 /PRNewswire/ --
Vascular closure devices market is expected to reach $984.6 million from $704.8 million, at a CAGR of 6.9% from 2016-2021.Major drivers include large number of approvals for vascular closure devices, high prevalence of cardiovascular diseases, high prevalence of obesity, and increasing focus of market players on large-bore vascular closure devices.
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The global vascular closure devices market is expected to reach USD 984.6 million by 2022 from USD 704.8 million in 2017, at a CAGR of 6.9%.
The market is segmented on the basis of type, access, procedure, and geography. The type segment includes passive approximat ors, active approximators, and external he most as is devices. The passive approximators segment is expected to account for the largest share of the vascular closure devices market in 2017. Passive approximators are the most commonly used vascular closure devices in the market owing to their increased safety and fewer complications than manual procedures.
On the basis of procedures, the vascular closure devices market includes interventional cardiology and interventional radiology/vascular surgery. The interventional cardiology segment is expected to hold the largest share of the market in 2017. This can primarily be attributed to the rapidly increasing obese population and the high prevalence of cardiovascular diseases across the globe.
The access segment includes femoral and radial. The femoral access segment is estimated to account for the largest share of the market in 2017 owing to fewer complications involved during arterial access and the preference of cardiologists and physicians for conducting interventional procedures through femoral access.
The procedures segment of the vascular closure devices market includes interventional cardiology and interventional radiology/vascular surgery. The interventional cardiology segment is expected to hold the largest share of the market in 2017. The large share of this segment can primarily be attributed to the high prevalence of cardiovascular diseases and increasing obese population across the globe.
The geographic segments in this report include North America, Europe, Asia-Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this segment can primarily be attributed to the high prevalence of cardiovascular diseases in the U.S., growing trend of one-day surgery for vascular procedures, and increasing research and clinical trials for vascular closure devices.
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Acquisitions and product approvals were the dominant strategies adopted by key industry participants to increase their market shares and cater to unmet needs. Major players include Terumo Corporation (Japan), Abbott (U.S.), Cardinal Health Inc. (U.S.), and Cardiva Medical Inc. (U.S.).Other players include Morris Innovative, Inc. (U.S.), Medtronic plc (Ireland), Essential Medical, Inc. (U.S.), Merit Medical Systems, Inc. (U.S.), TZ Medical, Inc. (U.S.), and Vasorum Ltd.(Ireland).
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