Seattle, WA -- (SBWIRE) -- 09/16/2019 -- Vascular closure devices are medical devices used in sealing puncture of the femoral artery in patients who have undergone diagnostic angiography procedures or interventional procedures. Vascular closure devices are alternative to manual compression method, manually compression takes longer time, depending on the size of the plastic sheath placed in the artery. Vascular closure devices provide immediate sealing of the femoral artery access site, which is not the case with mechanical or manual compression.
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Frequent approval of novel vascular closure devices by regulatory bodies in key regions is expected to drive market growth
In recent past, number of vascular closure devices have received approval from different regulatory bodies in key region such as North America and Europe, which is expected to boost growth of the market in near future. For instance in 2016, Vivasure Medical Ltd. received CE Mark for bioabsorbable percutaneous closure device for large-bore transcatheter procedures. In 2016 Essential Medical Inc. received CE Mark for X-Seal 6F vascular closure device. X-Seal 6F has also received investigational device exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) to begin the US clinical trial. X-seal 6F device is the advanced vascular closure device that has novel deployment control features and provides consistent closure performance. In 2016, Essential Medical, Inc., received CE Mark approval for product MANTA. MANTA is a large hole vascular closure device that can be used after catheterization procedures such as transcatheter aortic valve replacement, endovascular treatment of abdominal aortic aneurysms, ventricular assist, and others. In 2013, Cardiva Medical, Inc. received FDA Premarket Approval (PMA) for the VASCADE Vascular Closure System (VCS). VASCADE VCS is an extravascular bio absorbable closure device. Furthermore launches of novel vascular devices is also expected to drive its market growth. For instance in 2017 Vasorum Ltd. Launched Celt ACD Second Generation Vascular Closure Device in the U.S. and in 2014, AccessClosure Inc. launched Mynx Ace vascular closure device.
Increasing demand for angiography due to increasing prevalence of cardiovascular diseases is expected to derive growth for vascular closure devices market
Vascular closure device are primarily used for vascular hemostasis after puncture of the femoral artery during angiography. Angiography is an imaging technique used to visualize interior of blood vessels including artery. The technique has been increasingly used for finding out if the arteries are blocked, closed or narrowed. According to research published by World Health Organization (WHO) in 2017, about 17.7 million people died from cardiovascular diseases in 2015, which is about 31% of all global deaths. Among these death around 7.4 million death were due to coronary heart disease and 6.7 million were due to stroke. As the prevalence of the cardiovascular disease is increasing, the demand for angiography, a diagnosis technique, is expected to increase which in turn will lead to growth in global vascular closure devices market.
Key players operating in the global vascular closure devices market include Abbott Laboratories, Medtronic Plc, Transluminal Technologies LLC, Cardinal Health, Inc., Cardiva Medical, Inc., Terumo Corporation, Essential Medical, Inc., Vascular Closure Systems, Inc., Vivasure Medical Ltd., Vasorum Ltd., and Morris Innovative Inc.
Detailed Segmentation:
- Global Vascular Closure Devices Market, By Product Type:
- Passive Vascular Closure Devices
- Plug-Based Devices
- Sealant or Gel-Based Devices
- Compression Assist Devices
- Active Vascular Closure Devices
- Clip-Based Devices
- Suture-Based Devices
- External Hemostatic Devices
- Global Vascular Closure Devices Market, By Access:
- Femoral
- Radial
- Global Vascular Closure Devices Market, By Hole Size:
- Small Hole
- Large Hole
- Global Vascular Closure Devices Market, By End User:
- Hospital
- Ambulatory Surgical Centers
- Others
- Global Vascular Closure Devices Market, By Geography:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
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Key Takeaways of the Vascular Closure Devices Market:
- The global vascular closure devices market is expected to exhibit a CAGR of 6.1% over the forecast period (2017 – 2025), owing to frequent approval by regulatory bodies to innovative products in key regions
- North America is expected to continue dominance during the forecast period (2017 - 2025), owing to launches of novel vascular closure devices in the regions by key players.
- The market has witnessed multiple product launches in recent years and the trend is expected to continue during the forecast period as leading players are continuously involved in R & D to develop products with efficient technology
- Mergers/Acquisitions (M&A) and Collaborations has been the major focus of leading companies in this field. Increasing competition in this market may lead to further increase in these activities (M&A and Collaborations).
- Major players operating in the global vascular closure devices market include Abbott Laboratories, Medtronic Plc, Transluminal Technologies LLC, Cardinal Health, Inc., Cardiva Medical, Inc., Terumo Corporation, Essential Medical, Inc., Vascular Closure Systems, Inc., Vivasure Medical Ltd., Vasorum Ltd., and Morris Innovative Inc.
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