The most recent study conducted by Report Ocean, titled “Global Vascular Closure Devices Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Vascular Closure Devices. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global vascular closure devices market to reach USD 1.3 billion by 2027. Global vascular closure devices market to reach USD 1.3 billion by 2027. Global vascular closure devices market is valued approximately at USD 0.8 billion in 2020 and is anticipated to grow with a healthy growth rate of about 7% over the forecast period 2021-2027. Vascular closure devices are piece of collagen (fibrous protein which is found in bone, skin, and connective tissue), metallic clip or stitch (suture), designed to offer immediate sealing of small punctures that are made in an artery after angiogram. The global vascular closure devices market is being driven by high prevalence of cardiovascular diseases and growing geriatric population across the globe.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Furthermore, increasing investments, funds, and grants for research on vascular devices will provide new opportunities for the global vascular closure devices industry. Cardiovascular diseases are the leading cause of death across the globe. According to the World Health Organization, approximately 17.9 million people died from cardiovascular diseases in 2019, which represented about 32% of all deaths worldwide. Out of these deaths, about 85% were due to heart stroke and attack.
Such high incidences of cardiovascular diseases across the globe is expected to increase the demand and adoption of vascular closure devices to treat post-surgical sealing. Hence, this is expected to promote the market growth. However, increasing preference for interventional procedures using radial artery access may impede market growth over the forecast period of 2021-2027.
The regional analysis of the global vascular closure devices market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America accounts for the largest share in terms of market revenue in the global vascular closure devices market over the forecast period 2021-2027. Factors such as rising trend of one – day surgeries for vascular procedures, increasing prevalence of cardiovascular diseases, increasing number of cases of cardiac arrest, increasing clinical trials and research for vascular closure devices, long waiting period for cardiac surgeries, etc. contribute towards the largest market share of the region in the forecast years.
Major market player included in this report are:
Terumo Corporation
Abbott
Cardinal Health
Cardiva Medical, Inc.
Medtronic Plc
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Morris Innovative, Inc.
Teleflex Incorporated
Merit Medical Systems, Inc.
Vasorum Ltd.
TZ Medical, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Passive Approximators
Active Approximators
External Hemostatic Devices
By Access:
Femoral Access
Radial Access
By Procedure:
Interventional Cardiology
Interventional Radiology/Vascular Surgery
By Region:
North America
U.S.
Canada
Europe
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UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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