In The Upcoming Years, Vascular Closure Device Manufacturers Are Anticipated To Prioritize Advancements in Technology

ROCKVILLE, MARYLAND, UNITED STATES, October 10, 2023 /EINPresswire.com/ -- The United States and Canada are expected to emerge as the leading markets in this region until 2026. In Canada, it is projected that sales of vascular closure devices will experience a 6.2% compound annual growth rate (CAGR) over the next four years.

Globally, there is a significant forecasted increase in the sales of vascular closure devices, with a CAGR of 6.6% anticipated from 2022 to 2026. Currently, the global vascular closure devices market size is valued at US$ 834 million and is anticipated to reach US$ 1.1 billion by the end of the study period. This growth can be attributed to several key factors, including poor dietary habits, a high incidence of obesity, increasingly sedentary lifestyles, a growing geriatric population, greater accessibility to cardiovascular treatments, and heightened awareness of heart health, all of which are expected to drive shipments of vascular closure devices.

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Key Takeaways from Market Study:

-The global vascular closure devices market accounts for a valuation of US$ 834 billion.

-The market is projected to progress rapidly at a CAGR of 6.6% through 2026.

-The market for vascular closure devices is predicted to climb to US$ 1.1 billion by 2026.

-Growing geriatric population, increasing incidence of heart disorders, rising number of cardiovascular surgeries, and supportive government initiatives to
boost awareness of cardiovascular illnesses are expected to majorly drive vascular closure devices market growth.

-High costs of vascular closure systems and risks associated with vascular closure device use are expected to restrain market potential to some extent going
forward.

-The U.S. vascular closure devices market currently accounts for a revenue of US$ 342 million.

-The vascular closure devices market in China is set to evolve at a high CAGR of 8% through 2026 and hold a market value of US$ 109 million.

“Advancements in technology are expected to be an area of prime focus for vascular closure device manufacturers over the coming years,” says a Fact.MR analyst

Competitive Landscape:

Vascular closure device manufacturers are anticipated to focus on novel product innovation and are expected to fast-track the launch of these new products to increase their sales potential.

In September 2021, Haemonetics Corporation, a renowned medical technology company, announced the launch of the VASCADE MVP^® Venous Vascular Closure System.
In May 2022, Teflex Incorporated, a specialty surgical instrument manufacturer, announced that its Manta vascular closure device received approval from Health Canada. With this approval, Teflex is expected to commercialize and launch the Manta closure device for Canadian patients.

Key Companies Profiled:
-Terumo Corporation
-Advanced Vascular Dynamics
-Abbott Laboratories
-Cardiva Medical Inc.
-Morris Innovative Inc.
-Transluminal Technologies
-Teleflex Incorporated
-Merit Medical Systems Inc.
-Medas USA
-Vygon Company
-Vasorum Ltd.
-TZ Medical Inc.
-Medtronic Plc
-Vivasure Medical Ltd.
-Tricol Biomedical
-Scion Biomedical
-Marine Polymer Technologies Inc.
-Rex Medical
-Cardinal Health
-Meril Life Sciences Pvt. Ltd.

Winning Strategy:

Product innovation is anticipated to be a major area of focus for all key vascular closure device market players over the coming years. Vascular closure device companies are expected to witness an increase in investments in their R&D divisions as they focus on launching novel products to meet the increasing demand across the world.

Fact.MR, a market research and competitive intelligence provider, has created a comprehensive assessment of the current as well as predicted competitive landscape, in this latest vascular closure devices market research report.

Exploring Fresh Avenues for New Market Entrants:

In response to the rising demand for innovative cardiac solutions and devices that enhance patient outcomes, emerging companies in the medical field can channel their efforts into research and development.

For instance, Spiorad Medical, an Irish startup established in 2021 by Judi O'Malley, has set ambitious funding goals of approximately US$2.04 million by mid-2022. This financial infusion aims to expedite the global launch of their vascular closure devices, designed to improve patient outcomes in cardiovascular surgeries.

Prospective market entrants can follow suit by broadening their research horizons and committing to groundbreaking product innovations, thereby disrupting the market landscape and bolstering their revenue potential.

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Key Segments in Vascular Closure Devices Industry Research:

By Type :
-Active Approximators
-Passive Approximators
-External Hemostatic Devices

By Access :
-Femoral
-Radial

By Procedure :
-Interventional Cardiology
-Interventional Radiology/Vascular Surgeries

By Region :
-North America
-Latin America
-Europe
-East Asia
-South Asia & Oceania
-MEA

Check out more related studies published by Fact.MR Research:

Vascular Grafts Market: The global vascular grafts market is estimated at US$ 3.73 billion in 2023 and is predicted to climb to a value of US$ 7.04 billion by the end of 2033. As per this detailed Fact.MR research analysis, worldwide demand for vascular grafts is forecasted to rise at a healthy 6.5% CAGR over the next ten years.

Peptide-based Cardiovascular Therapeutics Market: The global peptide-based cardiovascular therapeutics market is valued at US$ 2.2 billion in 2023 and is predicted to reach US$ 4.1 billion by 2033-end. Global demand for peptide-based cardiovascular therapeutics is forecasted to increase at a CAGR of 6.4% from 2023 to 2033.

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