Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The global vascular plugs market size was USD 109.9 million in 2021. The market is projected to grow from USD 116.2 million in 2022 to USD 178.5 million by 2029, exhibiting a CAGR of 6.3% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Vascular Plugs Market, 2022-2029.”
According to our analysts, the growing occurrence of vascular ailments and surging number of peripheral embolization processes is anticipated to spur the implementation rate of these devices during the forecast period.
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Drivers and Restraints:
Rising Prevalence of Vascular Diseases Globally to Bolster Market Growth
Vascular ailments such as coronary artery disease, cerebrovascular disease, and peripheral artery diseases are causing illnesses and demises in both established as well as developing nations. Growing prevalence of these diseases is offering a huge pool of patients necessitating treatment and undergoing vascular embolization procedures each year.
Furthermore, vascular plugs are clinically confirmed to be a practicable substitute to embolic coils during an embolization process. These devices can be relocated and their release can also be controlled in comparison with the coils that have a risk of distally migrating and then resulting in non-targeted embolization.
Industry Development:
February 2020 – BD announced that it received approval from the U.S. FDA for Caterpillar arterial embolization device and Caterpillar micro arterial embolization device. These devices are indicated for arterial embolization in the peripheral vasculature.
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COVID-19 Impacts:
Deterioration in Non-Vital Operations during COVID-19 to Hinder Product Sales
The COVID-19 pandemic adversely affected the growth of global market in 2020. Prime players in the market observed drop in their revenues due to fall in the volume of vascular processes and lower sales of devices. Also, in various healthcare settings, crucial healthcare sources were transferred to administer COVID-19 patients, leading to restricting non-important hospital visits and drop in the number of non-prominent embolization procedures.
Segments:
Strong Emphasis of Manufacturers on Arterial & Venous Embolization Plugs to Boost Dominance
Based on type, the market is segmented into arterial & venous embolization plugs, congenital heart malformation closure plugs, and others. The arterial & venous embolization plugs segment held a dominant share of the market in 2021, owing to constant focus of market players to launch device for arterial & venous embolization.
On the basis of material, the market is categorized into titanium nickel (nitinol) and others. Among end-users, the market is segmented into hospitals & clinics and independent catheterization labs.
Regionally, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights:
North America to Dominate Backed by Rising Prevalence of Artery Diseases
The vascular plugs market size in North America was USD 51.1 million in 2021. The dominance is attributed to numerous aspects such as rising occurrence of peripheral artery disease in the U.S. and Canada, which is introducing a large patient pool undergoing surgical treatment.
Europe held the second largest vascular plugs market share and is predicted to grow at a substantial CAGR. Growing occurrence of cardiovascular diseases in the region is one of the prime aspects contributing towards the vascular plugs market growth.
Asia Pacific is poised to record a moderately higher CAGR during forecast period. A major part of the population suffering from peripheral vascular disorders, growing diagnosis, and treatment rates in China and India is expected to surge the product demand.
Competitive Landscape:
Advanced Product Launch Declaration by Crucial Players to Encourage Market Growth
The prominent players implement numerous tactics to bolster their position in the market as chief companies. One such significant strategy is procuring companies to bolster the brand value among users. Another indispensable strategy is occasionally launching innovative products with comprehensive review of the market and its target audience.
List of Key Players Mentioned in the Report:
- Abbott (U.S.)
- Medtronic (Ireland)
- Terumo Corporation (Japan)
- BD (Becton, Dickinson, and Company) (U.S.)
- Lifetech Scientific (China)
- EndoShape, Inc. (U.S.)
- ArtVentive Medical Group Inc. (U.S.)
- Shape Memory Medical Inc. (U.S.)
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Vascular Plugs Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Cardiovascular Diseases by Key Countries/Regions-2021
- Regulatory Scenario for Key countries/Regions
- Key Industry Developments – Mergers, Acquisitions, Partnership and etc.
- Impact of COVID-19 on Global Vascular Plugs Market
- Global Vascular Plugs Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Arterial & Venous Embolization Vascular Plugs
- Congenital Heart Malformation Closure Vascular Plugs
- Others
- Market Analysis, Insights and Forecast – By Material
- Titanium-Nickel (Nitinol)
- Others
- Vascular Plugs Market Analysis, Insights and Forecast – By End-User
- Hospitals & Clinics
- Independent Catherization Labs
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Vascular Plugs Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Arterial & Venous Embolization Vascular Plugs
- Congenital Heart Malformation Closure Vascular Plugs
- Others
- Market Analysis, Insights and Forecast – By Material
- Titanium-Nickel (Nitinol)
- Others
- Market Analysis, Insights and Forecast – By End-User
- Hospitals & Clinics
- Independent Catherization Labs
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Vascular Plugs Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Arterial & Venous Embolization Vascular Plugs
- Congenital Heart Malformation Closure Vascular Plugs
- Others
- Market Analysis, Insights and Forecast – By Material
- Titanium-Nickel (Nitinol)
- Others
- Market Analysis, Insights and Forecast – By End-User
- Hospitals & Clinics
- Independent Catherization Labs
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- U.K
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
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