Selbyville, Delaware, March 16, 2021 (GLOBE NEWSWIRE) --
According to latest report “Vascular Closure Devices Market by Device Type (Active Vascular Closure Devices, Passive Vascular Closure Devices), Access (Femoral, Radial), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of vascular closure devices will cross $2.1 billion by 2027. High adoption of technologically advanced devices with increasing disease prevalence will augment the market growth.
Increasing multitude of cardiovascular disorders due to acceptance of unhealthy lifestyle within developing as well as developed nations will result in rise in number of cardiac procedures. Additionally, growing prevalence of coronary heart diseases among elderly population further spurs the market expansion. Enhanced outcomes, improved success rates and higher patient satisfaction with use of closure devices in comparison with traditional therapies will result into rapid product adoption for faster recovery. Moreover, awareness regarding availability of advanced treatment therapies and extensive marketing efforts by organizations will significantly contribute towards the market demand during the forecast period.
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Along with broader patient population, advancements and product development in vascular closure devices will stimulate the market value in nearby future. The use of active and passive closure technologies in combination with compression has led to improved speed in hemostasis and ambulation. To enhance efficiency in treatment procedures and offer effective treatment to patients, notable market players are advancing product technologies to drive the preference towards vascular procedures. Such developments will ensure the exponential growth in the industrial revenue over the forthcoming years.
Active vascular closure devices segment in the vascular closure devices market accounted for more than USD 667 million in 2020 led by increased product launches with integration of innovative technologies. Active approximation devices assist in direct closure of arterial entry site during interventional procedures. Rise in procedural volume for coronary angiography resulted in wide acceptance of active VCD as several angiographic procedures demand large femoral artery punctures. Thus, escalating product sales with growing demand will impel the market progression during the forecast timeline.
Vascular closure devices market for radial access segment is projected to witness 7.4% growth rate till 2027. Radial access for vascular closure offers an advantage in blocking of major bleeding that will ultimately contribute to its increasing acceptability by professionals. In addition, complications associated with femoral access affecting the operational effectiveness and patient outcomes will further result in adoption of radial access. Its advantages including radial artery hemostasis without disturbing vessel patency, easy accessibility, closer than femoral sites and fewer bleeding complications will favor the segment growth in the future.
Ambulatory surgical centers segment held about 23% of the vascular closure devices market share in 2020. Ambulatory surgical centers are increasingly reporting exponential growth in number of cardiovascular procedures. Improving reimbursement scenario related to such procedures in these facilities will further fuel the segment revenue. For instance, additional 17 procedures related to cardiac catheterization performed in ASC were added by the Centers for Medicare & Medicaid Services in its reimbursement policies. Moreover, the convenient environment, short stay and highly efficient professionals boosts the segment expansion.
Germany vascular closure devices market is poised to expand at 7.4% CAGR through 2027 on account of substantial geriatric population adding to existing national disease burden. Usage of high-end products propels the demand for advanced closure devices assisting in complex cardiac procedures. Additionally, economic growth leading to infrastructure development and expansion of healthcare facilities will strengthen the regional growth. Furthermore, emerging industry players continuously focusing on product development plays a vital role in fostering the Germany market growth.
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Major companies operating in the vascular closure devices market include Abbott, Terumo Corporation, Cardinal Health, Inc., Teleflex Incorporated and Merit Medical System. Industry leaders are implementing various strategies such as product innovations and collaborations to gain competitive advantage for business expansion.
Table of Contents (ToC) of the report:
Chapter 3 Vascular Closure Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By device type
3.4.2 By access
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/vascular-closure-device-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.