Arteriotomy Closure Devices Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Arteriotomy Closure Devices Market Analysis
The arteriotomy closure devices market is expected to register a CAGR of 6.6% over the forecast period.
The COVID-19 outbreak impacted the market as the rate of vascular diseases significantly increased during the pandemic. For instance, as per the study published in WebMD in March 2022, people who contracted COVID-19 were at a higher risk for 20 different heart and vascular diseases after being infected. The study also stated that 20 heart disorders were diagnosed in patients who suffered from long-term COVID-19 disease. Arteriotomy closure devices are widely used to decrease vascular complications and reduce the time to hemostasis and ambulation. Therefore, increasing cases of vascular diseases indicate that there was an increased demand for arteriotomy closure devices, owing to which the market witnessed considerable growth during the pandemic. Although the COVID-19 outbreak severely impacted the market, it is expected to recover in the post-pandemic era to post-strong growth.
The rising geriatric population is the major factor driving the market's growth. For instance, as per the report published by the National Commission on Population in India in July 2021, it was estimated that around 138.0 million elderly persons were living in India in 2021, of which 67.0 million were males, and 71.0 million were females. The report also stated that the growth rate of the elderly population was higher than that of the general population, and the elderly population has grown by 36.0% in the last two decades. Similarly, according to the research study published in December 2021, the overall self-reported prevalence of diagnosed cardiovascular diseases (CVDs) was 29.4% for older persons of age 45 and over, and the prevalence rate rose with age, from 22.0% in the 45-54 age group to 38.0% in the 70+ age group which shows that the geriatric population is at high risk of having cardiovascular diseases Thus, increasing geriatric population is one of the major factors for increasing the prevalence rate of cardiovascular diseases. Therefore, considerable market growth is anticipated over the forecast period.
However, the high cost of the devices may likely hinder the market's growth over the forecast period.
Arteriotomy Closure Devices Market Trends
This section covers the major market trends shaping the Arteriotomy Closure Devices Market according to our research experts:
Passive Closure Devices Segment is Expected to Witness the Largest Growth over the Forecast Period
Passive closure devices have become a powerful tool for interventional cardiologists and other procedural professionals to achieve hemostasis at the catheter entry site. Passive closure devices help with mechanical compression or by increasing thrombosis for effective hemostasis. However, passive devices do not hasten the actual time it takes to reach hemostasis. The passive closure device is usually a piece of collagen (a fibrous protein found in skin, bone, and connective tissue), a metal clip, or a suture (suture) designed to provide immediate sealing of a small puncture made in an artery after an angiogram.
The increasing cases of hypertension and the rising geriatric population are the major factors propelling the segment's growth. For instance, as per the November 2021 report published by the Asian Pacific Observatory on Health Systems and Policies, by 2050, about one-fourth population of the Asia-Pacific region will be 60 years or older due to the decreasing fertility rate and increasing longevity in the region. This is further expected to increase the burden of cardiovascular diseases and thus drive the demand for effective and advanced treatment procedures. Furthermore, according to the Australian Institute of Health and Welfare in 2022, during 2020-2021, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had cardiovascular diseases. This is based on self-reported data from the Australian Bureau of Statistics 2020-21 National Health Survey. The geriatric population is more prone to cardiovascular diseases and hypertension cases. Therefore, the rising geriatric population is expected to positively impact the segment.
Furthermore, hypertension is one of the major factors contributing to cardiovascular diseases. Hypertension is defined as systolic blood pressure greater than 130 mmHg or diastolic blood pressure greater than 80 mmHg. According to the report published by CDC in 2021, around more than half of the adults in the United States, which is around 47.0%, have hypertension or are taking medication for hypertension. Therefore, the increase in the geriatric population and the increasing burden of cardiovascular diseases is expected to fuel growth in the segment studied over the forecast period.
North American Region is Expected to Witness Significant Growth over the Forecast Period
North America is expected to witness significant growth in the overall arteriotomy closure devices market over the forecast period. The growth is due to factors such as the rising cases of vascular diseases and the increasing geriatric population. For instance, as per the 2021 data from the Centers for Disease Control and Prevention, every year, more than 805,000 people in the United States have a heart attack; 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the AHA 2021 Journal, it is estimated that by 2035, more than 130 million adults in the United States will have some type of heart disease. With this increasing burden of cardiovascular diseases, the market is anticipated to witness considerable growth in the North American region.
Key product launches, high concentration of market players or manufacturers' presence, acquisitions, and partnerships among major players, and rising cardiovascular diseases in the United States are some of the factors driving the growth of the arteriotomy closure devices market in the country. For instance, in September 2021, Haemonetics Corporation announced that the VASCADE MVP Venous Vascular Closure System had received FDA approval for treating patients having same-day discharge following atrial fibrillation (AF) ablation.
Therefore, owing to the aforementioned factors, the growth of the market studied is anticipated in the North American Region.
Arteriotomy Closure Devices Industry Overview
The arteriotomy closure devices market is moderately competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. The competitive landscape includes an analysis of a few international as well as local companies that hold the market shares and are well known, including Abbott Laboratories, Terumo Corporation, Cardinal Health (Cordis), Cardiva Medical, Merit Medical, Medtronic PLC, Teleflex Incorporated, Vivasure Medical, and Otsuka Medical Devices Co. Ltd (Veryan Medical), among others.
Arteriotomy Closure Devices Market Leaders
Otsuka Medical Devices Co. Ltd (Veryan Medical)
Cardinal Health (Cordis)
*Disclaimer: Major Players sorted in no particular order
Arteriotomy Closure Devices Market News
- September 2022: Haemonetics Corporation, a global medical technology company focused on delivering innovative medical solutions to drive better patient outcomes, announced that it had earned CE mark certification for its VASCADE vascular closure and VASCADE MVP venous vascular closure systems. The CE marking will allow Haemonetics to engage in the next steps of the country-specific entrance of both products into the European Union (EU). It forms the basis for entry into other geographies that recognize CE marking.
- May 2022: Teleflex Incorporated announced that it had received Health Canada approval for the MANTA Vascular Closure Device, the first commercially available biomechanical vascular closure device designed specifically for large bore femoral arterial access site closure. This approval represents an important milestone in the regulatory plan to expand the global availability of the MANTA device and provides Canadian physicians with access to another uniquely designed device from Teleflex.
Arteriotomy Closure Devices Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidences of Vascular Disorders
4.2.2 Rising Geriatric Population
4.3 Market Restraints
4.3.1 High Cost of the Device
4.3.2 Risk Associated With the Procedure
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Product
5.1.1 Active Closure Devices
5.1.2 Passive Closure Devices
5.2 By Application
5.2.1 Femoral Arterial Access Procedures
5.2.2 Radial Arterial Access Procedures
5.3 By End User
5.3.2 Ambulatory Care Centers
5.3.3 Other End Users
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.4.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Cardinal Health (Cordis)
6.1.3 Cardiva Medical (Haemonetics)
6.1.4 Medtronic PLC
6.1.5 Merit Medical
6.1.6 Teleflex Incorporated
6.1.7 Terumo Corporation
6.1.8 Otsuka Medical Devices Co. Ltd (Veryan Medical)
6.1.9 Vivasure Medical
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Arteriotomy Closure Devices Market Research FAQs
What is the current Arteriotomy Closure Devices Market size?
The Arteriotomy Closure Devices Market is projected to register a CAGR of 6.60% during the forecast period (2024-2029)
Who are the key players in Arteriotomy Closure Devices Market?
Teleflex Incorporated, Medtronic PLC, Merit Medical, Otsuka Medical Devices Co. Ltd (Veryan Medical) and Cardinal Health (Cordis) are the major companies operating in the Arteriotomy Closure Devices Market.
Which is the fastest growing region in Arteriotomy Closure Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Arteriotomy Closure Devices Market?
In 2024, the North America accounts for the largest market share in Arteriotomy Closure Devices Market.
What years does this Arteriotomy Closure Devices Market cover?
The report covers the Arteriotomy Closure Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Arteriotomy Closure Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Arteriotomy Closure Devices Industry Report
Statistics for the 2024 Arteriotomy Closure Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Arteriotomy Closure Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.