Market Size of Arteriotomy Closure Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*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.
