Market Size of Global Vascular Plugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
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?
Vascular Plugs Market Analysis
The vascular plugs market is expected to register a CAGR of 5.7% over the forecast period, 2022-2027.
The COVID-19 pandemic has affected the growth of the global market in 2020. The major players in the market observed a drop in their revenues due to a reduction 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 restrictions on non-important hospital visits and a drop in the number of non-prominent embolization procedures. The vascular surgeries denied (canceled/postponed) to reserve or redirect the accessible limited capacities and resources (such as hospital beds and patient care professionals) towards COVID-19 patient care. For instance, as per the article published by National Center for Biotechnology Information, titled 'The Vascular Surgery Emergency Department in Times of COVID-19 Pandemic' in March 2021, there was a 43.3% decrease in the number of visits to the vascular surgery emergency department in the first month after the first diagnosis of COVID-19 in Portugal. Thus, the decreasing number of vascular processess due to COVID significantly impacted the market growth. Additionally, the majority of countries had enforced lockdowns and curfews to curb the increasing number of COVID-19 cases. Owing to these lockdowns, patients were not able to visit hospitals, OPDs, or clinics. This temporary denial of non-emergent healthcare services is expected to have a significant impact on the growth of the vascular plugs market.
The increase in the prevalence of cardiovascular diseases (CVDs) is likely to boost the demand for catheterization and interventional procedures for the tretmant of cardiovascular diseases (CVDs). As per the World Heart Federation in year 2020, the number of deaths occurring in a year due to CVDs was about 17.3 million. Additionally, according to the article published by the Institute for Health Metrics and Evaluation in 2020, prevalent cases of total CVD doubled from 271 million in 1990 to 523 million in 2019. Thus, the increasing incidences and prevalence of cardiovascular diseases is likely to fuel the market growth for vascular plugs over the forecast period.
Furthermore, the increasing number of product launches are driving the growth of the market. For instance, in July 2021, Terumo Medical Corporation (TMC) has launched the AZUR Vascular Plug the first and only plug compatible with a microcatheter to occlude arteries up to 8mm in diameter. The newest addition to Terumo's robust embolization portfolio is indicated for use to reduce or block the rate of blood flow in arteries of the peripheral vasculature. Thus the increasing number of product launches are responsible for the growth of the market.
Therefore, owing to the aforementioned factors the market is anticipated to witness growth over the forecast period. However, the requirement for highly skilled professionals, risks associated with vascular plugs, and stringent regulatory framework are likely to hamper market growth.
