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Vascular Closure Device Market Exhibits Higher Growth Prospects By 2025

Vascular Closure Device Market Exhibits Higher Growth Prospects By 2025

Vascular Closure Devices (VCDs) are medical devices used to achieve vascular hemostasis after the puncture of femoral artery during diagnostic angiography procedures or interventional procedures. VCDs are an alternative to manual compression as they provide immediate sealing of the femoral artery access site. VCDs has been available in the U.S. since 1995, when St. Jude Medical, Inc. received the approval for VasoSeal device. Since then, number of leading medical devices such as Abbott Laboratories, Medtronic Plc, and Terumo Corporation companies have entered in the market.

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Frequent approval of novel vascular closure devices by regulatory bodies in key regions is expected to drive market growth

In recent past, number of vascular closure devices have received approval from different regulatory bodies in key region such as North America and Europe, which is expected to boost growth of the market in near future. For instance in 2016, Vivasure Medical Ltd. received CE Mark for bioabsorbable percutaneous closure device for large-bore transcatheter procedures. In 2016 Essential Medical Inc. received CE Mark for X-Seal 6F vascular closure device. X-Seal 6F has also received investigational device exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) to begin the US clinical trial. X-seal 6F device is the advanced vascular closure device that has novel deployment control features and provides consistent closure performance. In 2016, Essential Medical, Inc., received CE Mark approval for product MANTA. MANTA is a large hole vascular closure device that can be used after catheterization procedures such as transcatheter aortic valve replacement, endovascular treatment of abdominal aortic aneurysms, ventricular assist, and others. In 2013, Cardiva Medical, Inc. received FDA Premarket Approval (PMA) for the VASCADE Vascular Closure System (VCS). VASCADE VCS is an extravascular bio absorbable closure device. Furthermore launches of novel vascular devices is also expected to drive its market growth. For instance in 2017 Vasorum Ltd. Launched Celt ACD Second Generation Vascular Closure Device in the U.S. and in 2014, AccessClosure Inc. launched Mynx Ace vascular closure device.

The global vascular closure devices market was valued at US$ 848.2 million in 2016 and is expected to witness a CAGR of 6.1% over the forecast period (2017 – 2025).

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Increasing demand for angiography due to increasing prevalence of cardiovascular diseases is expected to derive growth for vascular closure devices market

Vascular closure device are primarily used for vascular hemostasis after puncture of the femoral artery during angiography. Angiography is an imaging technique used to visualize interior of blood vessels including artery. The technique has been increasingly used for finding out if the arteries are blocked, closed or narrowed. According to research published by World Health Organization (WHO) in 2017, about 17.7 million people died from cardiovascular diseases in 2015, which is about 31% of all global deaths. Among these death around 7.4 million death were due to coronary heart disease and 6.7 million were due to stroke. As the prevalence of the cardiovascular disease is increasing, the demand for angiography, a diagnosis technique, is expected to increase which in turn will lead to growth in global vascular closure devices market.

This market has witnessed few recalls, which has proved to be major restraining factor for market growth. For instance, in 2017 Abbott Vascular recall 66 lots of the StarClose SE Vascular system due to difficulty in deploying the clip.

Furthermore, vascular closure devices manufacturing companies have been successful in raising funds from investors to expand business. In 2016, Vivasure Medical, a company developing a novel bioabsorbable technology for percutaneous vessel closure, has received Series C funding of US$ 18.3 Mn. This funding round was led by Life Sciences Partners (LSP) of The Netherlands, investing from its LSP Health Economics Fund, and co-led by Evonik Venture Capital.

Key players operating in the global vascular closure devices market include Abbott Laboratories, Medtronic Plc, Transluminal Technologies LLC, Cardinal Health, Inc., Cardiva Medical, Inc., Terumo Corporation, Essential Medical, Inc., Vascular Closure Systems, Inc., Vivasure Medical Ltd., Vasorum Ltd., and Morris Innovative Inc.

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