REPORT OVERVIEW
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The global large bore vascular closure system market size was 656.7 million in 2022. As per our research, the market is expected to reach USD 1044.3 million by 2028, exhibiting a CAGR of 8.0% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
A large bore vascular closure system is a medical device designed to achieve hemostasis (the cessation of bleeding) and securely close an artery puncture site following a large-diameter catheterization procedure. These procedures often involve the insertion of large-bore catheters, typically with a diameter of 14 French (Fr) or greater, for various cardiovascular and interventional radiology interventions. Large bore vascular closure systems are critical because they help minimize complications, reduce the risk of bleeding, and expedite the recovery process for patients.
A typical large bore vascular closure system consists of several components like closure device; this is the main component that seals the arterial puncture site. There are different mechanisms, including suture-based, collagen-based, and plug-based systems. Sheath or Delivery System;the sheath or delivery system is used to introduce the closure device to the puncture site and hemostatic agent; some systems incorporate hemostatic agents or sealants to enhance the closure process.
COVID-19 IMPACT: Focus on COVID-19 Response resulted in Recession of the Market
COVID-19 had a life changing impact globally. The large bore vascular closure system market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.
During the early stages of the pandemic, many elective procedures, including certain cardiovascular interventions that utilize large bore vascular closure systems, were postponed or canceled to prioritize resources and reduce the risk of viral transmission. This likely led to a temporary decline in the demand for these closure systems.
Hospitals and healthcare systems redirected their resources and staff to manage the surge in COVID-19 cases. This shift in focus away from elective procedures further reduced the use of large bore vascular closure systems. Medical facilities also faced constraints on available resources, including hospital beds and intensive care units, which affected the prioritization of procedures. To reduce the length of hospital stays and minimize patient exposure to the virus, healthcare providers may have increasingly turned to minimally invasive procedures, including those using large bore vascular closure systems. The market is anticipated to boost the large bore vascular closure system market share following the pandemic.
LATEST TRENDS
"Technological Advancements in Systems to Broaden Market Growth"
Enhanced Closure Mechanisms, continued research and development efforts may lead to more advanced closure mechanisms, improving the effectiveness and ease of use of large bore vascular closure systems. Integration of Imaging, systems that incorporate imaging modalities, such as ultrasound or fluoroscopy, to guide the closure process with greater precision. The integration of large bore vascular closure systems with robotic-assisted surgical platforms for minimally invasive procedures.
Healthcare providers and regulatory bodies may place a stronger emphasis on the need for robust clinical data demonstrating the safety and efficacy of large bore vascular closure systems. Evolving reimbursement policies and changes in healthcare reimbursement models could influence the adoption of large bore vascular closure systems. These latest developments are anticipated to boost the large bore vascular closure system market share.
SEGMENTATION
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- By Type
Based on type, the market is divided into Active Closure Devices and Passive Closure devices.
- By Application
Based on application, market is segmented into Femoral Arterial and Transradial Arterial.
DRIVING FACTORS
"Rising Prevalence of Cardiovascular Diseases to Boost Market Share"
Cardiovascular diseases, such as coronary artery disease and aortic stenosis, are prevalent worldwide. The increasing incidence of these conditions has led to a higher number of interventional cardiology procedures, which often require large bore vascular closure systems. : As the global population continues to age, there is an increased need for cardiac and vascular interventions. Older individuals are more likely to require procedures like transcatheter aortic valve replacement (TAVR) or endovascular aneurysm repair (EVAR), which rely on large bore access. Expanding access to healthcare services in developing countries has increased the number of interventional procedures performed. This, in turn, boosts the demand for large bore vascular closure systems.
"Patient Preference for Minimally Invasive Techniques to Boost Market Size"
There is a growing trend toward minimally invasive procedures in the medical field. Large bore vascular closure systems play a crucial role in these procedures, as they enable physicians to perform complex interventions through small incisions or catheter-based approaches. Patients often prefer minimally invasive procedures over traditional open surgeries because they typically involve shorter hospital stays, quicker recovery times, and fewer complications. This patient preference drives the demand for large bore vascular closure systems. These factors are anticipated to drive the large bore vascular closure system market share.
RESTRAINING FACTORS
"Risk of Complications to Hamper Market Share"
While large bore vascular closure systems aim to reduce complications, they are not entirely risk-free. Complications such as access site bleeding or vascular injury can still occur, which may deter some healthcare providers from adopting these systems. Patients' vascular anatomy can vary significantly, making it challenging to design a one-size-fits-all solution for large bore vascular closure. Achieving consistent and effective closure in all patients can be a challenge.
While large bore vascular closure systems aim to enhance patient safety, there may be concerns about their safety and efficacy, particularly in cases where complications occur. The factors are anticipated to hinder the growth of the large bore vascular closure system market share.
REGIONAL INSIGHTS
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"North America Holds Dominates the Market with Well-Developed Healthcare Infrastructures"
North America, the United States, in particular, has been a major shareholder in the Large Bore Vascular Closure System market. The U.S. has a well-developed healthcare infrastructure, a high prevalence of cardiovascular diseases, and a strong focus on adopting advanced medical technologies. Factors such as a large patient population, a high rate of interventional procedures, and favorable reimbursement policies have contributed to the prominence of North America in this market.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Abbott Laboratories [U.S.]
- Vascular Solutions [U.S.]
- Essential Medical [U.S.]
- InSeal Medical [Israel]
- Medeon Biodesign [Taiwan]
- Morrris Innovative [U.S.]
- Transluminal Technologies [U.S.]
- Vasorum [Ireland]
- Cardinal Health [U.S.]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 656.7 Million in 2022 |
Market Size Value By |
US$ 1044.3 Million by 2028 |
Growth Rate |
CAGR of 8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the large bore vascular closure system market expected to touch by 2028?
The global large bore vascular closure system market is expected to reach USD 1044.3 million by 2028.
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What CAGR is the large bore vascular closure system market expected to exhibit by 2028?
The large bore vascular closure system market is expected to exhibit a CAGR of 8.0% by 2028.
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Which are the driving factors of the large bore vascular closure system market?
Rising Prevalence of Cardiovascular Diseases and Patient Preference for Minimally Invasive Techniques are drivers of this large bore vascular closure system market.
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Which are the top companies operating in the large bore vascular closure system market?
Abbott Laboratories, Vascular Solutions, Essential Medical, InSeal Medical, Medeon Biodesign, Morris Innovative, Transluminal Technologies, Vasorum and Cardinal Health are key companies operating in the large bore vascular closure system market.