Vascular Closure Devices and Hemostatic Dressings Market Size, Share, Growth, and Industry Growth by Type (Vascular Closure Devices, and Hemostatic Dressings), By Application (TAVR, EVAR, VAD, BAV, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Vascular Closure Devices and Hemostatic Dressings Market REPORT OVERVIEW

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global vascular closure devices and hemostatic dressings market size was USD 1657.54 million in 2021 and market is projected to touch 3470.97 Million by 2031, exhibiting a CAGR of 7.67% during the forecast period.

Vascular closure devices (VCDs) and hemostatic dressings are both used to achieve hemostasis, or the stopping of bleeding, after vascular procedures. However, they differ in their mechanisms of action and the types of procedures for which they are best suited. VCDs are mechanical devices that are used to close the puncture site in the artery after a procedure, such as angiography or angioplasty. These devices work by either sealing the puncture site with a plug or suture or by applying pressure to the site using a clip or other mechanical mechanism.

Hemostatic dressings, on the other hand, are topical agents that are applied directly to the puncture site to promote clotting and stop bleeding. These dressings are typically made of materials such as collagen, chitosan, or fibrin and may also contain thrombin or other clotting factors. Hemostatic dressings are typically used for smaller puncture sites, such as those made during radial artery access, and can be particularly useful in patients who are at increased risk of bleeding or who are taking anticoagulant medications.

COVID-19 Impact: Increased Anticoagulant Medications Benefits Boosted Market Demand.

COVID-19 had a life changing impact globally. The global vascular closure devices and hemostatic dressings market share 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. However, the market for vascular closure devices and hemostatic dressings experienced an increased demand.

One major factor has been the shift towards minimally invasive procedures, which can reduce the need for large incisions and therefore make VCDs less necessary. This shift has been driven in part by concerns about infection transmission in hospitals, as minimally invasive procedures can be performed more quickly and with fewer staff in the room.

Another impact of COVID-19 on VCDs and hemostatic dressings has been the increased use of anticoagulant medications in COVID-19 patients, which can increase the risk of bleeding complications after vascular procedures. As a result, physicians may be more likely to choose hemostatic dressings over VCDs, as the dressings can provide additional clotting support at the puncture site.

LATEST TRENDS

"Bioabsorbable Materials to Benefit Market Prospects"

One area of development for hemostatic dressings is the use of nanotechnology to improve their properties. For example, researchers have developed nanofiber-based dressings that can provide better hemostasis than traditional dressings and are also more versatile in terms of their application and use.

Another area of development for VCDs is the integration of imaging technologies such as ultrasound or fluoroscopy to help guide the placement of the device and ensure proper closure of the puncture site. These technologies can improve the accuracy and speed of VCD placement, potentially reducing the risk of complications. These latest developments are anticipated to boost the global vascular closure devices and hemostatic dressings market share.

Vascular Closure Devices and Hemostatic Dressings Market SEGMENTATION

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• By Type

Based on type, the market is divided into Vascular Closure Devices, and Hemostatic Dressings.

• By Application

Based on application, the market is bifurcated into TAVR, EVAR, VAD, BAV, and Others.

DRIVING FACTORS

"Increasing Patient Safety to Boost Market Share "

One of the main driving factors for the use of VCDs and hemostatic dressings is patient safety. Bleeding complications after vascular procedures can be serious and can lead to prolonged hospital stays, the need for blood transfusions, or even death. The use of VCDs and hemostatic dressings can help reduce the risk of bleeding complications, improving patient safety and outcomes.

"Procedural Efficiency to Boost Market Size"

Procedural efficiency is another factor driving the use of VCDs and hemostatic dressings. These products can help speed up the closure of puncture sites, reducing the amount of time that patients need to lay flat and improving patient comfort. Additionally, the use of VCDs and hemostatic dressings can reduce the need for manual compression, which can be time-consuming and may require additional staff resources. Hence these factors might boost the growth of the global vascular closure devices and hemostatic dressings market share.

RESTRAINING FACTORS

"Device Failure to Hamper Market Share"

Device failure is a potential restraining factor for VCDs and hemostatic dressings. While these products are designed to be safe and effective, device failure can occur, leading to bleeding complications and the need for additional interventions. This can cause physicians to be cautious about using these products and may limit their use in certain patient populations or procedures. Hence these factors might impediment the growth of the global vascular closure devices and hemostatic dressings market share.

Vascular Closure Devices and Hemostatic Dressings Market REGIONAL INSIGHTS

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"North America Dominates the Fire Sprinkler System Market"

North America is the major shareholder for the global vascular closure devices and hemostatic dressings market share. This is due to the high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and increasing demand for minimally invasive procedures in the region. Additionally, the presence of major manufacturers and research institutions in the region has contributed to the growth of the market. Europe is the second major shareholder for the global vascular closure devices and hemostatic dressings market share.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Terumo Corporation [Japan]
• St. Jude Medical [U.S.]
• Cardinal Health [U.S.]
• Boston Scientific [U.S.]
• ConvaTec Group [U.K.]
• 3M Healthcare [U.S.]
• Medtronic [Ireland]
• Coloplast [Denmark]
• InSeal Medical [Israel]
• B. Braun [Germany]
• Systagenix Wound Management [South Africa]
• Teleflex [U.S.]
• HARTMANN Group [Germany]
• Smith & Nephew [U.K.]
• Cordis Corporation [U.S.]
• Abbott Laboratories [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.