Global Vascular Closure Devices Market to Surpass US$ 1440.3 Million Threshold by 2025
The Global Vascular Closure Devices Market by Product Type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), By Access (Femoral and Radial), by Hole Size (Small Hole and Large Hole), by End User (Hospitals, Ambulatory Surgical Centers, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 848.2 Mn in 2016 and is projected to exhibit a CAGR of 6.1% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Multiple approvals and launch of novel innovative devices is expected to support the growth of global vascular closure devices market.
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In 2016, Essential Medical, Inc., received CE Mark approval for product MANTA, which is a bore vascular closure device. In 2016, Vasorum Ltd. received U.S. Food and Drug Administration (U.S. FDA) approval for vascular closure device Celt ACD. In 2014, Cardinal Health received U.S. FDA approval for MynxGrip vascular closure device used for closure of femoral veins. The lucrative vascular closure devices market has witnessed multiple product launches in recent years. Thereby, increasing number of products in the market is expected to boost growth of the global vascular closure devices market.
Market players are focused on acquiring competitors or particular business segment (i.e. vascular closure device segment) from the competitors in order to increase product portfolio and to strengthen their position in vascular closure devices market. For instance, in January 2017, Terumo Corporation acquired some of vascular closure products owned by Abbott and St. Jude Medical, Inc. for a total amount of US$ 1.12 billion. The acquired product include St Jude Medical’s Angio-Seal and FemoSeal vascular closure product lines and Abbott’s Vado Steerable Sheath. An estimate total revenue generated by these products was US$ 268 Mn in 2016. Furthermore, Abbott Laboratories acquired St. Jude Medical, Inc. in January 2017 in order to strengthen its position in cardiovascular devices including vascular closure devices market. In 2014, Cardinal Health Inc. acquired AccessClosure Inc. for US$ 320 Mn in cash in order to expand vascular closure device product portfolio. In 2017, Teleflex Incorporated have acquired Vascular Solutions, Inc. This strategic acquisition have widen the vascular closure device product portfolio of Teleflex Incorporated.
Browse 34 Market Data Tables and 28 Figures spread through 195 Pages and in-depth TOC on Vascular Closure Device Market, by Product Type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), By Access (Femoral, and Radial), By Hole Size (Small Hole, and Large Hole) By End User (Hospital, Ambulatory Surgical Centers, and Others) and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2025
Key Takeaways of the Vascular Closure Devices Market:
The global vascular closure devices market is expected to exhibit a CAGR of 6.1% over the forecast period (2017 – 2025), owing to frequent approval by regulatory bodies to innovative products in key regions.
North America is expected to continue dominance during the forecast period (2017 – 2025), owing to launches of novel vascular closure devices in the regions by key players.
The market has witnessed multiple product launches in recent years and the trend is expected to continue during the forecast period as leading players are continuously involved in R & D to develop products with efficient technology.
Mergers/Acquisitions (M&A) and Collaborations has been the major focus of leading companies in this field. Increasing competition in this market may lead to further increase in these activities (M&A and Collaborations).
Major 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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