According to the research report titled ‘Vascular Closure Device Market Size By Device Type, By Access (Femoral, Radial), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global vascular closure device market is projected to grow substantially between 2021-2027.
 

Surging incidences of cardiovascular diseases, rising geriatric population, and technological developments are key factors driving global vascular closure device market expansion. 
 

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For the unversed, vascular closure devices are made from collagen, a fibrous protein which is usually found in skin, bones, and connective tissues and a metallic clip or suture. They are primarily used to seal small incisions that are made in the artery post angiography.
 

These devices help in sealing the femoral artery access site immediately, thus serving as an alternative to manual compression by eliminating the need for the same.
 

The report cites that key medical devices & equipment manufacturers worldwide are making efforts to develop newer, safer, and more reliable products to enhance patient outcomes which will aid industry growth. Notably, government approvals play an important role in ensuring reliability and safety of these devices.
 

Citing an instance, Teleflex Incorporated received a premarket approval from the U.S. FDA for its new vascular device MANTA in 2019. This device is designed specifically for the closure of large bone femoral access site and is the first commercially available biomechanical device in this business sphere.
 

On the other hand, implementation of stringent regulations by governments, and high risk associated with post-procedural complications will act as challenges in the market sphere.
 

Based on device type, active segment of vascular closure device industry was evaluated at USD 667 million in 2019 and is anticipated to grow at 7.9% CAGR between 2021-2027, owing rising occurrence of chronic diseases, and ageing world population.
 

Speaking of access, the femoral segment amassed USD 957 million in 2020 and is speculated to witness 7.9% CAGR between 2021-2027, due to growing preference for femoral access devices by healthcare professionals during coronary angiography among other interventional procedures.
 

Moving on to end user spectrum, ambulatory surgical centers segment garnered USD 262 million in 2020 and is slated to augment at 7.7% CAGR over the forecast timeframe. Consumer inclination towards these facilities, along with better patient experience are the leading factors credited for this growth.
 

From the regional frame of reference, Middle East & Africa vascular closure device industry was assessed at USD 33 million in the recent past and is estimated to expand at 5% CAGR between 2021-2027, owing to increasing elderly populace, and soaring occurrence of cardiovascular diseases.
 

Key players profiled in the report are Marine Polymer Technologies Inc., Abbott Laboratories, Cardiva Medical Inc., Terumo Corporation, Vasorum Ltd., Advanced Vascular Dynamics Inc., Cardinal Health Inc., Tricol Biomedical Inc., Medtronic plc, Scion BioMedical, Teleflex Incorporated, TZ Medical Inc., and Merit Medical Systems Inc.