According to the 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, worldwide vascular closure device market is anticipated to grow substantially through 2027.
 

Report findings suggest that factors leading to the rise in global vascular device market valuation are increasing number of patients suffering from cardiovascular diseases, growing elderly population, and technological advancements.
 

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Notably, vascular closure devices are made of collagen which is found in skin, connective tissue, and bones along with a metallic clip or suture to seal small cuts made in the artery after angiography. These devices serve as an alternative to manual compression.
 

Based on type, vascular closure devices are classified in two types namely, active and passive. Among these, active segment reportedly generated USD 667 million in 2019 and is reckoned to grow at a CAGR of 7.9% during the study period. Along with ageing population, wide usage of active vascular closure devices is credited to rising occurrence of several chronic diseases.
 

In terms of accessibility, global vascular closure device industry is bifurcated into radial and femoral. As per the report, femoral segment was worth USD 957 million in 2020 and is projected to record a y-o-y growth rate of 7.9% through 2027, owing product preference among healthcare professionals during angiography and other interventional surgeries.
 

Moving on to end use spectrum, hospitals and ambulatory surgical centers are the major contributors to global vascular closure device market size. Of these, the latter segment accounted for USD 262 million in 2020 and is touted to expand at 7.7% CAGR over 2021-2027. Booming elderly population, in consort with consumer preference for ambulatory surgical centers as they varied treatment option with improved patient experience will bolster the segmental share.
 

Geographically, Middle East & Africa vascular closure device industry size was valued at USD 33 million in the recent past and is expected to register a CAGR of 5% during the study timeline, creditable to surging geriatric population with large pool of cardiovascular patients.
 

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