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  • 18 December 2019 23:32

Large Bore Vascular Closure Device Market Worth Nearly $866 Mn by 2026

Global large bore vascular closure device market report offers the latest industry trends, technological innovations and forecast market data. A deep-dive of large bore vascular closure device industry based on market size, market growth, development plans, and opportunities is offered by this report. The forecast market information, SWOT analysis and feasibility study are the vital aspects analyzed in this report.

According to a new report by Acumen Research, The global large bore vascular closure device market size was approximately USD 468.1 million in 2018 and the market value reach around $ 866 million by 2026. This market is anticipated to grow at a constant CAGR around 9.1% during 2019-2026. Some of the major factors behind these projections include increase in the prevalence of the cardiovascular diseases, changing lifestyle of the people, rising number of people suffering from obesity.

North America to Dominate the Global Large Bore Vascular Closure Device Market

The report focuses on the regional markets including North America, Europe, Asia-Pacific, and Rest of the World. North America is expected to dominate the global large bore vascular closure device market during the forecast period 2018-2026, owing to the good reimbursement policies for diagnostic procedures, huge patient population, and availability of huge funds for research.

In 2016, according to the World Health Organization, 9.3% of the total America population were suffering from diabetes. Diabetic patients are more prone to the cardiovascular diseases. Continuously increasing patient population suffering from diabetes, high spending power of the people, and favorable reimbursement policies have boosted the growth of the North Americas large bore vascular closure device market. Europe is expected to hold the major share during the forecasted period owing to the rise in demand for the large bore vascular closure device, improved technological development, and better government policies. Additionally, LAMEA is expected to witness a moderate growth due to poor reimbursement policies and lack of knowledge regarding the devices.

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Hydroponics to lead the Global Large Bore Vascular Closure Device Market

The global large bore vascular closure device market is segmented based on products, application and geography. Based on products, the market is segmented into passive closure devices and active closure devices. An active closure device holds the major share in the global market. In 2017, an active closure devices market was approximately 291 million USD and is expected to grow at CAGR of 9.3% during the forecast period.

On the basis of application, the large bore vascular closure device market is segmented into femoral arterial and transradial arterial. The femoral arterial application holds the lion's share in the global large bore vascular closure device. Owing to the various advantages and benefits the femoral arterial holds the major share. However, transradial arterial application is expected to hold the limited share in the market.

On the basis of region, the global large bore vascular closure device market is segmented into North America, Europe, China, Japan, Southeast Asia, India, South America, and Middle East and Africa. North America dominates the global large bore vascular closure device market owing to the rising prevalence of CVD. CVD is among the most deadly diseases in America. According to the American Medical Association, in 2016, the CVD death toll reached to 0.9 million. Continuously rising prevalence of CVD, diabetes, and other CVD related diseases will drive the growth of the market.

Some of the key players profiled in the report include Terumo Corporation, Teleflex, Vivasure Medical, Abbott Laboratories, Essential Medical, Inc, Medeon Biodesign, Inc., Cardinal Health InSeal Medical, Transluminal Technologies, and Vasorum.

Market Segment Analysis:

Acumen Research report focuses on market attractiveness by assessing the key market segments. The report also combines region-wise segments for a better understanding of the supply and demand ratio of this market. This exclusive study of the report analyzes the present and future market scenario and the industry trends that are influencing the growth of the segments. Besides, the report also covers the value chain analysis, supply chain analysis, and year-on-year basis analysis of this market.

Market Segmentation

Market by Product

  • Passive Closure Devices
  • Active Closure Devices

Market by Application

  • Femoral Arterial
  • Transradial Arterial

Market Regional Analysis:

Based on the regions, the global large bore vascular closure device market is segmented into -North America (US and Canada), Europe (UK, Germany, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), Latin America (Mexico, Brazil and Rest of Latin America), Middle East & Africa (GCC, South Africa and Rest of MEA).

The global large bore vascular closure device market is expected to grow at a CAGR of over 9%. Continuously rising patient population and development in the technology have increased driven the growth of the market. Additionally, continuous innovations in the products and availability of presence medical treatment have supported the market growth.

Large bore vascular closure device includes product types such as passive closure devices and active closure devices. Over the last few decades, the large bore vascular closure device market has considerably grown both in terms of product development and usage.

North America is expected to dominate the large bore vascular closure devices market owing to the presence of huge population suffering from cardiovascular diseases and diabetes, high awareness among the people, and huge per capita income. According to the World Heath Organization, in 2015, 30.1 million American were suffering from diabetes.

Europe accounts for the second leading position in the market followed by the Asia Pacific. Asia Pacific large bore vascular closure devices market expected to be the fastest growth during the forecast period. Huge diabetic and obese patients and presence of huge population base has supported the growth of the market in this region. According to the International Diabetes Federation (IDF), in 2016, over 60% of total global diabetic population was present in Asia of which over 114 million are in China alone. This is one of the major factor for the growth of the market in Asia Pacific region. However, LAMEA region is expecting a steady growth during the forecast period.

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