Vascular Plugs Market

Vascular Plugs Market

Growth Factors of Vascular Plugs Market

The vascular plugs market size was valued at USD 123.1 million in 2023, and the market is now projected to grow from USD 130.4 million in 2024 to USD 219.9 million by 2032, exhibiting a CAGR of 6.7% during the forecast period of 2023-2032.

Due to the covid pandemic many companies shut down their prediction units and projects due to hindered travel acquisitions which ultimately created a decline in the vascular plugs market growth. The lockdown has forced people to stay at their homes and limited their outing or sports activities which affected the market growth significantly. As the companies requires workers and skilled professional to work on projects and to manage the manufacturing of products but due to covid pandemic the working scenario has been hindered to avoid social gathering and follow covid guidelines. Due to covid pandemic, the production and supply chain of the various medicine industries led to decline which significantly affected the market growth especially healthcare industry.

Global vascular disease prevalence is growing, promoting vascular plugs market growth. In both industrialized and developing nations, vascular disorders such peripheral artery disease, cerebrovascular disease, and coronary artery disease are the main causes of sickness and mortality. Due to the rising frequency of these illnesses, there is a growing number of individuals who need to be treated and go through vascular embolization operations annually.

An increasing trend is the use of shape memory polymers propelling market expansion significantly. One of the augmenting areas of polymer discovery has been Shape Memory Polymers (SMPs) during forecast period. The materials have the ability to recall their previous shapes and will do so in response to stimuli like heat or light. The material has several uses in the medical, industrial, electronics, textile, and other fields. This group of SMPs includes polyurethane, which is frequently utilized in vascular plugs because of its biocompatibility. The SMP has a number of special benefits during vascular embolization treatments, including good compatibility and low force applied to anatomic boundaries.

Comprehensive Analysis of Vascular Plugs Market

The vascular plugs market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by product, by material and by end users. The product segmentation includes, Arterial & Venous Embolization Plugs, Congenital Heart Malformation Closure Plugs, and Others, while by Material segmentation includes Titanium Nickel (Nitinol) and Others. However, the end users segmentation includes Hospitals & Clinics and Independent Catheterization Labs.

The North America region lead the vascular plugs market by benefitting a market size of USD 57.2 million in 2023 due to increasing frequency of peripheral vascular disease and use of shape memory polymers.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Abbott (U.S.), Medtronic (Ireland), Terumo Corporation (Japan), BD (Becton, Dickinson, and Company) (U.S.), Lifetech Scientific (China), EndoShape, Inc. (U.S.), ArtVentive Medical Group Inc. (U.S.), Shape Memory Medical Inc. (U.S.) these market players provide a level-playing competitive landscape.

In March 2024, A group of venture capitalists lead by USD 38.0 million in Series C investment was obtained by Shape Memory Medical Inc. (U.S.). The IMPEDE Embolization Plug family of devices' sales, distribution, and growth would be supported by the fund.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.7% from 2024-2032

Unit Value (USD million)

Segmentation By Product Type

• Arterial & Venous Embolization Plugs
• Congenital Heart Malformation Closure Plugs
• Others

By Material

• Titanium Nickel (Nitinol)
• Others

By End-user

• Hospitals & Clinics
• Independent Catheterization Labs

By Geography

• North America (By Product Type, Material, End-user, and Country)
• U.S.
• Canada
• Europe (By Product Type, Material, End-user, and Country/Sub-region)
• U.K.
• Germany
• France
• Italy
• Spain
• Scandinavia
• Rest of Europe (Material)
• Asia Pacific (By Product Type, Material, End-user, and Country/Sub-region)
• Japan
• India
• China
• Australia
• Southeast Asia
• Rest of Asia Pacific
• Latin America (By Product Type, Material, End-user, and Country/Sub-region)
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa (By Product Type, Material, End-user, and Country/Sub-region)
• GCC
• South Africa
• Rest of Middle East & Africa

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