Global Large Bore Vascular Closure Devices Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Large Bore Vascular Closure Devices Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Large Bore Vascular Closure Devices market finds that the global Large Bore Vascular Closure Devices market reached a value of USD 640.42 million in 2022. It’s expected that the market will achieve USD 1024.75 million by 2028, exhibiting a CAGR of 8.15% during the forecast period.

Influence of COVID-19 Outbreak on Large Bore Vascular Closure Devices Industry Development

More than one million lives have been lost to COVID-19 since the start of the year and the toll continues to rise. Many more have suffered serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing. Following the contraction in 2020 and recovery in 2021, the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019.
In the current economic globalization, the upstream and downstream industrial chains have never been so closely connected. The COVID-19 pandemic around the world has caused a large number of factories to stop production, isolate employees, and block transportation. This will affect the raw material transportation of Large Bore Vascular Closure Devices manufacturing companies. If the supply of raw materials is blocked, the production of Large Bore Vascular Closure Devices will also be affected. Therefore, dealing with the impact of COVID-19 on the global supply chain will become one of the main issues that Large Bore Vascular Closure Devices manufacturers need to deal with. In the short term, it is expected that the price of raw materials produced by Large Bore Vascular Closure Devices will rise, which will put pressure on the cost control of Large Bore Vascular Closure Devices producers.

Strength

Large Bore Vascular Closure Devices can ensure that transcatheter large-caliber arterial wounds can effectively and quickly stop bleeding, strengthen the safety of the operation, and greatly save the overall operation time. In clinical use, it has shown excellent clinical results of rapid hemostasis, shortening of bed rest, and early discharge.

Weakness

High cost of vascular closure devices, product recalls and failures, and increasing preference for interventional procedures using radial artery access are limiting the growth of the global market to a certain extent.

Opportunities

The growing geriatric population coupled with the rising number of cardiovascular diseases (CVD) will drive vascular closure device market growth over the forecast period. Cholesterol, lack of physical activity, high blood pressure, smoking, and lifestyle-related changes are some of the major factors raising the CVDs. Complications associated with vascular closure devices and the need for highly trained professionals will restrain the market growth.
Rising approvals for vascular closure devices, government initiatives, and support, rising demand for advanced treatment, increasing research and clinical trials for vascular closure devices, and growing market players offering newer products to the market.

Threat

The Large Bore Vascular Closure Devices industry belongs to the medical industry and faces strict industry supervision by strong governments of various countries. Any technological breakthrough requires sufficient experimental verification, so there is a risk of investment failure due to R&D failure.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview

Abbott Laboratories (St. Jude Medical) is one of the major players operating in the Large Bore Vascular Closure Devices market, holding a share of 60.99% in 2020.

Abbott Laboratories (St. Jude Medical) discovers, develops, manufactures, and sells health care products worldwide.

Cardinal Health, Inc. operates as an integrated healthcare services and products company worldwide. The company's Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare, and consumer products to retailers, hospitals, and other healthcare providers.

Segmentation Overview:

By type, 10F-15F segment accounted for the largest share of market in 2021.

Application Overview:

By application, the TAVR segment occupied the biggest share from 2017 to 2022.

Transcatheter aortic valve replacement (TAVR) is a minimally invasive procedure to replace a narrowed aortic valve that fails to open properly (aortic valve stenosis).

TAVR can relieve the signs and symptoms of aortic valve stenosis and may improve survival in people who can't undergo surgery or have a high risk of surgical complications.

An endovascular aneurysm repair (EVAR) requires only small incisions in the groin along with the use of X-ray guidance and specially-designed instruments to repair the aneurysm.

With the use of special endovascular instruments and X-ray images for guidance, a stent-graft is inserted via the femoral artery and advanced up into the aorta to the site of the aneurysm.

A ventricular assist device (VAD) is a mechanical pump that's used to support heart function and blood flow in people who have weakened hearts.

Balloon aortic valvuloplasty is used for those: congenital aortic valve stenosis is symptomatic; The degree of stenosis, cross-aortic pressure gradient >= 50mmHg is an interventional index; Severe valvular stenosis in neonates or infants with congestive heart failure can be used as a treatment for delayed treatment, delaying the operation time; Restenosis after surgical valve incision.

Key Companies in the global Large Bore Vascular Closure Devices market covered in Chapter 3:

Medeon Biodesign
Cardinal Health
Abbott Laboratories (St Jude Medical)
Teleflex (Vascular Solutions)
Vivasure Medical
Transluminal Technologies
InSeal Medical

In Chapter 4 and Chapter 14.2, on the basis of types, the Large Bore Vascular Closure Devices market from 2018 to 2029 is primarily split into:

10F-15F
16F-18F
19-25F
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Large Bore Vascular Closure Devices market from 2018 to 2029 covers:

TAVR
EVAR
VAD
BAV
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)