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Vascular closure devices are used for diagnostic and therapeutic interventions and help in endovascular imaging to detect coronary artery diseases. The rising preference for minimally invasive procedures with improved medical imaging is a major factor spurring the growth this market. At present, many medical facilities have started opting for procedures that involve the use of radiotherapy and imaging technologies. This shift towards imaging technologies helps healthcare facilities to expand their treatment options for peripheral vascular diseases (PVD). If left untreated, PVD can cause heart attacks and stroke and may even lead to death. Consequently, to treat this condition, physicians have started performing angioplasty or insert stents in the blood vessels through small incisions by minimally invasive surgeries. Due to the widespread applicability of vascular closure devices, Technavio’s market research analysts have predicted that this market will grow at a steady CAGR of nearly 9% during the forecast period.
The global vascular closure devices market is dominated by the Americas, which accounted for approximately 45% of the total market share in 2015. The US was the key revenue generator for the market in this region. An increasing number of angiography procedures, patient's preference to visit cath-labs, and rising adoption of vascular closure devices for minimally invasive procedures are the key elements that contributed to the growth of this market. Additionally, factors such as recent advances in technology, in terms of product design and usage, and the availability of reimbursements for catheterization have also bolstered the prospects for market growth in the US.
The active approximators segment accounts for the largest share of the vascular closure devices market and will retain its leadership position by accounting for around 79% of the total market share by the end of 2020. Active approximators are designed to close the arteriotomy site by using sutures, collagen plugs, and nitinol clips. The development of devices that can be used to close femoral sites like the 8F to 21F femoral site will lead to the steady growth of this market segment during the next four years.
According to this market report, the ASC segment accounted for an impressive market share of around 50% during 2015. ASCs provide a wide range of medical services and conduct surgical and non-surgical procedures through outpatient settings. The availability of progressive operating equipment, specialist physicians, and operating and recovery rooms without complex administrative procedures will lead to the rapid growth of this market segment.
Competition in the global vascular closure devices market is intense with the presence of many global and local players. The level of competition will strengthen during the forecast period due to the entry of several new vendors in the market. Therefore, to survive and succeed in this competitive market, the smaller vendors are developing innovative and cost-effective products to penetrate the emerging countries.
The other prominent vendors in the market are Arstasis, Beijing Puyishengji Medical Technology, Endocor, Essential Medical, InSeal Medical, Medeon Biodesign, Morrris Innovative, Transluminal Technologies, Vascular Closure Systems, Vasorum, and Vivasure Medical.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Impact of comparative study on manual compression and vascular closure device
PART 06: Market landscape
PART 07: Market segmentation by product
PART 08: Market segmentation by application
PART 09: Market segmentation by end-user
PART 10: Geographical segmentation
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Vendor landscape
PART 17: Major vendors
PART 18: Appendix
PART 19: Explore Technavio
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