Vascular closure devices: Key market research findings
- The Americas dominate the market geographically
- ASCs account for a majority of the market’s revenue
- Key vendors – Abbott Laboratories, Cardinal Health, St. Jude Medical, and Vascular Solutions
Technavio’s market research analysts predict the global vascular closure devices market to grow at a CAGR of almost 9% between 2016 and 2020. The growth of this market is augmented by the inclination towards minimally invasive procedures among people. Minimally invasive surgeries are often assisted with MRI technology for medical imaging. The use of cardiac devices such as heart valves, stents, and other electronic cardiac implants is resulting in an increase in the popularity of MRI procedures. During 2015, the Americas dominated the global vascular closure devices market with around a 45% share of the overall market. The improved healthcare system coupled with favorable healthcare reforms in the region is expected to boost growth in the global vascular closure devices market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the vascular closure devices segment based on the end-user.
“The market is currently witnessing the advent of digital cath labs in hospitals. Cath labs or cardiac catheterization laboratories in hospitals conduct both diagnostic and therapeutic procedures. These laboratories are used to conduct normal procedures like the monitoring of blood flow and heart pressure. Advances in technology helps improve the detection and intervention of cardiac diseases,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the ASCs segment accounted for more than 50% of the overall market share to become the primary revenue generator in the global vascular closure devices market. ASCs provide a wide range of medical services and conduct surgical and non-surgical procedures through outpatient settings. This allows people to minimize their medical expenses and helps them save time. The growing popularity of ASCs can be accredited to the availability of advanced operating equipment, specialist physicians, and operating and recovery rooms without complex administrative procedures.
The key vendors in the market include Abbott Laboratories, Cardinal Health, St. Jude Medical, and Vascular Solutions. 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.
A more detailed analysis is available in the Technavio report, Global Vascular Closure Devices Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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