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Vascular Sealing Systems Market
Global vascular sealing systems market predicted to value over USD 1 billion by 2026 end and register a CAGR over 6% during the forecast period 2019 to 2026.
The number of patients experiencing cardiovascular disease (CVD) are on a rise due to lack of physical activity, high blood pressure, changing lifestyle, addictions like alcohol consumption and smoking. According to the American Heart Association, CVD is the leading cause for mortality worldwide, with around 17.3 million deaths per year. These factors are helpful in driving the vascular sealing system market across the world. Surgeons and physician are using techniques like Percutaneous Coronary Intervention (PCI) for interventional cardiac catheterization which is used for treating coronary arteries that are narrowed due to chronic heart diseases. This will help in gaining more market for vascular sealing system because for PCI, catheter insertion is needed to be done which increases the chances of vascular injuries thus increasing the demand for vascular sealing system. However, complications associated with vascular sealing system like groin infection and leg ischemia are expected to moderately restrict the market growth during the forecast period.
Insights on Global Vascular Sealing System market:
1. By Region
> North America
> Asia Pacific
> Latin America
> Rest of the World
North America dominates the global market and is expected to do so during the forecast period. One of the major reasons for this consistent dominance is a higher market penetration rate among the general population. Europe is the second most dominating market region and is expected to experience market growth during the forecast period owing to a rise in the patient population and a high prevalence of CVD worldwide. Latin America and Rest of the World account for a small share of the global market and is expected to stay the dame during the forecast period is due to lesser adoption of the vascular sealing system in the region.
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2. By Device Type
> Passive Approximators
+ Gel based
+ Collagen plugs
> Active Approximators
+ Suture- based
+ Clip- based
> Compression-assist Devices
3. By End User
Hospital segment dominates the global market and is expected to do so during the forecast period due to the adoption of newer technologies and provision of a superior infrastructure. Clinics, on the other hand, will still receive some market share during the forecast period as it becomes difficult for emerging economies to adopt innovative technologies initially due to financial constraints and people from such regions prefer to visit a clinic as compared to a hospital due to its affordability.
> Abbott Laboratories
> Medtronic Plc
> Cardinal Health Inc.
> Vivasure Medical Ltd
> Morris Innovative Inc.
Vivasure received a series c funding of US$18.3 million which was raised by Life Sciences Partners (LSP) of The Netherlands from its health economics fund and Evonik Venture Capital was co-leading in this process. This can provide a boost for their market growth during the forecast period. But there have also been cases of product recalls as well. For instance, Abbott Vascular had to recall 66 lots of their StarClose SE Vascular system in 2017. The reason for this recall was that the system had difficulty in clip deployment. This may hamper its market growth during the forecast period.
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FutureWise Key Takeaways:
> Growth prospects
> SWOT analysis
> Key trends
> Key data-points affecting market growth
Objectives of the Study:
> To provide with an exhaustive analysis on the global vascular sealing system market by region, by device type, by end-user,
> To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
> To evaluate and forecast micro-markets and the overall market
> To predict the market size, in key regions (along with countries)?North America, Europe, Asia Pacific, Latin America, and Rest of the World
> To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
> Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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