The global large bore vascular closure device market size was approximately USD 468.1 million in 2018 and is expected to grow at the CAGR of 9.1% during the forecasted period.
Large bore vascular closure device are used to provide rapid hemostasis, and minimize the ambulation time in discharge. Over the past few years, there is significant increase in the prevalence of the cardiovascular diseases, which has intensified the demand for the various management devices. The global Large bore vascular closure device market is majorly driven by increasing prevalence of the cardiovascular diseases and diabetes across the globe. According to the World Health Organization, in 2014, over 422 million people worldwide were suffering from diabetes whereas, over 60% of the total global population were suffering form major or minor cardiovascular diseases. A number of diseases and lifestyle are responsible for causing the diseases. Obesity and overweight among the major factors for these diseases and disorder. Increasing number of people suffering from obesity and changing lifestyle of the people has boosted the growth of the large bore vascular closure device market. Additionally, increased the demand for the better devices, increasing per capita income, rising government support, and development in the technology have supported the growth of the market during the forecast period. However, high cost of the devices may restrain the growth of the market.
The market research study on “Large Bore Vascular Closure Device Market (By Product: Passive Closure Devices, Active Closure Devices; By Application: Femoral Arterial, Transradial Arterial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global large bore vascular closure device market. The report also analyzes the key players operating in large bore vascular closure device market and identifies the key strategies deployed by them along with the market share of leading players. The global large bore vascular closure device market is segmented as below:
Large Bore Vascular Closure Device Market by Product
Large Bore Vascular Closure Device Market by Application
Large Bore Vascular Closure Device Market by Geography
The global large bore vascular closure device market is expected to grow at a CAGR of over 9%. Continuously rising patient population and development in the technology have increased driven the growth of the market. Additionally, continuous innovations in the products and availability of presence medical treatment have supported the market growth.
Large bore vascular closure device includes product types such as passive closure devices and active closure devices. Over the last few decades, the large bore vascular closure device market has considerably grown both in terms of product development and usage.
North America is expected to dominate the large bore vascular closure devices market owing to the presence of huge population suffering from cardiovascular diseases and diabetes, high awareness among the people, and huge per capita income. According to the World Heath Organization, in 2015, 30.1 million American were suffering from diabetes.
Europe accounts for the second leading position in the market followed by the Asia Pacific. Asia Pacific large bore vascular closure devices market expected to be the fastest growth during the forecast period. Huge diabetic and obese patients and presence of huge population base has supported the growth of the market in this region. According to the International Diabetes Federation (IDF), in 2016, over 60% of total global diabetic population was present in Asia of which over 114 million are in China alone. This is one of the major factor for the growth of the market in Asia Pacific region. However, LAMEA region is expecting a steady growth during the forecast period.
Some of the leading companies operating in the global large bore vascular closure device market include Terumo Corporation, Teleflex, Vivasure Medical, Abbott Laboratories, Essential Medical, Inc, Medeon Biodesign, Inc., Cardinal Health InSeal Medical, Transluminal Technologies, and Vasorum.