According to a new report published by Acumen Research and Consulting titled “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”, the global market for large bore vascular closure device is estimated to grow at a significant rate and reach the market value of over $866 million by 2026. Some of the major factors responsible for the market growth are continuously increasing number of patient suffering from cardiovascular diseases and diabetes. Apart from this, rapid development in the treatment of diseases, and continuous development in the healthcare sector have boosted the growth of the market.
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The global large bore vascular closure device market is majorly driven by increasing prevalence of the diabetes and CVD worldwide. According to the World Health Organization, in 2014, approximately 422 million people worldwide were suffering from diabetes. A number of diseases and lifestyle are responsible for causing the diabetes. Obesity and overweight is one of the major factor for the diabetes. Moreover, increased the demand for the better treatment option, increasing per capita income, increasing government support, increasing healthcare expenditure, and development in the technology have boosted the growth of the market during the forecast period. However, lack of awakes among the people and limited availability of the skilled professionals are responsible for affecting the growth of the market negatively. In near future the market is expecting a healthy opportunity owing to the continuous increasing demand for the better technology.
Asia Pacific to be the fastest growing region for the market
Asia Pacific large bore vascular closure devices market expected to be the fastest growth during the forecast period. Huge diabetic, obese, and CVD patients and presence of huge population base have 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 region. In China over 114 million people were suffering from diabetes. This is one of the major factors for the growth of the market in Asia Pacific region.
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During last few years, a number of government policies have supported the new startups which have boosted the growth of the market. A number of major companies are enter in the market. Low labor cost, skilled labor, and continuously developing economies served best conditions for the development of the market in this region. Asia Pacific is a developing market and have a huge opportunity due to the limited competition. Though the local players are present in the market however, owing to the increasing awareness among the people and rising per capita income many major companies have entered in the market.
Top strategies adopted by top players to minimize the competition
Many local and international players are present in manufacturing of these devices. Thus, owing to the presence of huge opportunity in the market many major players have adopted the strategy of product launch and acquisition to minimize the competition in the market. On the other hand, local players are focusing on expanding the market by offering their product at comparatively low prices.
Some of the leading companies operating in Vascular Solutions, Terumo Corporation, Teleflex, Vivasure Medical, Abbott Laboratories, Essential Medical, Inc, Medeon Biodesign, Inc., Cardinal Health InSeal Medical, Transluminal Technologies, and Vasorum. For instance, Teleflex one of the leading player in medical devices, received premarket approval (PMA) from the US FDA for the Manta vascular closure device.
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