The market for vascular closure devices is slated to grow substantially in the near future led by the rising global occurrence of cardiovascular diseases. Vascular closure devices are made of a piece of collagen, the fibrous protein found in bones, skin, and connective tissue, and a metallic clip or suture for the sealing of small incisions made in the artery after angiography.

These devices serve as an alternative to manual compression. They provide immediate sealing of the femoral artery access site, eliminating the need for prolonged compression. Leading medical devices and equipment manufacturers have been constantly focusing on developing new, safer, more reliable, and more accurate products for improved patient outcomes. Government and regulatory approvals play a crucial role in ensuring the safety and reliability of these devices.

In February 2019, Teleflex Incorporated had received a premarket approval from the U.S. Food and Drug Administration for its new vascular closure device MANTA. Designed specifically for large bone femoral arterial access site closure, MANTA is the first commercially available biomechanical vascular closure device.

Vascular closure devices can be broadly classified into active and passive. Active vascular closure devices generated more than USD 667 million during 2019 and will continue to witness adoption at a CAGR of 7.9% over 2021-2027. Their demand is being driven by an ageing world population and the increasing prevalence of numerous chronic diseases.

Based on the access, the vascular closure devices industry can be segmented into radial and femoral. In 2020, the femoral access segment was estimated to be worth USD 957 million and will record a CAGR of over 7.9% through 2027. Femoral mode is generally preferred by healthcare professionals for vascular access during coronary angiography and other interventional procedures.

Hospitals and ambulatory surgical centers, among others are the major end-users of vascular closure devices. In 2020, the global vascular closure devices market size from ambulatory surgical centers generated more than USD 262 million and it is poised to grow at a CAGR of nearly 7.7% over the forthcoming years.

With growing consumer preference towards ambulatory surgical centers, these centers are focusing on providing a wide range of treatment options and an improved patient experience. The increasing occurrence of cardiovascular diseases and the presence of a large elderly population base will drive the product adoption across ambulatory surgical centers.

In terms of the regional landscape, the market for vascular closure devices in the Middle East and Africa was valued at USD 33 million and is slated to register a steady 5% CAGR in the next few years. The regional trends can be associated with an aging population and widespread occurrence of cardiovascular diseases.