According to a new report by Life Science Intelligence the global market for vascular closure devices will exceed US$800 million by 2015. However, its growth will be limited by an increased use of transradial artery access and manual compression procedures.
Vascular closure devices, which include implantable devices and external compression products, have received broad adoption following catheterisation procedures. According to the report titled “Global markets for vascular closure devices: US, Europe, and the Rest of the World”, while implantable devices continue to account for the majority of product sales in the USA and Europe, external compression products are gaining preference in many other countries and are expected to show the fastest sales growth during the forecast period, reaching US$151 million by 2015.
The report shows that the USA continues to represent the largest market for vascular closure devices, generating nearly US$510 million in sales during 2010. Europe represents the second-largest region where sales reached US$141 million in 2010 and diagnostic angiographies continue to represent an opportunity. In Asia Pacific and rest-of-the-world countries, growth in vascular closure devices sales will be driven by the increasing performance of cardiac catheterisations, with sales expected to grow at a CAGR of 10.5% during the forecast period.
However, despite their ability to replace or augment manual compression, facilitate patient throughput, and simplify care for staff, vascular closure devices growth in the global market will be limited throughout the forecast period.
As analysed in the report, the number of manual compression procedures performed globally will outpace that of vascular closure devices and reach 7.1 million procedures by 2015. The main reasons include:
- Financial constraints, limiting the ability to pay for expensive vascular closure devices
- The ability to achieve excellent outcomes using manual compression
- The increasing use of transradial access
Furthermore, “The newest data suggest that, in many regions, we are still in the early stages of what will be a pronounced shift toward the use of transradial artery access,” said Chris Cottam, vice president, Life Science Intelligence.
The report covers implantable devices and external compression products from 2008-2015, with segmentation by region and method of access (femoral vs. radial).
Established and emerging competitors covered in the report include: Abbott Vascular, AccessClosure, Advanced Vascular Dynamics, Benrikal Services, Cardiva Medical, Marine Polymer Technologies, Morris Innovative Research, Scion Cardio-Vascular, St. Jude Medical, Terumo, TZ Medical, and Vascular Solutions.