Report : Asia Pacific Vascular Closure Device Market Forecast to 2030 - Regional Analysis - by Product Type (Active Approximators, Passive Approximators, and External Hemostatic Devices), Access (Femoral Access and Radial Access), Procedure (Interventional Cardiology, Interventional Radiology, and Endovascular Surgery), and End User (Hospitals, Ambulatory Surgical Centers, and Others)
At 7.3% CAGR, Asia Pacific Vascular Closure Device Market is Speculated to be Worth US$ 731.41 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific vascular closure device market was valued at US$ 415.32 million in 2022 and is expected to reach US$ 731.41 million by 2030, registering a CAGR of 7.3% from 2022 to 2030. Strategic Activities by Manufacturers and untapped potential of emerging economies are among the critical factors attributed to the Asia Pacific vascular closure device market expansion.
The medical device industry is developing significantly due to the increasing demand for technologically advanced products. Major market players engage in new product developments, launches, and approvals to ensure the innovation and development of efficient products. A few of the recent product launches and approvals in the vascular closure devices market are mentioned below. In September 2023, a cross-seal, suture-mediated vascular closure device system by Terumo Medical Corporation received approval from the FDA. The device is indicated for the percutaneous delivery of sutures for closing a common femoral artery access site while reducing time-to-hemostasis in patients who have undergone diagnostic or interventional catheterization using 8F to 18F sheaths. The Cross-Seal System is indicated for one access site per leg. Such strategic initiatives are likely to emerge as a key trend in the Asia Pacific vascular closure device market during the forecast period.
On the contrary, risk of infection related to vascular closure devices hampers the growth Asia Pacific vascular closure device market.
Based on product type, the Asia Pacific vascular closure device market is segmented into active approximators, passive approximators, and external hemostatic devices. The passive approximators segment held 69.5% share of the Asia Pacific vascular closure device market in 2022, amassing US$ 288.80 million. It is projected to garner US$ 514.95 million by 2030 to expand at 7.5% CAGR during 2022-2030. The active approximators segment is further segmented into suture mediated device and staple clips mediated device. The passive approximators segment is further segmented into sealant and gel based, compression devices, and collagen plug.
By access, the Asia Pacific vascular closure device market is bifurcated into femoral access and radial access. The femoral access segment held 77.8% share of the Asia Pacific vascular closure device market in 2022, amassing US$ 323.27 million. It is projected to garner US$ 565.23 million by 2030 to expand at 7.2% CAGR during 2022-2030.
By procedure, the Asia Pacific vascular closure device market is segmented into interventional cardiology, interventional radiology, and endovascular surgery. The interventional cardiology segment held 62.0% share of the Asia Pacific vascular closure device market in 2022, amassing US$ 257.37 million. It is projected to garner US$ 449.65 million by 2030 to expand at 7.2% CAGR during 2022-2030.
In terms of end-use industry, the Asia Pacific vascular closure device market is categorized into hospitals, ambulatory surgical centers, and others. The hospitals segment held 59.0% share of Asia Pacific vascular closure device market in 2022, amassing US$ 245.15 million. It is projected to garner US$ 431.63 million by 2030 to expand at 7.3% CAGR during 2022-2030.
Based on country, the Asia Pacific vascular closure device market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China held 28.9% share of Asia Pacific vascular closure device market in 2022, amassing US$ 119.91 million. It is projected to garner US$ 219.14 million by 2030 to expand at 7.8% CAGR during 2022-2030.
Key players operating in the Asia Pacific vascular closure device market are Cordis Corp, Haemonetics Corp, Abbott Laboratories, Becton Dickinson and Co, Cardinal Health Inc, Medtronic Plc, and Teleflex Inc, among others.
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