At 6.7% CAGR, the South & Central America Vascular Closure Device Market is Projected to be Worth US$ 144.86 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the South & Central America vascular closure device market was valued at US$ 86.24 million in 2022 and is expected to reach US$ 144.86 million by 2030, registering a CAGR of 6.7% from 2022 to 2030. Burgeoning demand for minimally invasive devices and increasing prevalence of cardiovascular diseases are among the critical factors attributed to the South & Central America vascular closure device market expansion.

Improvements in medical science and technologies have given way to minimally invasive devices, which can aid in the replacement of traditional painful surgical methods by minimally invasive or noninvasive methods. Minimally invasive techniques have gained popularity in surgical fields such as cardiac surgery. Many of these procedures are performed using femoral cannulation for extracorporeal circulation. Vascular closure devices have gained popularity as they reduce the invasiveness and supersede surgical cut-down to cannulate the femoral artery. Vascular closure devices are mainly used in transcatheter and endovascular interventions to enable wound healing and reduce procedure time.

Angiography is one of the common procedures performed in a wide variety of specialties, including vascular surgery, interventional radiology, and diagnostic and interventional cardiology. Vascular closure devices are useful in the settings of a large body habitus, anticoagulation, and antiplatelet therapies. They are also used in cases where extended bed rest may not be desirable (such as a patient with extensive pressure ulcers). A vascular closure device with resorbable collagen material, which eliminates the use of suture materials, has been introduced for transfemoral transcatheter aortic valve implantation (TAVI). For instance, the MANTA device by Teleflex Medical Inc. is adequate for the closure of arterial access sites of up to 25 Fr. Safety and efficacy of the system were demonstrated in a real-world TAVI patient cohort. Thus, the increasing demand for minimally invasive devices drives the vascular closure devices market growth.

On the contrary, risk of infection related to vascular closure devices hampers the growth South & Central America vascular closure device market.

Based on product type, the South & Central America vascular closure device market is segmented into active approximators, passive approximators, and external hemostatic devices. The passive approximators segment held 70.9% share of the South & Central America vascular closure device market in 2022, amassing US$ 61.14 million. It is projected to garner US$ 103.92 million by 2030 to expand at 6.9% CAGR during 2022-2030. The active approximators segment is further bifurcated 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 South & Central America vascular closure device market is bifurcated into femoral access and radial access. The femoral access segment held 77.4% share of the South & Central America vascular closure device market in 2022, amassing US$ 66.76 million. It is projected to garner US$ 111.32 million by 2030 to expand at 6.6% CAGR during 2022-2030.

By procedure, the South & Central America vascular closure device market is segmented into interventional cardiology, interventional radiology, and endovascular surgery. The interventional cardiology segment held 62.7% share of the South & Central America vascular closure device market in 2022, amassing US$ 54.08 million. It is projected to garner US$ 90.12 million by 2030 to expand at 6.6% CAGR during 2022-2030.

In terms of end-use industry, the South & Central America vascular closure device market is categorized into hospitals, ambulatory surgical centers, and others. The hospitals segment held 58.7% share of South & Central America vascular closure device market in 2022, amassing US$ 50.59 million. It is projected to garner US$ 84.95 million by 2030 to expand at 6.7% CAGR during 2022-2030.

Based on country, the South & Central America vascular closure device market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 51.4% share of South & Central America vascular closure device market in 2022, amassing US$ 44.36 million. It is projected to garner US$ 75.70 million by 2030 to expand at 6.9% CAGR during 2022-2030.

Key players operating in the South & Central America vascular closure device market are Abbott Laboratories, Becton Dickinson and Co, Cardinal Health Inc, Cordis Corp, Haemonetics Corp, Medtronic Plc, and Teleflex Inc, among others.


Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com