Arteriotomy Closure Devices Market Size, Share, Industry Trends and Forecast to 2030

Arteriotomy Closure Devices Market Size & CAGR in 2021

The global arteriotomy closure devices market is anticipated to reach a market size of USD 1.5 billion by the end of 2021. The market has witnessed a Compound Annual Growth Rate (CAGR) of 5.2% in 2021, showcasing steady growth in the industry.

COVID-19 Impact on the Arteriotomy Closure Devices Market

The COVID-19 pandemic has had a significant impact on the arteriotomy closure devices market. The healthcare sector, including interventional cardiology procedures, experienced disruptions due to the global health crisis. Many hospitals and healthcare facilities focused on managing COVID-19 patients, leading to a decrease in elective procedures, including those related to arteriotomy closure devices. However, as the healthcare system adapts to the new normal, the market is expected to recover steadily.

Arteriotomy Closure Devices Dynamics

The arteriotomy closure devices market is driven by the increasing prevalence of cardiovascular diseases and the rising demand for minimally invasive procedures. Technological advancements in closure devices, such as the development of bioresorbable vascular closure devices, are also contributing to market growth. However, factors such as high costs associated with these devices and regulatory challenges may impede market expansion.

Segments and Related Analysis

By Device Type:

The arteriotomy closure devices market can be segmented into suture-based closure devices, clip-based closure devices, and sealant-based closure devices. Suture-based closure devices are currently the most widely used in the market due to their efficacy and reliability.

By End User:

The market caters to hospitals, ambulatory surgical centers, and specialty clinics. Hospitals are the primary end users of arteriotomy closure devices, accounting for the largest market share.

By Region Analysis

The arteriotomy closure devices market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

North America:

North America dominates the arteriotomy closure devices market due to the presence of well-established healthcare infrastructure and high adoption of advanced medical technologies in the region.

Europe:

Europe is also a significant market for arteriotomy closure devices, driven by increasing cardiovascular disease prevalence and government initiatives to enhance patient care.

Asia Pacific:

The Asia Pacific region is witnessing rapid market growth attributed to the growing healthcare expenditure, rising awareness about cardiovascular diseases, and expanding healthcare facilities.

Key Market Players and Competitive Landscape

Some of the key players in the arteriotomy closure devices market include Abbott Laboratories, Terumo Corporation, Medtronic plc, Cardinal Health, and B. Braun Melsungen AG. These companies focus on product innovation, strategic collaborations, and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Arteriotomy Closure Devices Market

In recent developments, Abbott Laboratories launched a new arteriotomy closure device with enhanced safety features. Medtronic plc announced a strategic partnership with a leading hospital to conduct clinical trials for a novel closure device. These advancements highlight the commitment of market players to innovation and patient care.