Global Vascular Closure Device Market to Exceed $900 Million by 2013
July 24, 2008 - According to a new Life Science Intelligence (LSI) report, “2008 Global Vascular Closure Device Markets: U.S., Europe, Rest of World,” the global market for vascular closure devices will reach nearly $1 billion in 2013.
The market for vascular closure technologies, which includes implantable devices and external compression products, has traditionally been concentrated in the U.S. and Western Europe. These technologies are used to replace or augment manual compression following diagnostic catheterizations. By reducing time to hemostasis and facilitating more rapid recovery, implantable technologies are able to reduce time in the recovery room, which contributes to better patient throughput and higher profits for catheterization labs. External compression products, which include chemically-treated patches, also simplify the process of vascular closure for the clinician and staff.
LSI expects that by 2013, implantable devices and external compression products will account for nearly half of all vascular closures in the U.S. while implantable devices will account for 56 percent of all device-based procedures. In Europe, the use of vascular closure devices in the West has been offset by broad use of manual compression in the East. Driven by favorable demographics and better access to technologies, however, vascular closure devices, especially external compression products, should experience greater adoption.
To date, the high cost of implantable vascular closure devices has limited adoption in other international markets. By 2013, however, growing catheterization volumes, better access to new healthcare technologies, an expanding middle class, and the need to increase patient throughput while meeting the standards of Western healthcare will contribute to greater adoption of these technologies. Although only limited use of implantable devices is expected, external compression products, which are significantly less expensive than implantable devices, will experience broader adoption, the study concludes.
The report covers external compression products and implantable vascular closure devices in U.S., European, and ROW markets. Established and emerging competitors are covered, including suppliers such as Abbott (ABT), AccessClosure, Cardiva Medical, CloSys, Datascope (DSCP), Marine Polymer Technologies, Medtronic (MDT), Morris Innovative Research, Possis Medical (POSS), Radi Medical Systems, Scion Cardiovascular, Therus, St. Jude Medical (STJ), Sutura (SUTU.OB), TZ Medical, and Vascular Solutions (VASC).
For more information: http://lifescienceintelligence.com, www.LSintelligence.com
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