Growth in Sales of Bioabsorbable Vessel Closure System Market to Push Revenue Growth in the Market

A bioabsorbable vessel closure system is a small piece of collagen which is used to seal a puncture made in the artery after angiography. Angiography is a procedure which is done to view the image of vessels. Angiography is basically used to observe the abnormalities in the vessels and to decide proper treatment after the imaging. Bioabsorbable vessel closure systems are segmented on the basis of product type and site of insertion. Bioabsorbable vessel closure systems are of two types – Active bioabsorbable vessel closure systems and Passive bioabsorbable vessel closure systems.  Passive bioabsorbable vascular closure devices stop the bleeding with the use of material that leads to the formation of blood clots. However, these do not stop bleeding rapidly and patients have to remain immobile for the same amount of time as with manual compression. Passive bioabsorbable vessel closure systems are collagen-based and are comparatively easy to use. Active bioabsorbable vessel closure systems include cardiva catalyst, Collagen plug device, polyglycolic plug device, clip devices, suture devices. Polyglycolic plug device is a new device and is bioabsorbable as it dissolves after a short time span.

Bioabsorbable vessel closure systems cause less pain to the patients and are considered very safe. In December 2018, FDA approved a new bioabsorbable vessel closure system which was manufactured by Cardiva. The FDA granted approval for the Cascade venous closure system, manufactured by Cardiva Medical which is used to heal multi-site vascular access points following minimally invasive electrophysiology procedures, like cardiac ablation.

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Moreover, Vivasure Medical Ltd. recently announced the European launch of the PerQseal closure device which plays an important role in large-bore transcatheter procedures.

The rising prevalence of various cardiovascular diseases such as cerebrovascular diseases rheumatoid heart disorders, hypersensitive heart diseases, inflammatory heart diseases, and many other heart diseases, is the major factor driving the growth of Bioabsorbable Vessel Closure Systems market over the forecast period. Rising obesity amongst the young generation can also be a major driver of Bioabsorbable Vessel Closure Systems market. Increasing geriatric population is also expected to increase the growth of Bioabsorbable Vessel Closure Systems market. People generally prefer non-invasive procedures, decreasing the growth of Bioabsorbable Vessel Closure Systems. Increasing research and developmental activities, ultimately, lead to the innovation of new products in the market such as bioabsorbable closure systems, which is expected to fuel the Bioabsorbable Vessel Closure Systems market.

The high cost of bioabsorbable vessel closure devices can restrain the growth of Bioabsorbable Vessel Closure Systems market. High chances of product failures can also hinder the growth of the Bioabsorbable Vessel Closure Systems market.

The global Bioabsorbable Vessel Closure Systems market is segmented on the basis of product type, Site of Insertion and End User:

  • Segmentation by Product Type
    • Active Bioabsorbable Vessel Closure Devices
    • Passive Bioabsorbable Vessel Closure Devices
  • Segmentation by Site of Insertion
    • Femoral Artery Bioabsorbable Vessel Closure Devices
    • Radial Artery Bioabsorbable Vessel Closure Devices
  • Segmentation by End users
    • Hospitals
    • Clinics
    • Ambulatory Surgical Centers
    • Others

Based on the product type, Bioabsorbable Vessel Closure Systems market has been segmented into Active Bioabsorbable vessel closure systems and Passive Bioabsorbable vessel closure devices.

Passive vessel closure devices stop the bleeding by forming blood clots or by the process of mechanical compression. Active vessel closures reduce the nursing time and actively close the entry site of the artery. Passive vessel closure is mostly adopted method and is expected to hold a large revenue share in the global Bioabsorbable Vessel Closure Systems market.

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The key manufacturers are focusing on acquisitions and product approval, to increase the growth of the bioabsorbable vessel closure system market.

Geographically, global Bioabsorbable Vessel Closure Systems market is segmented into five key regions viz.  North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America will continue to dominate the global Bioabsorbable Vessel Closure Systems market because of the high prevalence of cardiovascular diseases. The Asia Pacific is expected to hold the second largest share in global Bioabsorbable Vessel Closure Systems market due to the presence of a large population. There is a scope of new products launch in the regions like Latin America and MEA.

Some of the key players identified in the global Bioabsorbable Vessel Closure Systems market are Cardival Medical, Inc., TZ Medical, Cardinal Health, ENDOCOR GmbH, Medtronic plc, Morris Innovative Inc., Abbott Laboratories, and many others

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