In recent years, medical cases including percutaneous and catheterization involving peripheral procedures are in rise and so also the usage of large-bore closure devices. By product, the market of Large-Bore Closure Device comprises of three different mode interventional procedures namely Trans catheter Aortic Valve Implementation (TAVI), Endovascular Aneurysm Repair (EVAR) and Thoracic Endovascular Aneurysm Repair (TEVAR). These large-bore closure devices are used for large embolic and other obstructions.
The size of these obstructions decides how large-bore closure device sutures should be deployed during interventional procedures. The market of large-bore closure device are associated with tags of being high in procedural costs, but also helps in achieving faster hemostasis. Some benefits of using large-bore closure device include low bleeding complications, reduced post-procedural nursing care, increased patient satisfaction and quick ambulation.
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On the basis of product type, the global Large-Bore Closure Device Market devices market is segmented into:
- Trans catheter Aortic Valve Implementation (TAVI)
- Endovascular Aneurysm Repair (EVAR)
- Thoracic Endovascular Aneurysm Repair (TEVAR)
On the basis of end user, the global Large-Bore Closure Device market is segmented into:
- Cardiovascular
- Thoracic
- Surgical
On the basis of end user, the global Large-Bore Closure Device market is segmented into:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
In a present scenario, a typical large-bore closure device doesn’t meet all the market requirements. Some devices can be used to achieve percutaneous closure in a variety of large-bore procedures, including transfemoral transcatheter aortic valve replacement and endovascular aortic repair of abdominal aortic aneurysms. Advancements in device designing by leading and key players to utilize novel closure technology and features will help in providing immediate hemostasis and reduce complications and material costs associated with large-bore closure procedures.
It is expected that the large-bore closure device usage will increase by over 20% Y-O-Y due to increase in cardio vascular patients and geriatric population. These products are one the fastest selling in cardiovascular devices. However, the market is also challenged by many restraints such as closure of large-bore femoral access sites, long procedural waiting time, and presence of vascular specialist in the catheterization lab, delay in ambulation, higher rate of complications and higher total cost of care. Many leading manufactures are investing huge in their research and are poised to design with technical improvements in order to address the complexities. It is expected that challenges such as closing large punctures in high-pressure vessels could be met along with fast hemostasis in order to reduce complications associated with large-bore closure device.
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The global Large-Bore Closure Device market can be segmented into five key regions: North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America dominates the large-bore closure device with a large revenue share. The domination of the region is due to rise in geriatric population and sedentary lifestyle amongst most people which is likely to increase cardiovascular and thoracic patients in the region. This is supposed to increase the usage of large-bore closure device usage in performing various endovascular and percutaneous interventions. Europe, is expected to be the second most lucrative region for large-bore closure device in terms of revenue share. The region investing aggressively in healthcare and research, is also expected to contribute significantly to large-bore closure device market share. China and India from Asia Pacific region, are expected to grow aggressively during the forecast period.
Brazil and Mexico from Latin America are also anticipated to contribute significantly to the large-bore closure device market. The key to the market growth in these developing countries include improvised macro-economic factors such as rise in medical insurance, and improvement in healthcare expenditure. Additionally, increased market penetration by leading large-bore closure device manufacturers is also going to cut down devices prices through distributorship and sell partnerships. MEA is also staged to grow in the forecast period at an average rate. The region covers maximum low economies of African region. However, factors such as lack of healthcare infrastructure and low profile healthcare regulatory bodies will restrain its market growth significantly in these regions.
Some of the market players in large-bore closure device market globally include Abbott Laboratories, St. Jude Medical, Vascular Solutions, Transluminal Technologies, Vasorum, Cardinal Health InSeal Medical, Vivasure Medical, Essential Medical, Inc, Terumo Corporation, Medeon Biodesign, Inc