Global Vascular Closure Device Market to Exceed $600 Million by 2009
June 22, 2005—Recognized as a faster, safer, and more cost-effective alternative to manual compression, vascular closure devices (VCDs) are increasingly used to seal the femoral artery access site following an interventional cardiology or peripheral vascular procedure. With almost 8.5 million patients undergoing such procedures in 2004, up 5% from the previous year, demand for VCDs is continuing to rise. According to a newly published report by Millennium Research Group (MRG), the global market for VCDs, comprising the US, Europe, and Japan, generated more than $400 million in revenue in 2004. Set to expand at an annual rate of approximately 8% through 2009, the VCD market is now one of the fastest-growing accessory device markets in the cardiovascular industry and will be worth in excess of $600 million by 2009.
MRG’s Global Markets for Vascular Closure Devices 2005 analyzes VCD adoption in the US, Europe, and Japan, assessing the impact of a range of trends and market developments. While VCD usage following peripheral vascular procedures lags that found in interventional cardiology, the gradual reduction of introducer sheath sizes and the accumulation of positive clinical data will redefine the VCD market over the next five years. The growing acceptance of noninvasive devices will prompt multiple manufacturers to enter this segment. Thanks to the dominance of its Angio-Seal device, St. Jude Medical (STJ) solidified its control of the global VCD market in 2004. While rival Abbott Laboratories (ABT) lost ground in 2004, the US introduction of its StarClose should improve the company’s prospects. MRG’s new report also examines Datascope (DSCP), Marine Polymer Technologies, and Vascular Solutions (VASC).
A leading source of competitive intelligence, MRG is now the largest provider of medical device market research in the world. Located in Toronto, Canada, MRG covers global markets and has pioneered reporting of numerous emerging products.
- Contact Information
- Derrick Navarro
- Senior Account Executive
- Millennium Research Group Inc.
- Contact via E-mail
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