Asia Pacific Vascular Closure Device Market

The Asia Pacific vascular closure device market was valued at US$ 415.32 million in 2022 and is expected to reach US$ 731.41 million by 2030; it is estimated to record a CAGR of 7.3% from 2022 to 2030.

Untapped Potential of Emerging Economies Drives Asia Pacific Vascular Closure Device Market

Emerging countries such as India and China are expected to offer significant growth opportunities for vascular closure devices market players due to rising disposable incomes, expanding patient population, increasing R&D activities, improving healthcare infrastructure, growing CVD awareness, and relatively lenient guidelines compared to developed countries. As per the World Bank, health spending in India and China increased by 3.01% and 5.35%, respectively, from 2018 to 2019. Also, there has been an upsurge in heart failure cases over the past decade in emerging markets, which has resulted in a large number of cardiovascular disease-related deaths. As per the India Brand Equity Foundation, hospitals contribute to ~70% of the revenue of the healthcare sector in India. In China, the number of private hospitals reached up to 36,000 in 2022. Moreover, the private hospitals account for ~57% of total number of hospitals in the country. The number of surgical centers and hospitals in developing markets is estimated to grow due to rising healthcare spending and a surge in the target patient population. Therefore, the development of healthcare facilities in developing economies along with a surge in a number of hospitals would propel the awareness and adoption of vascular closure devices in emerging economies. Further, vast competition in developed or matured markets encourages vascular closure device manufacturers to focus on developing markets, which is likely to offer growth opportunities for vascular closure device providers to attain a significant position in the market.

Asia Pacific Vascular Closure Device Market Overview

China is a developing country with a well-established healthcare system and a large medical device industry. It is home to medical device manufacturing, pharmaceutical, and biotechnology companies operating globally. It has witnessed a significant increase in cardiovascular disease (CVD) cases due to sedentary lifestyles, unhealthy diets, and an aging population. According to a study published in BioMed Central in 2022, CVDs are responsible for more than 40% of total deaths in China. The prevalence of CVD has more than doubled during 1990-2019, with the cases rising from 50.13 million in 1990 to 120.33 million in 2019. Additionally, CVD-related mortality increased from 2.42 million in 1990 to 4.58 million in 2019. Thus, the large and flourishing medical device industry, high cardiovascular disease prevalence, and increasing demand for minimally invasive surgery propel the growth of the vascular closure devices market in China.

Asia Pacific Vascular Closure Device Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Vascular Closure Device Market Segmentation

The Asia Pacific vascular closure device market is segmented based on product type, access, procedure, end user, and country.

Based on product type, the Asia Pacific vascular closure device market is segmented into active approximators, passive approximators, and external hemostatic devices. The passive approximators segment held the largest share in 2022. The active approximators segment is further segmented into suture mediated device and staple clips mediated device. The passive approximators segment is further segmented into sealant and gel based, compression devices, and collagen plug.

By access, the Asia Pacific vascular closure device market is bifurcated into femoral access and radial access. The femoral access segment held a larger share in 2022.

By procedure, the Asia Pacific vascular closure device market is segmented into interventional cardiology, interventional radiology, and endovascular surgery. The interventional cardiology access segment held the largest share in 2022.

In terms of end user, the Asia Pacific vascular closure device market is categorized into hospitals, ambulatory surgical centers, and others. The hospitals segment held the largest share in 2022.

Based on country, the Asia Pacific vascular closure device market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific vascular closure device market in 2022.

Cordis Corp, Haemonetics Corp, Abbott Laboratories, Becton Dickinson and Co, Cardinal Health Inc, Medtronic Plc, and Teleflex Inc are some of the leading companies operating in the Asia Pacific vascular closure device market.

Asia Pacific Vascular Closure Device Strategic Insights

Strategic insights for the Asia Pacific Vascular Closure Device provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Vascular Closure Device Report Scope

Asia Pacific Vascular Closure Device Regional Insights

The geographic scope of the Asia Pacific Vascular Closure Device refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.