Vascular Plugs Market
Number of pages: 100 | Report Format: PDF | Published date: March 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 117 million |
|
Revenue Forecast in 2031 |
US$ 195.9 million |
|
CAGR |
5.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Material, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global vascular plugs market was valued at US$ 117 million in 2022 and is expected to register a revenue CAGR of 5.8% to reach US$ 195.9 million by 2031.
Vascular Plugs Market Fundamentals
Vascular plugs are small medical devices used to occlude or block blood vessels. They are typically made of metal and are designed to be delivered via catheterization. This minimally invasive procedure involves inserting a small catheter through a blood vessel and navigating it to the site where the plug is needed. Vascular plugs are used for a variety of medical conditions, including blocking the aneurysm. Vascular plugs can block blood flow to an aneurysm, a bulge that forms in a weakened blood vessel. By blocking the blood flow, the plug can prevent the aneurysm from rupturing. Vascular plugs can also block the abnormal vessels and redirect blood flow to healthier vessels. AVMs are abnormal tangles of blood vessels that can cause serious health problems, including bleeding and stroke. Vascular plugs can block abnormal connections (pulmonary arteriovenous malformations) and restore normal blood flow. They can cause blood to bypass the lungs, which can lead to low oxygen levels in the body. Vascular plugs can block the abnormal connection Fistula and redirect blood flow to healthier vessels. Fistulas are abnormal connections between two blood vessels or between a blood vessel and another structure, such as the intestine or bladder. Vascular plugs can be a safe and effective treatment option for various medical conditions.
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Vascular Plugs Market Dynamics
The globally increasing cases of cardiovascular diseases are a primary driver for revenue growth in the global vascular plugs market. According to the American Heart Association, cardiovascular disease causes 17.3 million deaths annually, making it the top cause worldwide. By 2030, this figure is predicted to increase to over 23.6 million, indicating the urgent need for the advancement of heart-related surgeries. Additionally, it has been clinically demonstrated that these devices can be used in place of embolic coils during an embolization treatment. Unlike coils, which run the danger of distally migrating and leading to non-targeted embolization, these devices may be adjusted, and their release can also be managed. Due to the numerous applications for these plugs, the advantages of the plugs over coils, and the rising number of patients taking embolization procedures, the market growth is anticipated to be positive during the projection period. A significant trend in the market for vascular plugs is the growing inclination toward the usage of shape memory polymers. The materials can regain their original shape in response to stimuli such as heat and light. SMPs have various special benefits for vascular embolization treatments, including good compatibility and less force applied to anatomical boundaries. Key companies in the vascular plugs market are starting to favor this product increasingly. Shape Memory Medical Inc. created one such SMPs product line - IMPEDE, IMPEDE-FX Embolization Plugs, and IMPEDE-FX Rapid Fill. Moreover, these products are PMDA and CE Mark certified by the European Union. Due to the clinically demonstrated benefits of adopting SMPs over alloys such as nitinol and tin during the intervention, manufacturers have been gradually moving toward this growing market.
However, one of the barriers to adopting these devices, especially among developing countries, is their high price and their high procedural expenses. For instance, according to Boston Scientific Corporation research, an outpatient hospital operation for venous and arterial embolization costs about US$ 10,043 in the United States. Consequently, it is projected that the adoption of these plugs will be constrained throughout the projection period due to the high procedure cost and the absence of favorable reimbursement policies in developing countries.
Vascular Plugs Market Ecosystem
The global vascular plugs market has been analyzed from four perspectives: type, material, end-user, and region.
Vascular Plugs Market by Type
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Based on type, the global vascular plugs market has been segmented into congenital heart malformation closure vascular plugs, arterial or venous closure vascular plugs, and others.
The arterial or venous closure vascular plugs segment accounts for the largest global vascular plugs market revenue share. As per the article by National Center for Biotechnology, 2020, arterial or venous closure vascular plugs are an ideal substitute for coils or detachable balloons to embolize medium to large vessels with high flow. These devices are also simple to use, can be deployed precisely, have a strong resistance to migration, and have a low recanalization rate. Even under high-flow conditions or in small landing zones, where coils might not be stable, the arterial or venous closure vascular plugs have a negligible danger of migrating. Repositioning is also possible with the delivery mechanism. Instead of using many coils, a single device can occlude a large-diameter vessel. It may also be employed when coil placement does not result in full occlusion. As a result, the benefits of arterial or venous closure vascular plugs drive the revenue growth of the global vascular plugs market. Increased research and development activities and the introduction of novel products also fuel the demand for the product.
Vascular Plugs Market by Material
Based on material, the global vascular plugs market has been segmented into titanium-nickel, and others.
The titanium nickel segment accounts for the largest global vascular plugs market revenue share due to the wide usage of nitinol (Titanium nickel) to produce vascular plugs. Major companies choosing nitinol to manufacture devices also helped drive up demand for the substance.
Throughout the forecast period, it is projected that the other segment, which includes components such as titanium nitride Tin and shape memory polymers, would observe higher revenue CAGR. Shape memory polymers’ and tin’s clinical advantages have been essential in gradually encouraging the established market players to concentrate on R&D and launch new products in this niche. For instance, Shape Memory Medical Inc. received CE mark clearance for its IMPEDE-FX RapidFill device in March 2021. The IMPEDE series uses shape memory polymer to create biodegradable peripheral vascular embolization plugs.
Vascular Plugs Market by End-user
Based on end-user, the global vascular plugs market has been segmented into hospitals, ambulatory surgical centers, and others.
The hospitals segment accounts for the largest global vascular plugs market revenue share. Hospitals and clinics perform more cardiac and peripheral vascularization procedures than other facilities, supporting the dominance. The demand for these devices from these settings globally is also fueled by the substantial compensation provided by these settings and the rapid growth of healthcare and hospital infrastructure, especially in developing nations.
Vascular Plugs Market by Region
Based on region, the global vascular plugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global vascular plugs market revenue share. This significant market revenue share is attributed to the rising incidence of cardiovascular diseases, the trend towards one-day vascular procedures, the growth of vascular plug research and clinical trials in the United States, the rise in cardiac arrest cases, and the long waiting lists for cardiac surgery in the region. The demand for vascular plugs in the region is rising due to the increase in vascular procedures in the U.S.
According to research from the Society of vascular surgery released in 2021, the risk of vascular disease rises as the baby boomer population in the U.S. ages. The youngest baby boomers turned 55 in 2020. These 76 million Americans would increase demand for vascular health treatments such as vascular plugs as many illnesses affect the elderly. Also, almost 200,000 Americans are diagnosed with abdominal aortic aneurysm yearly in the U.S. An abdominal aortic aneurysm rupture claims the lives of about 795,000 Americans per year. Vascular illness may obstruct the carotid arteries in the brain, leading to debilitating strokes. According to statistics from the American Stroke Association, stroke remains the country’s third most common cause of death. Consequently, the rising prevalence of stroke drives the requirement for vascular plugs in treatment processes. The factors mentioned above are therefore boosting the revenue growth of the North America market.
Europe accounted for the second-largest revenue share in the global vascular plugs market. The increasing prevalence of cardiovascular diseases in the region is one of the major factors contributing to the market revenue growth. For instance, according to European Heart Network, cardiovascular diseases contribute 45% of all deaths in Europe. Also, as per an article published in Epub in March 2021, Italy reported a higher prevalence of cardiovascular diseases, i.e., 12.9%, thus, posing a major health burden in the country.
Asia Pacific is projected to register a higher revenue CAGR during the forecast period. Increased diagnosis and treatment rates in nations such as China, India, and other Southeast Asian countries and better healthcare infrastructure are expected to fuel demand for these devices in the region throughout the forecast period.
Vascular Plugs Market Competitive Landscape
The prominent players operating in the global vascular plugs market are:
The global vascular plugs market is highly competitive, with several key players operating. Additionally, companies are investing heavily in research and development to develop innovative products that meet the changing needs of healthcare providers and patients. They are also engaging in strategic partnerships and collaborations to expand their geographic reach and strengthen their market position.
Vascular Plugs Market Strategic Developments
The global vascular plugs market is expected to grow at a revenue CAGR of 5.8% during the forecast period.
Medtronic Plc, Abbott Laboratories, Infiniti Medical, LLC, EndoShape Inc., and Terumo Corporation are among the key players in the global vascular plugs market.
The arterial or venous closure vascular plugs segment accounts for the largest revenue share in the global vascular plugs market.
Asia Pacific is expected to observe the highest global vascular plugs market revenue growth during the forecast period.
The global vascular plugs market was valued at US$ 117 million in 2022.
*Insights on financial performance are subject to the availability of information in the public domain