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The global vascular plugs market size was USD 109.9 million in 2021. The market is projected to grow from USD 116.2 million in 2022 to USD 178.5 million by 2029, exhibiting a CAGR of 6.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -11.0% in 2020 as compared to 2019.
Vascular plugs are widely used to selectively occlude blood vessels across the vasculature. These plugs possess embolic materials and occlusion devices and are used as an alternative to embolic coils. These devices are also cost-effective, as multiple coils may be required to block a specific artery, whereas a single plug can perform the same function. As per the application, these devices can be categorized into arterial & venous embolization plugs, congenital heart malformation closure plugs, and others.
Globally rising prevalence of vascular disorders and an increasing number of peripheral embolization procedures is expected to boost the adoption rate of these devices during the forecast period. For instance, according to an article published by Hindawi in 2019, it was estimated that the prevalence of peripheral artery disease (PAD) was around 10.0% to 20.0% among the global population. The growing investment by market players in the research & development of technological advances is further expected to propel the market growth during the 2022-2029 period.
Decline in Non-essential Surgeries during COVID-19 to Hamper Sales of Vascular Plugs
The COVID-19 pandemic negatively impacted the global vascular plugs market growth in 2020. Key players in the market witnessed a decline in their revenues due to decrease in the volume of vascular procedures and lower sales of devices. For instance, Abbott’s structural heart business segment, which included vascular plugs, witnessed a decline of -10.9% in 2020 compared to 2019 due to decrease in sales of core products.
Also, in different healthcare settings, critical healthcare resources were shifted to manage COVID-19 patients, resulting in limiting non-essential hospital visits and decline in the number of non-essential embolization procedures. For instance, according to the data published by AK Journals, it was reported that the number of embolization procedures decreased to -37.5% in Eastern Europe interventional radiology department in 2020 as compared to the previous year. Lockdown restrictions also impacted the healthcare supply chain, causing disruption of supply lines during the pandemic. However, to minimize the impact, several guidelines were published to prioritize the necessary embolization techniques for patients with vascular diseases. For instance, the American College of Surgeons published COVID-19 guidelines for triage of vascular surgery patients in 2020, giving detailed information regarding surgeries that must be postponed and surgeries that were essential based on the patient's condition.
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Rising Shift toward Shape Memory Polymers is a Prominent Trend
Shape Memory Polymers (SMPs) have been an exciting area for polymer innovation. The materials are made to remember the shape they were in and would return to the shape when triggered with some stimulus such as heat and light. The material serves a wide range of applications, which covers medical, industrial, electronics, textile, and others. During vascular embolization procedures, the SMP offers several unique advantages, such as it is highly compatible and exerts minimal force on anatomic boundaries.
This material is gaining popularity among significant players in the vascular plugs market. For instance, Shape Memory Medical Inc. developed an SMPs product family, including the IMPEDE, IMPEDE-FX Embolization Plugs, and IMPEDE-FX RapidFill. Also, these products are approved by the PMDA and CE Mark from the European Union. Hence, clinically proven advantages of using SMPs over alloys, such as nitinol & tin during intervention, have resulted in a gradual shift of manufacturers toward this new segment.
Rising Prevalence of Vascular Diseases Globally to Boost Market Growth
Vascular conditions such as coronary artery disease, cerebrovascular disease, and peripheral artery diseases are leading causes of illness and death in both developed and emerging countries. The rising prevalence of these conditions is presenting a large pool of patients requiring treatment and undergoing vascular embolization procedures every year.
Additionally, these devices are clinically proven to be a viable alternative to embolic coils during an embolization procedure. These devices can be repositioned, and their release can also be controlled as compared to the coils, which have a risk of distally migrating and then causing non-targeted embolization. Thus, the globally increasing number of patients undergoing vascular embolization procedures combined with multiple uses of these plugs and the related advantages to the device over coils positively impacts demand and subsequently led to the market growth during the forecast period.
High Cost Associated with Embolization Procedures & Lack of Reimbursement to Hamper Growth
Cost-effectiveness of vascular plugs with regards to embolic coils provides an added advantage to these devices for peripheral vascularization procedures. However, the cost of the device, along with the procedural costs, is one of the restricting factors for the uptake of these devices, especially in emerging countries. For instance, according to a report published by Boston Scientific Corporation, the hospital outpatient procedure for venous and arterial embolization costs around USD 10,043 in the U.S. Also, it was observed that the first hospital admission for embolization procedure does not serve as a permanent resolution of the expensive and debilitating procedure. Thus, the high cost of vascular embolization procedure along with the lack of favorable reimbursement policies in developing countries is anticipated to limit the adoption of these plugs during the forecast period.
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Strong Focus of Manufacturers on Arterial & Venous Embolization led to its Dominance in 2021
The arterial & venous embolization segment held a dominant share of the market in 2021 owing to the constant focus of market players to launch devices for arterial & venous embolization. For instance, in July 2021, Terumo Corporation introduced a new vascular plug, AZUR, in the market, which can be used to reduce or block the blood flow in arteries of the peripheral vasculature.
However, congenital heart malformation closure and other segments accounted for a comparatively lower market share in 2021. This was due to limited product availability with market players for these applications.
Distinct Advantages offered by Other Materials to Result in its Higher Growth During 2022-2029 Period
On the basis of material, the market is categorized into titanium nickel (nitinol) and others. In terms of revenue, the titanium nickel nitinol segment dominated the market owing to the wide usage of nitinol in the production of vascular plugs. Additionally, major players opting for nitinol for device production also contributed to the higher demand for the material in 2021. The other segment, which comprises materials like titanium nitride Tin and shapes memory polymers, is anticipated to register higher CAGR during the forecast period.
Clinical benefits offered by shape memory polymers, and Tin, have been pivotal in gradually shifting the established market players towards focusing on R&D and introducing new products in this segment. For instance, in March 2021, Shape Memory Medical Inc. received CE mark approval for their IMPEDE-FX RapidFill device, an expansion of IMPEDE family, biodegradable peripheral vascular embolization plugs made up of shape memory polymer.
Higher Number of Embolization Procedures Performed in Hospitals & Clinics Lead to its Dominance During Forecast Period
Among end-users, the market is segmented into hospitals & clinics and independent catheterization labs. The hospitals & clinics segment is anticipated to dominate the global market during the forecast period. The dominance is due to a higher number of cardiac and peripheral vascularization procedures performed in hospitals & clinics. Also, adequate reimbursement provided by these settings, along with the rapid development of healthcare and hospital infrastructure, especially in developing countries, is fueling the demand for these devices from these settings globally.
On the other hand, the independent catheterization labs segment is anticipated to grow at a rapid pace during the forecast period. The growth is due to the increasing number of new independent labs across the globe. These individual facilities provide focused health care to their patients and thus, subsequently increasing the segment’s growth during the 2022-2029 period.
North America Vascular Plugs Market Size, 2022 (USD million)
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The vascular plugs market size in North America stood at USD 51.1 million in 2021. The dominance is attributed to several factors, such as the growing prevalence of peripheral artery disease in the U.S. & Canada, which is presenting a large patient pool undergoing surgical treatment. For instance, according to an article published in American Heart Journal in June 2021, the prevalence of PAD was estimated to be equivalent to 7.0%, thus affecting around 8.5 million people.
Europe accounted for the second-largest market share and is expected to grow at a significant CAGR. The increasing prevalence of cardiovascular diseases in the region is one of the major factors contributing to the growth of the market. For instance, according to European Heart Network, the cardiovascular disease contributes towards 4.5.0% 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 as a major healthcare burden in the country.
The market in Asia Pacific is poised to register a comparatively higher CAGR during the forecast period. A larger population suffering from peripheral vascular conditions, increasing diagnosis and treatment rates in countries such as China, India, and other southeast Asia countries, and improving healthcare infrastructure, is poised to drive the demand for these devices in the region during the forecast period.
Similarly, in Latin America and the Middle East & Africa, an increasing number of healthcare facilities and developing health care infrastructure is anticipated to boost the market growth during the forecast period.
Abbott and Medtronic to Held Dominant Position with Strong Focus on Inorganic Strategies
The competition landscape is highly consolidated, with major players such as Abbott and Medtronic accounting for a major market share in 2021. At present, companies are constantly focusing on adopting inorganic growth strategies and acquiring other market players in order to establish their brand presence globally. For instance, in January 2018, BD (Becton, Dickinson and Company) announced the acquisition of CR Bard, Inc. The acquisition helped the company in expanding its portfolio for treatment of peripheral and coronary artery disease.
Also, the current scenario is characterized by an increasing proportion of manufacturers, such as ArtVentive Medical Group Inc., focusing on the introduction of advanced devices with an aim to establish their foothold in the global vascular plug market.
Few other key players operating in the global market are Terumo Corporation, EndoShape, Inc., and Lifetech Scientific.
An Infographic Representation of Vascular Plugs Market
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The vascular plugs market report provides a detailed analysis of the market and focuses on key aspects such as industry share, company profiles, materials, product type, and end-user. Besides this, it offers insights into the overview of the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.
Value (USD million)
Product Type, Material, End-user, and Region
By Product Type
Fortune Business Insights says that the global market stood at USD 109.9 million in 2021 and is projected to reach USD 178.5 million by 2029.
In 2021, the market size was USD 109.9 million.
The market will exhibit steady growth at a CAGR of 6.3% during the forecast period (2022-2029).
By material, the titanium-nickel (nitinol) segment is set to lead the market.
The rising prevalence of vascular diseases and clinical benefits of plugs over other alternatives are the key factors driving the market.
Abbott and Medtronic are the top players in the market.
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