South & Central America Vascular Closure Device Market Forecast to 2030 - Regional Analysis - by Product Type, Access, Procedure, and End User

The South & Central America vascular closure device market was valued at US$ 86.24 million in 2022 and is expected to reach US$ 144.86 million by 2030; it is estimated to record a CAGR of 6.7% from 2022 to 2030.

Increasing Prevalence of Cardiovascular Diseases Fuels the South & Central America Vascular Closure Device Market

Cardiovascular diseases such as atherosclerosis, angina pectoris, and acute myocardial infarction are the major causes of mortality in the world. As per data provided by the World Health Organization (WHO), cardiovascular diseases cause nearly 17.9 million deaths every year, which makes it a leading cause of mortality among all noncommunicable diseases, followed by cancer, chronic respiratory diseases, and diabetes (including deaths associated with renal disorders). According to the World Heart Federation, high cholesterol causes 4.4 million deaths yearly, and ∼24% of cardiovascular-related deaths are associated with high low-density lipoprotein (LDL) levels. Vascular closure devices (VCDs) offer a new way to enhance patients' comfort and ambulation after invasive cardiovascular treatments via femoral arterial access. Vascular closure devices are used in different therapeutic approaches to provide easy, quick, and reliable hemostasis. In the US, femoral arterial access is the most often used vascular access technique for percutaneous coronary intervention (PCI) and coronary angiography. Nevertheless, there has been an increase in traction toward cardiac catheterization and percutaneous coronary intervention (PCI) via radial access in recent years. Several femoral artery closure devices have been developed to shorten vascular closure times, with variable rates of vascular complications observed in clinical trials. Vascular closure devices (VCDs) have emerged as an effective alternative to traditional mechanical compression procedures performed after cardiac catheterization. VCDs reduce the time of hospital stays, speed up patient mobilization and shorten the time needed to achieve hemostasis. Thus, the South & Central America vascular closure device market is growing notably with the increasing prevalence of cardiovascular diseases.

South & Central America Vascular Closure Device Market Overview

Brazil has a proactive medical device industry, and it is the largest of all Latin American countries. According to the International Trade Administration (US Department of Commerce), the medical device industry in Brazil relies mainly on the US, China, and Germany. In 2021, the country reported an increase of 7.3% in the imports of medical devices, reaching the value of US$ 6.2 billion. Per the"Cardiovascular Care in Brazil: Current Status, Challenges, and Opportunities" study published in August 2022 in AHA Journals, the prevalence of CVDs in Brazil has increased by 26.8% over the past three decades. Moreover, in 2019, the age-standardized rate (ASR) of CVD prevalence was 5,454, and incidence was 475 per 100,000 inhabitants. Thus, the increasing cardiovascular disease incidence provides lucrative opportunities for the vascular closure devices market in Brazil.

South & Central America Vascular Closure Device Market Segmentation

The South & Central America vascular closure device market is segmented based on product type, access, procedure, end user, and country.

Based on product type, the South & Central America 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 South & Central America 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 South & Central America 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-use industry, the South & Central America 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 South & Central America vascular closure device market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America vascular closure device market in 2022.

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