Vascular Closure Market Makes Room For Innovative Solutions
The $1 billion vascular closure market is primed for growth. It comes on the back of intensive R&D that has spawned a range of alternatives to the traditional manual/compression approach, giving SJM and the sector’s other heavyweights cause to look over their shoulders.
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Cardiva Medical is taking advantage of the growing demand for products that safely and quickly close the access sites created for catheter-based electrophysiology procedures and other large-catheter cardiac procedures. The company has a sales staff entirely dedicated to its line of closure devices for multi-site venous closure for 6-12 French inner diameter sheaths, and is investing in clinical trials to show how these devices can improve patients’ recovery time and reduce the risk of complications.
The $1.99 billion Cordis acquisition is a major step in Cardinal's strategy to build its offerings of devices with a high physician preference but for which there is limited clinical differentiation and inefficient supply chains.
With an annual growth of almost 5%, the market for vascular access site repair products is attracting companies with innovative new products. Wider acceptance of new approaches to wound closure by interventionalists and the under-penetration in emerging Asian markets in particular are resulting in an uptake in the use of higher-tech devices and the emergence of local manufacturers.