Vascular Plugs Market Size, Share & Industry Analysis, By Product Type (Arterial & Venous Embolization Plugs, Congenital Heart Malformation Closure Plugs, and Others), By Material (Titanium Nickel (Nitinol) and Others), By End-user (Hospitals & Clinics and Independent Catheterization Labs), and Regional Forecasts, 2024-2032

The global vascular plugs market size was valued at USD 123.1 million in 2023. The market is projected to grow from USD 130.4 million in 2024 to USD 219.9 million by 2032, exhibiting a CAGR of 6.7% during the forecast period. Moreover, the U.S. vascular plugs market size is projected to grow significantly, reaching an estimated value of USD 93.4 million by 2032, driven by the growing prevalence of peripheral artery diseases.

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 2024-2032 period.

The COVID-19 pandemic negatively impacted the global vascular plugs market growth in 2020. The decrease in the volume of vascular procedures and lower sales of devices was witnessed. 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. However, in 2021, the sales increased due to a surge in embolization procedures and is anticipated to grow at a steady rate during the study period.

Vascular Plugs Market Trends

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. These SMPs are group of polymers and polyurethane is commonly used in vascular plugs due to its biocompatibility. 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. Overall, the use of SMPs is a notable trend in the vascular plugs market.

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Vascular Plugs Market Growth Factors

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.

• For instance, according to an article published in The Lancet, in August 2019, the global prevalence of peripheral artery disease (PAD) in people aged 25 years and above was estimated to be around 5.5%.

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. Furthermore, the growing focus on minimally invasive procedures and advancements in the vascular plugs materials are expected to propel the demand for vascular plugs in the coming years. 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.

RESTRAINING FACTORS

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. The lack of adequate reimbursements and the high cost of embolization devices used in the procedures increases the overall expenses by the patients. 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.

Vascular Plugs Market Segmentation Analysis

By Product Type Analysis

Strong Focus of Manufacturers on Arterial & Venous Embolization led to its Dominance in 2023

The arterial & venous embolization segment held a dominant share of the market in 2023 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.

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However, congenital heart malformation closure and other segments accounted for a comparatively lower market share in 2023. This was due to limited product availability with market players for these applications.

By Material Analysis

Distinct Advantages offered by Other Materials to Result in its Higher Growth During 2024-2032 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. These materials are becoming widely popular due to their minimal force exertion, biocompatibility, and shape memory properties. 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.

By End-user Analysis

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 2024-2032 period.

REGIONAL INSIGHTS

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The vascular plugs market size in North America stood at USD 57.2 million in 2023. 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.

List of Key Companies in Vascular Plugs Market

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 2023. At present, companies are constantly focusing on adopting inorganic growth strategies and acquiring other market players in order to establish their brand presence globally.

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.

• For instance, in July 2020, ArtVentive Medical Group Inc. launched a clinical study to evaluate the efficacy and technical success of ArtVentive endoluminal occlusion system (EOS) device for splenic embolization.

Few other key players operating in the global market are Terumo Corporation, EndoShape, Inc., and Lifetech Scientific.

LIST OF KEY COMPANIES PROFILED:

• Abbott (U.S.)


• Medtronic (Ireland)


• Terumo Corporation (Japan)


• BD (Becton, Dickinson, and Company) (U.S.)


• Lifetech Scientific (China)


• EndoShape, Inc. (U.S.)


• ArtVentive Medical Group Inc. (U.S.)


• Shape Memory Medical Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• March 2024 - Shape Memory Medical Inc. (U.S.) secured USD 38.0 million in Series C financing led by various venture capitalists. The fund would support the sales, distribution, and expansion of IMPEDE Embolization Plug family of devices.


• June 2021 - Abbott India, a subsidiary of Abbott, announced the launch of Amplatzer Piccolo Occluder, which is among the world’s first vascular plug that can be implanted in premature babies.


• March 2021 - Shape Memory Medical Inc. announced that it received approval from the Pharmaceutical and Medical Devices Agency (PMDA) to commercially launch its IMPEDE-FX Embolization Plugin Japan.

REPORT COVERAGE

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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.

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Report Scope & Segmentation