Vascular Access Devices Market to reach approximately US$8.60 bn by 2024
Global Vascular Access Devices Market: Snapshot
The demand in the global market for vascular access devices, which are medical devices made of hollow and flexible tubes of latex or silicone that enable an access to the bloodstream, has been consistently incrementing owing to growing number of surgeries performed each year across the world. Vascular access devices are used to perform diagnostic tests, reading central venous pressure, blood sampling, blood transfusion, and fluid infusion.
The global vascular access devices market was worth US$5.10 bn in 2015, and incrementing at an impressive CAGR of 5.4% during the forecast period of 2016 to 2024, the valuation is estimated to reach US$8.60 bn by the end of 2024. Rising geriatric population and prevalence of cancer, kidney failure, diabetes, and other lifestyle-inflicted diseases are some of the other factors augmenting the demand in the global vascular access devices market.
In addition, technological advancements in these devices has also significantly favored the future of this market. New products such as drug-coated catheters and anti-microbial-coated catheters have considerably reduced the incidences of catheter-related infections. Latest techniques, for example ultrasound-guided catheter tip have helped in increase the efficiency of these devices.
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Cost-effectiveness Driving Demand for Peripheral Catheters
Based on product, the global vascular access devices market is segmented into peripheral catheters, which includes peripheral intravenous catheters (PIVC) and midline catheters and central catheters, which includes central venous catheters (CVC), peripherally inserted central catheters (PICC), implantable ports, and hemodialysis catheters. Among these, peripheral catheters segment is currently most profitable, gaining traction from its ease of administration, reduced duration of usage, low frequency of catheter-related complications, and cost effectiveness. The segment of central catheters is also projected for a healthy growth during the forecast period.
Application-wise, the global vascular access devices market has been categorized into administration of fluids and nutritional compounds, medication administration, diagnostic testing, and transfusion of blood products. Based on the route of insertion, the market has been bifurcated into subcutaneous and intravenous. End-users of vascular access devices are hospitals, clinics, diagnostic laboratories, and ambulatory surgery centers.
Asia Pacific Opening Vast Opportunities
Geographically, the report studies the opportunities available in the global vascular access devices market in the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Currently, North America is the most lucrative region, owing to rising prevalence of lifestyle inflicted diseases, growing cancer and diabetes cases, robust healthcare infrastructure in countries such the U.S. and Canada, and high adoptability rate of new technology. Asia Pacific, on other hand, is also projected to expand the demand consistently throughout the forecast period as emerging economies such as India, Japan, South Korea, China, and Malaysia are improving their healthcare facilities. This region resides nearly the half of world’s population and leading players of the market are investing in these countries to expand their product reach.