The global vascular access devices (VAD) market is expected to grow at a CAGR of close to 6% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global vascular access devices market from 2017-2021. (Graphic: Business Wire)
Global vascular access devices market segmentation by product and end-user
Technavio's report on the global vascular access devices market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product, including central VADs and peripheral VADs. The global central VADs market accounted for a major market share of close to 55% in 2016. The global central VADs market is growing at a moderate pace due to the high incidence and prevalence of cancer and cardiovascular disorders across the globe, frequent hospitalization associated with the oncology patients, and growing popularity of the minimally invasive (MI) chemotherapy.
Based on end-user, the global vascular access devices market has been segmented into hospitals, clinics, ambulatory surgical centers (ASCs), and dialysis centers and home dialysis. As of 2016, 45% of the market share came from hospitals.
"Hospitals such as multispecialty hospitals and hospital groups work under government sponsorship or through private entities. These hospitals approximately have 500 hospitals beds and provide several inpatient and outpatient services. They procure medical products and consumables in bulk and engage closely with many suppliers, reimbursement authorities, and government organizations. They also have the well-established infrastructure to address the needs of the people and surgeries are conducted in special operating rooms," says Barath Palada, a lead analyst at Technavio for orthopedics and medical devices research.
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Global vascular access devices market: competitive vendor landscape
The global VADs market consists of a broad range of global, regional, and local players. Several vendors in the market are adopting various strategies such as product innovation, product bundling, and expansion plans in untapped markets to extend their presence in the overall market. AngioDynamics, B. Braun Melsungen, Cook, C. R. Bard, Medtronic, and Teleflex are the key players operating in the market. Key players are witnessing intense competition from several medium and small manufacturers because they offer a broad range of products at competitive prices. Owing to this intense competition coupled with pricing pressure, they are exploring various technological innovations to develop advanced antimicrobial-coated VADs, as these devices have huge demand among end-users due to minimal risk of infections.
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Other topics covered in the report:
Market drivers:
- Wide application of VADs
- Increase in preference for chemotherapy and high hospitalization rates
Market challenges:
- Central line complications
- Stringent regulations coupled with product recalls
Market trends:
- Rising popularity of antimicrobial-coated VADs
- Technological advances in VADs
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