- Rising popularity of vascular access devices due to their efficacy in diagnostics and therapeutics is expected to serve as a vital growth booster during the forecast period
- Considerable prevalence of chronic disorders around the world to lead to steady growth of the vascular access devices market
ALBANY, N.Y., Sept. 9, 2021 /PRNewswire/ -- Technological advancements and innovations are extrapolated to have a massive influence on the growth trajectory of the vascular access devices market during the forecast period of 2019-2027. In addition, launch of new products and collaborations with other companies are also estimated to offer considerable growth opportunities.
Transparency Market Research (TMR) projects the global market for vascular access devices to expand at a CAGR of 5.8% during the forecast period. The global vascular access devices market was valued at US$ 6.1 Bn in 2018 and is prognosticated to reach US$ 10.14 Bn by 2027.
Lifestyle diseases are increasing at a rapid pace around the world. Unhealthy lifestyle, changing food habits, lack of exercise, growing stress levels, etc. have resulted in the emergence of various lifestyle diseases such as blood pressure, obesity, and diabetes. Hospitalization related to these diseases has increased substantially over the years. Based on this aspect, the vascular access devices market is projected to observe promising growth in the near future.
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Key Findings of Report
Steady Rise in Cancer Cases to Increase Demand for Central Nervous Catheters
Along with lifestyle diseases, cancer cases are also rising steadily around the world. The growing cancer cases are propelling the demand for central nervous catheters. Before undergoing chemotherapy, doctors advise the use of central nervous catheters to avoid the leak of chemotherapy drugs outside the veins of a cancer patient, which may prove harmful. In addition, central nervous catheters can stay in the human body for a longer period. These factors increase the demand for central nervous catheters, which will ultimately have a positive impact on the growth structure of the vascular access devices market.
Increase in Demand for Antimicrobial Coating, Drug-coated Catheters to Emerge as Vital Trend
Catheters with drug coating or antimicrobial coatings reduce the infections and complications related to catheters. Thus, the demand for such catheters is expanding at a rapid pace, eventually adding value to the growth structure of the vascular access devices market. This factor presents immense growth opportunities. In addition, the Food and Drug Administration (FDA) is also providing speedy approvals for catheters with these coatings.
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Use of Biocompatible Materials in Developing Catheters to Gain Considerable Traction
The materials used for developing vascular access-based catheters play a pivotal role in the safety of the concerned patient. Using catheters made from materials such as polyurethanes can lead to the emergence of serious complications such as pulmonary embolism and thrombogenicity. Thus, manufacturers are focusing on using biocompatible materials for resisting protein absorption. The development of a peripherally inserted central venous catheter (PICC) with thromboresistant hydrogel material consisting of biocompatible polymers by Access Vascular, Inc. is a classic instance.
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Regional Landscape of Vascular Access Devices Market
- North America emerged as the largest growth-contributing region for the vascular access devices market in 2018, and is expected to maintain a dominating position during the forecast period. The growing incidences of vascular disorders and the rising geriatric population are the vital drivers of market in the region.
- Asia Pacific vascular access devices market is estimated to observe rapid growth between 2019 and 2027 due to the increasing presence of key players in Taiwan, India, and China. The growing focus on improving healthcare
facilities will also prove to be a prominent factor fueling market growth.
Some key players in the vascular access devices market are Baxter International, W. L. Gore & Associates, Inc., Cook Medical, Medtronic plc, Nipro Medical Corporation, B. Braun Melsungen AG, and Dickinson and Company.
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The global vascular access devices market has been segmented as follows:
Global Vascular Access Devices Market, by Product
- Peripheral Catheters
- PIVC
- Midline Catheters
- Central Catheters
- PICC
- Central Venous Catheters
- Dialysis Catheters
- Implantable Ports
- Accessories
Global Vascular Access Devices Market, by Application
- Medication Administration
- Administration of Fluid and Nutrition
- Transfusion of Blood Products
- Diagnostic Testing
Global Vascular Access Devices Market, by Route of Administration
- Subcutaneous
- Intravenous
Global Vascular Access Devices Market, by End-user
- Hospitals
- Clinics
- Ambulatory Surgery Centers
- Diagnostic Laboratories
Global Vascular Access Devices Market, by Region
- North America
- U.S.
- Canada
- · Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- · Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- · Latin America
- Brazil
- Mexico
- Rest of Latin America
- · Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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