PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1663334
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1663334
The global Vascular access device market is projected to reach USD 9.05 billion by 2030 from USD 5.99 billion in 2024, at a CAGR of 7.1% during the forecast period.
Scope of the Report | |
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Years Considered for the Study | 2024-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD) |
Segments | Type, Route of Insertion, Application, End User, and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (GCC Countries, RoMEA) |
This is due to increasing adoption of minimally invasive procedure, as the adoption increases the demand for these devices rises. Additionally, increasing government support to build infrastructure for healthcare is increasing, thus rising the number of hospitals, consequently increasing the demand for the vascular access device. However, the high cost associated with replacement and maintenance of vascular access devices and increasing product recalls are the major restraint to the market. Additionally, the shortage of trained healthcare professionals & limited knowledge about the products is major challenge for the market growth. But is creating a conducive environment for market expansion over the forecast period of 2024-2030.
"The central venous access device segment of vascular access device market by type to hold largest position forecast period."
Based on the product, the vascular access device market is divided into central venous access device, peripheral vascular access device, intraosseous access device, and accessories. Among these, in 2023 central venous access device segment account for the largest market share of XX% in vascular access device market. This is due to the rising prevalence of chronic diseases such as cancer, chronic kidney disease. Majority of the cancer patients will be given chemotherapy through these central venous access devices, as the chemotherapy drug are potent and should not be given through peripheral line. Thus, majority of the healthcare professionals prefer these devices. Thus, as the prevalence of these diseases is increasing the need for long-term treatment is rising, consequently increasing the demand for vascular access device market. Additionally, central venous access device has lesser adverse reactions compared to other vascular access devices thus fueling the segmental growth.
"The drug administration segment accounts for the largest market share in vascular access device market."
Based on application, the vascular access device market is segmented into drug administration, fluid and nutrition administration, blood transfusion, and diagnostics & testing. The drug administration segment accounts for the largest market share in vascular access device market due to increasing hospitalization for diseases which require long term drug administration such as antibiotic therapy, pain management, chemotherapy and others. For instance, as per a research article, at least 25% of cancer patients undergo chemotherapy, thus increasing demand for implantable ports, peripherally inserted central catheters and tunneled catheters. Additionally, increasing adoption of tunneled catheters for hemodialysis is supporting the market growth, as these devices does not require any prior procedure to insert the device compared to their alternatives. This segment is again divided into chemotherapy and other drug administration. Among these, in 2023, other drug administration segment to hold the largest market share of XX% in vascular access device market by drug application. This is due to increased prevalence of diseases such as infectious diseases, chronic inflammatory diseases, cardiovascular diseases and among others.
"Asia Pacific accounted for the second largest share of the vascular access device market by region."
The global vascular access device market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the second largest regional market for vascular access device equipment and is estimated to grow at the highest CAGR during the forecast period. This is due to increasing prevalence of chronic diseases and rising geriatric population across the region. For instance, as per Asia Development Bank, by 2050, one in four people in Asia and Pacific will be over 60 years old thus contributing to the market growth across the forecast period. Asia Pacific region includes Japan, China, India, Australia, South Korea and Rest of Asia Pacific. Among these, China accounts for the largest market share in vascular access device market in 2023. This is due to increasing aging population and rising number of cancer cases and hospital expansions contribute to the growing market. For instance, as per CEIC data, number of hospitals in China increased from 36,976 in 2022 to 38400 in 2023. As the number of hospitals increases, the demand for vascular access devices continues to grow, to support patients.
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Note 1: Note: Companies are classified into tiers based on their total revenue. As of 2023, Tier 1 = >USD 10.00 billion, Tier 2 = USD 1.00 billion to USD 10.00 billion, and Tier 3 = <USD 1.00 billion.
Note 2: C-level primaries include CEOs, CFOs, COOs, and VPs.
Note 3: Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
The major players operating in the vascular access device market are Becton, Dickinson and Company (US), Teleflex Incorporated (US), ICU Medical, Inc. (US), B. Braun SE (Germany), AngioDynamics, Inc. (US), Medtronic, Plc (Ireland), Merit Medical Systems Inc. (US), Terumo Corporation (Japan), Nipro (Japan), Vygon (France), AMECATH (Egypt), Medical Components, Inc. (US), Healtline Medical Products (US), Cook (US), and Access Vascular, Inc. (US)
Research Coverage
This report studies the vascular access device market based on product, type, end user and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
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The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.