PUBLISHER: The Business Research Company | PRODUCT CODE: 1455349
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455349
Vascular access devices (VADs) are medical instruments that facilitate entry to the bloodstream for multiple purposes, such as administering drugs, delivering fluids or blood products, and conducting diagnostic tests. These devices are employed to eliminate the necessity for frequent needle punctures in patients, offering increased convenience for both healthcare providers and patients.
The primary categories of vascular access devices exist are central vascular access devices and peripheral vascular access devices. Central vascular access devices are specialized medical tools designed to introduce catheters into larger veins, typically situated in proximity to the body's center. They find applications in drug administration, fluid and nutrition delivery, blood transfusions, and diagnostic testing across various end-users, including hospitals, clinics, ambulatory care centers, and others.
The vascular access device market research report is one of a series of new reports from The Business Research Company that provides vascular access device market statistics, including the vascular access device industry global market size, regional shares, competitors with vascular access device market share, detailed vascular access device market segments, market trends and opportunities, and any further data you may need to thrive in the vascular access device industry. This vascular access device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The vascular access devices market size has grown strongly in recent years. It will grow from $5.3 billion in 2023 to $5.74 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The increase observed in the historical period can be ascribed to the escalation of chronic diseases, the aging population, expansion in healthcare infrastructure, a rise in surgical procedures, as well as heightened awareness and training.
The vascular access devices market size is expected to see strong growth in the next few years. It will grow to $7.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The expansion anticipated in the forecast period is associated with progress in material science, the increase in ambulatory care, the globalization of healthcare, the adoption of telemedicine and remote services, and a heightened focus on infection control. Notable trends expected in the forecast period encompass a concentrated emphasis on infection prevention and the incorporation of antimicrobial technologies, a surge in the demand for specialized vascular access devices, a priority on training and education for healthcare professionals, and collaborative initiatives for product development and market expansion.
The expected rise in lifestyle diseases is anticipated to drive the growth of the vascular access devices market. Lifestyle diseases, also known as non-communicable diseases (NCDs) or chronic diseases, result from unhealthy lifestyle choices rather than infectious agents. These conditions often require continuous treatment, making vascular access devices crucial for the safe and effective delivery of medications and therapies. For instance, as of September 2022, the World Health Organization reported that 74% of the 41 million global deaths caused by NCDs annually were due to cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. The increasing prevalence of lifestyle diseases is consequently fueling the expansion of the vascular access devices market.
The anticipated increase in the geriatric population is poised to drive the growth of the vascular access devices market in the coming years. The term 'geriatric population' refers to individuals who are elderly or advanced in age, typically aged 65 years and older. Vascular access devices (VADs) play a crucial role in providing essential medical care for the geriatric population by offering secure and reliable access to the bloodstream for the administration of medications, fluids, and nutritional support. For example, as reported by the World Health Organization in January 2023, the global population aged 65 years or above is projected to rise from 761 million in 2021 to 1.6 billion in 2050. Hence, the increasing geriatric population is a key factor propelling the growth of the vascular access devices market.
The market's growth may face obstacles due to the high costs associated with vascular access devices during the forecast period. These medical devices, used for accessing the bloodstream, may limit access to essential medical treatments and procedures due to their high costs. This limitation could lead to delayed or suboptimal care, particularly for individuals lacking adequate insurance coverage. For example, as of February 2022, the National Library Of Medicine noted that among central venous access devices (CVADs), the most expensive failure cost per individual episode was A$1464 for totally implanted devices. Additionally, considering costs for every 1000 CVADs, tunneled hemodialysis CVADs incurred the highest expenses at A$354,320, and non-tunneled CVADs at A$355,600. Consequently, the high costs are impeding the growth of the vascular access devices market.
Major companies in the vascular access devices market are increasingly focusing on developing more efficient devices using advanced technologies such as TipTracker technology. This technology offers real-time visual navigation, tracing the catheter pathway on a color screen, and confirming final tip placement. For example, in May 2023, Teleflex Incorporated, a US-based medical device producer, introduced two devices, VPS Rhythm and DLX Device, incorporating TipTracker technology. This eliminates the need for confirmatory X-rays, streamlining the peripherally inserted central catheter (PICC) insertion process, ensuring enhanced PICC advancement into the superior vena cava (SVC). This launch enhances patient care, expands treatment options, improves efficiency, and contributes to medical advancements.
In July 2021, Becton, Dickinson, and Company, a US-based medical device company, acquired Velano Vascular for an undisclosed amount. Velano's needle-free technology allows healthcare professionals to eliminate multiple needlesticks when collecting blood samples, reducing pain and discomfort for patients. With this acquisition, BD aims to simplify and improve the blood collection process by incorporating Velano Vascular's needle-free blood collection technology. Velano Vascular, a US-based medical device manufacturer specializing in needle-free blood collection devices, was the target of BD's acquisition.
Major companies operating in the vascular access devices market report are Medtronic PLC, Siemens Healthineers, Fresenius Medical Care AG & Co. KGaA, Becton Dickinson and Company (BD), Baxter International Inc., Boston Scientific Corporation, Medline Industries LP, Terumo Corporation, Edwards Lifesciences Corp., B. Braun Melsungen AG, Teleflex Incorporated, ICU Medical Inc., Cook Medical, Merit Medical Systems Inc., Biotronik Inc., AngioDynamics Inc., Argon Medical Devices Inc., Nipro Medical Corporation, pfm medical ag, Amecath Medical Technologies, Romsons Group, Medical Components Inc., Access Vascular Inc., Newtech Medical Devices Pvt. Ltd., Vygon USA
North America was the largest region in the vascular access devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vascular access devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the vascular access devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The vascular access devices market consists of sales of peripheral intravenous (IV) catheters, implanted ports, infusion pumps, ultrasound and X-ray equipment, and catheter removal kits. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Vascular Access Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vascular access devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vascular access devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vascular access devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.