The global vascular access devices market size was valued at USD 4.59 billion in 2020 and is expected to grow at a CAGR of 7.4% during the forecast period. The vascular access devices market is experiencing growth owing to the increasing geriatric population, rising cases of lifestyle diseases, and growing need to provide enhanced patient experience.
The healthcare industry worldwide is attracting significant investments to improve the healthcare infrastructure and develop technologically advanced medical devices. Changing consumer lifestyles, increasing awareness regarding diseases such as cancer and diabetes, and growing demand from the developing countries are some factors fueling the market growth. Governments across the globe are introducing strict healthcare regulations, encouraging market players to develop effective and patient-friendly vascular access devices.
Vascular access devices enable the transfer of medicine and solutions directly into the bloodstream safely. Some medicines and solutions are transferred into a large vein to enable fast delivery and avoid damage to small veins owing to their strength. A central venous catheter is a long catheter usually placed into a large vein of the neck, chest, or groin, which ends in the large vein near the heart.
It is developed to be used for up to 29 days. A tunneled line catheter has a part of the catheter placed under the skin, which can be used for weeks to years. The use of catheters significantly decreases repeated insertion of needles into the vein. Catheters also enable offering blood transfusions or multiple treatments while lowering risks of tissue and muscle damage, bruising, and bleeding.
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Peripherally inserted central venous catheters (PICC) are central vascular access devices, experiencing increased demand over the past few years. The demand for PICC lines has significantly increased in hospitals and outpatient settings for venous entry. PICC lines are gaining acceptance as they can be easily inserted via the basilic, brachial, or cephalic veins.
PICC lines are typically used for several weeks to 6 months of IV therapy. Some applications of PICC lines include repeated blood transfusions, parenteral delivery of nutrition, chemotherapy, delivery of antibiotics, and analgesics.
Global access is fueled by the economic growth in countries such as China, Japan, and India, rising healthcare expenditure, and changing lifestyles in Asia-Pacific. Global players are expanding into these countries to tap market potential, further boosting the market growth.
New product launches and acquisitions by leading players in the market coupled with technological advancements have increased the demand for vascular access devices across the globe. In September 2019, Healionics Corporation raised $4.5 million for funding of a trial on a new vascular access device. The trial includes the company’s STARgraft product that exhibits improved ability to maintain blood flow while resisting problems of occlusion and infection.
The market is primarily segmented on the basis of device type, route of insertion, application, end-use, and region.
By Device Type
By Route of Insertion
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The device type segment has been divided into peripheral vascular access devices, central vascular access devices, and accessories. The central vascular devices accounted for a major share of the global market for vascular access devices. The central vascular access devices include tunneled catheters, non-tunneled catheters, peripherally inserted central catheters, implanted ports, and others.
Peripherally Inserted Central Catheters are used for short-term delivery of IV medications. Peripherally Inserted Central Catheters are long and flexible, which are usually placed around the elbow. They are placed into a large vein in the arm with the tube threaded into a large vein above the right side of the heart.
The route of insertion market segment has been divided into intravenous and subcutaneous. The intravenous segment dominated the global market in 2020. Intravenous vascular access devices are used to provide effective and controlled drug administration. It regulates the amount of drugs to be administered and is used in case of emergencies such as stroke or heart attack.
On the basis of Application, the market is segmented into the administration of fluid & nutrition, transfusion of blood products, diagnostics & testing, administration of drugs, others. There has been a high demand for vascular access devices for the administration of drugs. Increasing need for vascular access devices for drug administration in advanced stages of cancer, kidney diseases, and heart diseases has been observed. Patients require monitoring of intravenous fluids and drugs, which boosts the adoption of vascular access devices.
The hospital market segment dominated the global vascular access devices industry in 2020. Vascular access devices are used in a wide range of applications in a hospital. The high traffic environment, advanced healthcare infrastructure, availability of varied medical machines, and presence of experienced medical professionals in hospitals support the growth of this segment.
North America market dominated the global vascular access devices industry in 2020. The increasing occurrence of cardiovascular diseases, growing research and development activities, and technological advancements are some factors attributed to the growth of this regional segment. The established healthcare infrastructure, rising cancer-related causes, and increasing investments in research and clinical trials drive the growth of this region. Changing lifestyles coupled with increasing cases of lifestyle-associated diseases have increased the demand for vascular access devices in the region.
The leading players in the vascular access devices market include Smiths Medical, Inc., B Braun Melsungen AG, Terumo Corporation, Edwards Lifesciences Corporation, Romsons Scientific & Surgical Pvt. Ltd., Becton, Dickinson and Company, Baxter International, Teleflex Incorporated, Fresenius Medical Care AG & Co. KGaA, Siemens Healthineers AG, Nipro Medical Corporation, C.R.Bard, Inc., Navilyst Medical, Inc, Medtronic PLC, and Ameco Medical.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.