The global vascular access device market size was valued at USD 4.29 billion in 2019 and is expected to grow at a CAGR of 7.7% during 2020-2027. The growth in the global market is attributed to increase in cases of peripheral vascular disorders and heart related ailments, rising prevalence of chronic kidney disorder (CKD), and rising preference of individuals towards minimal invasive surgeries. Worldwide diabetic population and chemotherapy procedures among geriatrics also contributing to use of vascular access devices. According to the International Diabetes Federation (IDF), the number of people suffering from diabetes were 415 million in 2015, which is expected to reach approximately 640 million by 2040. Moreover, rapid explosion of COVID-19 disease globally is escalating the demand for these devices for sample collection has led to shortage of supply of these products and manufacturers are emphasizing their effort to speed up its supply at rapid pace.
Global prevalence of peripheral artery disease (PAD) has increased by significant percent in the last decade. Approximately one-fourth of the world population have PAD and the developing economies have growing incidence of PAD. The growing prevalence of the PAD is the primary factor involved in the higher sales of these devices. The prevalence of the PAD among the developed nation is as similar to the developing nations. The highest incidence rate was reported in Europe in the last decade followed by North America.
In 2016, CDC estimated nearly 8.5 million people in the United states have PAD, out of which approximately 20% of the individuals were above age 60 years. The prevalence of the PAD is estimated equal among the men and women population. The primary reason behind the widespread of these diseases is less awareness among the population, especially in growing economies of the APAC region. The other factors indirectly contributing towards the prevalence such as smoking, high blood pressure, Atherosclerosis, Diabetes, high cholesterol and elderly population are more expose to PAD (Older than age 60). The prevalence shows than more than half of the affected population reside in low-to-middle-income regions. On the other hand, the developed nations have a similar incidence and prevalence rate among the individuals. In addition, the longer expectancy and changing lifestyles appears to be the promoting force for the rising PAD rates among the elderly population aged above 80 years. The prevalence rate among the aged population is significantly high as compared to the normal age group.
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Secondly, diabetes among the population is the second measure region and higher incidence were reported more among the individuals who are smokers and have diabetes. It’s one of the primary factors behind the disability among the people over age 60 years and including people who have diabetes. Thirdly, as the 40% of the people who encounter Obstructive Airway Disease (OAD) will not show any symptom, moreover, lack of awareness among the affected individuals as they relate the PAD with aging and deal as a normal aging symptom. Thus, the rising incidence of the PAD coupled with aging population and lack of awareness among the affected individuals are the primary factors driving the demand of vascular access devices.
Moreover, the growing preference for minimal invasive (MI) procedures is driving the sale of vascular access devices across the globe. The growing demand for angioplasty over the conventional surgical surgeries owing to its minimal invasive nature and better outcomes have gained the significant popularity among the end users to opt for MI procedures. Angioplasty has gained significant popularity in the last decade.
Peripheral angioplasty is the most common MI procedure opted by surgeons. The process is followed by device placement in coordination with balloon angioplasty. This facilitates the blood flow by clearing the blockage through the clogged artery. The small, lattice shaped wire permanently placed with the help of MI procedures and guided with the help of catheters and implanted permanently in the peripheral artery. Moreover, rising cases of restenosis, the reoccurrence of the narrowing of a blood vessel at the later stage can be cured. Thus, the hospitals and catheterization labs are now implementing MI angioplasty procedures to treat associated diseases, which in turn increase the sales of these devices in the future.
The usage of vascular access devices is associated with many risks and complications, which are detrimental to the global market. The major risks for all age groups involved in vascular procedures are such as heart attack, infections, stroke, bleeding near the catheter insertion site, and destruction to the blood vessel. The primary complications with vascular device insertion include thrombosis and restenosis. Restenosis is the recurrence of stenosis (narrowing of a blood vessel), which leads to restricted blood flow. The rate of restenosis (repeated device malfunction) varies with the location and device being used. For instance, in balloon angioplasty procedures restenosis rates ranges from 25 to 50 percent.
The market is primarily segmented on the basis of Type, By Application, By End-Use, and geographic region.
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Based upon product type, the global market is categorized into central, peripheral vascular devices, and other accessories. Central vascular devices (CVDs) further categorized into peripherally inserted central catheters (PICC), tunneled catheters, non-tunneled catheters, and implanted ports. Peripheral vascular devices further categorized into midline short catheters, midclavicular catheters, and winged steel needles. In 2019, the (CVDs) represented highest share in the global market. This high share is attributed to its extensive usage in chemotherapy procedures and chronic kidney disorders (CKD). According to statistics published by Lancet, in 2017, 1.2 million people across the globe died from CKD. The global mortality rate from CKD stood at 41.5% from 2014 to 2017. Moreover, in 2017, total recorded cases of CKDs were 697.5 million at a prevalence rate of 9.1%.
On the basis of application, the global market is bifurcated into drug administration, blood transfusion, diagnostics & testing, and fluid and nutrition administration. In 2019, drug administration segment accounted for the largest market share. This large proportion was due to the usage of these devices in drug administration for the diagnosis of multiple diseases, cancer treatments, and other medicines.
On the basis of end use, the global market is categorized into hospitals, clinics, ambulatory surgical centers, and other end users. In 2019, the hospital segment accounted for the largest market share. The high share of the segment is attributed to the fact that most of the vascular access was carried out in hospital settings. The rising number of hospital admissions and favorable reimbursement scenario in the high income countries also favoring this trend.
Geographically, North America is the largest contributor in the vascular access device market, followed by Europe and Asia Pacific. In 2019, North America accounted for more than 38% of the global market. The U.S. was the major contributor, owing to prevalence of CADs and PADs, faulty lifestyles leading to obesity, increasing old age population, high patient awareness and presence of sophisticated healthcare infrastructure. Minimally invasive endovascular procedures where surgeries are performed through a minute incision in the body has increased the demand for the procedures in the future. Surgeons started using FDA-approved peripheral vascular devices for the treatment of high-risk carotid artery procedures in the US. Some of the leading vascular access devices vendors in the region include Abbott Laboratories, Boston Scientific, and Medtronic.
The vascular access device market in this region is projected to grow at a steady rate over the forecast period. The growth is expected due to the introduction of technologically advanced products coupled with the increase in the cases of coronary and peripheral diseases. The vendors in the region are focusing on launching new products to maintain their share in the future. The presence of reputable companies in the region also favoring its future growth.
The major revenue contributors in Europe include the UK, Germany, France, Italy, and Spain. The sale of devices in these regions are growing significantly. Faulty lifestyle such as lack of physical activities, smoking, drinking and diet with high unsaturated fat content have predominantly increased the prevalence of heart diseases in most of the developed countries in the region. Moreover, the market has seen growth in the number of approvals by European regulatory authorities and launches of products which have the growing preference for devices is expected to contribute to the growth of global market in the region.
Asia Pacific is the fastest growing region in the global vascular access device market. The market is untapped in emerging countries such as India, China, Indonesia, and Malaysia because of an increase in the prevalence of cardiac diseases and PAD in the respective countries. However, the growing adoption of preventive treatment in these regions will have a significant impact on the growth. Moreover, the governments of several countries have initiated positive steps toward improving the status of the healthcare industry, which may boost the growth of the global market in the region.
The global vascular access device market is highly fiercely competitive and well-organized. The key players include Smiths Medical, Inc., Becton Dickinson and Company, and C.R. Bard, Inc. Other players include Teleflex Incorporated, B. Braun Melsungen Ag, Bluegrass Vascular Technologies, Edwards Lifesciences Corporation, Angiodynamics, Biomerics, Terumo Corporation, Romsons Scientific & Surgical Pvt. Ltd, Nipro Medical Corporation, Ameco Medical, and Prodi med.
Among the major vendors there is strong rivalry to achieve a larger share. To sustain or expand their market, companies focus on strategic acquisitions, expansions, partnerships, and technological advances. While the existing players focus on increasing their development, utilizing advanced materials, new entrants focus on designing innovative and better designs.
The key vendors in the industry possess a significant share of the global market. However, key vendors face competition from local manufacturers in several countries. The vendors adopt competitive pricing to consolidate their respective share. These vendors provide cost-effective equipment with limited features and functionalities.