The global vascular access devices market size is expected to reach USD 8.03 billion by 2028 according to a new study by Polaris Market Research. The report “Vascular Access Devices Market Share, Size, Trends, Industry Analysis Report, By Application (Administration of Fluid & Nutrition, Transfusion of Blood Products, Diagnostics & Testing, Administration of Drugs); By Device; By Route of Insertion; By End-Use; By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for central vascular access devices was high in 2020. The central vascular access devices include tunneled catheters, non-tunneled catheters, peripherally inserted central catheters, implanted ports, and others. Implanted ports enable repeated and long-term access to the bloodstream usually over months to years.
It is used for longer-term delivery of IV medications, antibiotics, IV nutrition, and other IV fluids. An implanted port is a combination of a medical-grade rubber catheter placed in a large vein in the chest, and a port attached to the catheter. Implanted ports are placed completely beneath the skin and do not interfere with daily activities.
There has been a high demand for vascular access devices for the administration of drugs. This application segment is expected to grow at a significant rate during the forecast period. The increasing use of vascular access devices for the treatment of diseases such as cancer, coupled with technological advancements for the delivery of effective healthcare services drives the market growth.
Governments across the globe are investing significantly in the development of advanced healthcare infrastructure, boosting market growth. The intravenous vascular access devices segment dominated the global market in 2020. Intravenous devices are usually used to administer chemotherapy drugs, antibiotics, antifungal drugs, and pain medication among others.
Vascular access devices are used in diagnostic centers, hospitals, clinics, ambulatory surgery centers, and others. The hospital segment accounted for the highest share in 2019. The increasing occurrence of cancer and cardiovascular diseases coupled with government initiatives to offer advanced healthcare services to citizens supports the growth of this segment.
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North America market dominated the global vascular access devices industry in 2020 and is expected to maintain its dominance over the forecast period. High living standards, significant investment in healthcare services, and the increasing occurrence of lifestyle-related diseases support market growth in this region. However, Asia-Pacific is expected to exhibit significant growth during the forecast period.
Increasing geriatric population coupled with increasing awareness regarding preventive healthcare fuels growth in this region. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
Owing to technological advancements, and the greater need to cater to customer requirements, companies are collaborating in order to strengthen the market presence and gain market share. Broadening of the product portfolio is another trend that is visible in the industry.
Some of the major market participants 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.
Polaris Market Research has segmented the vascular access devices market report on the basis of device type, route of insertion, application, end-use, and region:
Vascular Access Devices Device Type Outlook (Revenue, USD Million, 2016 - 2028)
Vascular Access Devices Route of Insertion Outlook (Revenue, USD Million, 2016 - 2028)
Vascular Access Devices Application Outlook (Revenue, USD Million, 2016 - 2028)
Vascular Access Devices End-Use Outlook (Revenue, USD Million, 2016 - 2028)
Vascular Access Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)