Vascular Access Devices Market

Global Vascular Access Devices Market Size (2023 to 2028)

The Global vascular access devices market was worth USD 4.66 billion in 2023. This value is further forecasted to grow to USD 5.98 billion by 2028, showcasing a CAGR of 7.1% during the forecast period.

A Vascular Access Device is a thin tube inserted into veins and fixed under the skin to monitor the therapy and fluids through catheters. Vascular access devices allow repeated and prolonged access to the bloodstream for regular administration of medications, such as intravenous (IV) antibiotics, to the patients. These can help people with cystic fibrosis by providing intravenous (IV) antibiotic treatments for more than a few days, like during a flare-up. Two main categories of PICC lines and ports prevent regular intravenous lines from infecting or slipping out of the vein. Peripherally inserted central catheters (PICCs) have been designed to be used for days, weeks, or months. Other implantable devices, like ports, can be used for years due to their non-infectious material and low complication rate. When using vascular access devices, advanced, technologies are also used by radiologists to examine the images during treatment procedures. In addition, the U.S. FDA has given clearance to market products such as Ellipsys® Vascular Access System for hemodialysis patients.

MARKET DRIVERS:

The factors majorly promoting the growth rate of the global vascular access devices market include a growing number of lifestyle changes and a Y-O-Y rise in the number of cancer treatment procedures such as chemotherapy processes. Many factors are anticipated to drive the growth of the market. First, the increase in demand for vascular access devices which is required in the field of medical care for several people, is an established and integrated component of the medical system due to the increasing prevalence of obesity, increasing population ages, and increased incidence of target diseases, which would ultimately lead to more number of people requiring medical care, driving the market growth. Additionally, favorable government policies such as reimbursements, a rising aging people population worldwide, and a growing number of kidney failure cases are expected to propel the market growth. Furthermore, regarding the increased incidence of target diseases, recent statistics showed a growing world population at just over 1% per year, shifting the distribution towards an older population, which leads to more age-related disorders. Finally, one of the leading causes for the increase in demand for vascular access devices worldwide is the growing prevalence of cancer, whose cases are on the rise and are estimated in millions yearly. This drives the demand for central venous catheters and new fully implantable ports for administering chemotherapy drugs.

The Y-O-Y increase in adopting advanced technological equipment to diagnose diseases and therapy is expected to favor global vascular access devices market growth.

 Various innovative technologies, products, and procedures development is on the rise and is constantly driving the market growth. For instance, the recently launched new catheter material to improve user comfort before and after catheterization with added antimicrobial coatings to prevent the formation of biofilms and scabs is one of the advances developed by manufacturers and researchers. Other advances include replacing latex materials with Biocompatible materials, such as silicone and polymer blends, which reduce pain during administration due to lubricious internal and external surfaces. Moreover, the average income earned by a person in healthcare paired up with medical tourism and R & D for updating the devices is also excelling the demand for the global market.

MARKET RESTRAINTS:

Lack of proper awareness of the treatment procedures in undeveloped countries due to fewer training programs is expected to hamper the global vascular access devices market growth.

Various market limitations include a lack of proper education and training and high infection rates. In addition, the high costs associated with the devices and treatment options, strict rules from the government, and guidelines for the FDA's approvals of the products are further restraining the global vascular access devices market growth. Moreover, new product launches are time-consuming, along with the essential requirement of labor training to ensure proper use, which is also restraining the market growth.

Impact of COVID-19 on the global vascular access devices market

The airborne and zoonotic infectious disease, the coronavirus (COVID-19), has brought the world to a standstill. Throughout the COVID-19 emergency period, patients need proper care requiring the insertion of vascular access devices. With the growing number of patients with COVID-19, the demand for vascular access devices is surging. Patients affected by the virus suffer from various heart-related problems that also lead to death. This is straightforwardly leveling up the use of vascular access devices to monitor the patient continuously. This may help the doctors to give appropriate time in these challenging times. Sales of long-acting catheters are expected to be impacted by their ability to treat patients with COVID-19. Central venous catheters may see a general increase in sales due to their wide usage in treating patients with respiratory diseases, especially in intensive care. In 2021, the demand for the vascular access devices market will grow at a higher rate, and it is estimated that the flow will continue in the coming years.

 REPORT COVERAGE:

This research report on the global vascular access devices market has been segmented and sub-segmented based on the type, application, end-user, and region.

Vascular Access Devices Market - By Type:

• Peripheral Vascular Access Devices             
• Midline Devices
• Short Devices
• Butterfly/Winged Steel Needles
• Central Vascular Access Devices   
• Peripherally Inserted Central Catheters (PICC).

• Tunneled Catheters
• Non-Tunneleders Catheters
• Implanted Ports
• Accessories            

Based on vascular access devices, the central vascular access devices segment is expected to occupy most of the share in the global market due to its practical use in chemotherapy treatment. These are specific devices inserted into the body through a vein, like subclavian or jugular vein by ports, or inserted into one of the peripheral veins by PICCs, to allow delivery of fluids, blood products, medications, and other therapies into the blood flow.

Peripheral catheters are also expected to grow over the forecast period owing to their nature of most widely accepted catheters in the world due to their various benefits of ease of insertion, cost-effectiveness, high profitability, much shorter duration of use, reduced risk of complications, and mostly, its ease of administration over central catheters.

Vascular Access Devices Market - By Application:

• Drug Administration           
• Fluid & Nutrition Administration   
• Blood Transfusion Diagnostics Testing         

Based on application, the drug administration segment is predicted to hold the lion's share of the market because of the various applications of vascular access devices. Moreover, other reasons for its significant dominance could be the high prevalence of increasing incidence of chronic disorders globally, the growing need for vascular access devices for drug delivery, and beneficial application in the diagnosis of advanced stages of cancer, heart disease, and kidney disease. In addition, since Patients require intravenous fluid with constant medication monitoring, the adoption of vascular access devices is on the rise.

Vascular Access Devices Market - By End User:

• Hospitals 
• Clinics and Ambulatory Care Centers          
• Other End Users  

Based on end-user, the hospitals are regarded to account for the largest share due to the hospitals' major vascular access devices, advanced healthcare infrastructure, high traffic environment, presence of experienced medical professionals, and availability of various medical machines as a result of growing demand for minimally invasive procedures leading to increase in the number of surgeries for vascular diseases.

The clinics and ambulatory care centers, on the other hand, are the fastest growing healthcare facilities and are proving it by gaining patients' satisfaction with the outcome of the surgery, low cost, and quality of care they receive and also impressed with the way the facility is run, which is why the ambulatory care centers are also expected to grow over the forecast period.

Vascular Access Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Geographically, the global vascular access devices market is expected to be dominated by the North American region due to the developed healthcare foundation for quickly acquiring advanced medical devices. In this region, the Canadian market is expected to perform well and register healthy growth during the forecast period due to the rising prevalence of cardiovascular and cancer diseases.

The European market is forecasted to be the second-largest regional market during the forecast period due to the high incidence of cardiovascular diseases. In this region, the U.K. market is the most promising regional market and is expected to account for a considerable market share during the forecast period.

The Asia-Pacific is estimated to be the fastest-growing regional market. In this region, countries such as India and China are embracing advanced technology devices. Also, government and private organizations that help improve the patient's health are factors that boost the market growth of this region.

The Latin American market is estimated to have steady growth due to the number of patients suffering from chronic diseases, growing medical tourism within a short period, and the growing number of older people.

The Middle East & Africa region is likely to produce a profitable outcome in the upcoming years due to the growing elder people population that accompanies medical tourism.

KEY MARKET PARTICIPANTS:

Some of the notable participants dominating the global vascular access devices market profiled in this report are Becton Dickinson and Company, C.R.Bard Inc., Smiths Medical, Inc., Teleflex Incorporated, B Braun Melsungen Ag, AngioDynamics, Terumo Corporation, Nipro Medical Corporation, Edwards Lifesciences Corporation, Ameco Medical, Romsons Scientific & Surgical Pvt. Ltd and Prodimed.

RECENT MARKET DEVELOPMENTS:

• In October 2022, the Orchid SRV voltage-activated safety relief valve developer, Linear Health Sciences, was recognized for inventing safer intravenous therapy for children. This company received grants from the West Coast Consortium for Technology and Innovation in Pediatrics (CTIP) and U.S. Food and Drug Administration's Safer Technologies (STeP) program to improve the safety and care of infants and children by accelerating the commercialization of the devices.
• In October 2022, VentureMed Group, Inc., a private medical device innovator for arteriovenous graft and fistula access management, announced the treatment of the first patient with the 75 cm long FLEX Vessel Preparation System for A.V. access procedures by two well-renounced surgeons. It is a balloon-free approach to optimizing revascularization through long, deep-controlled micro-incisions.