Vascular Access Device Market Size by Type (Central (Peripheral, Tunneled, Non- tunneled, Implanted Ports), Peripheral (Short, Midline, Winged)), Application (Drug, Blood, Fluid, Diagnostic), End User (Hospitals, Clinics, Ambulatory) & Region - Global Forecast to 2028
Updated on : Aug 22, 2024
The size of global vascular access device market in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $7.9 billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028. The research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
Growth in this market is majorly driven by significant government investments in cutting-edge medical devices, and rising prevalence of lifestyle diseases.However, shortage of skilled professionals are expected to challenge market growth to a certain extent.
Global Vascular Access Device Market Trends
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Vascular Access Device Market Dynamics
Driver: Growing prevalence of lifestyle diseases
According to the World Health Organization 2021, Cardiovascular diseases (CVDs) are the leading cause of death globally. An projected 17.9 million people died from CVDs in 2019, representing 32 percent of all global deaths. Of these deaths, 85 percent were due to heart attack and stroke. For instance, according to World Heart Federation vision 2030, the number of CVD deaths is projected to rise from an estimated 18,9 million in 2020 to over 22,2 million in 2030 and 32,3 million in 2050.With the growing prevalence of diabetes, the number of patients suffering from chronic kidney disease is also expected to increase in the coming years, as diabetes is a major risk factor for CKD. The growing prevalence of these health conditions, particularly CKD and CVDs, is expected to support the growth of the market as tunneled and non-tunneled catheter devices are widely used in dialysis procedures and the treatment of various cardiovascular diseases.
Restraint: High costs involved in the placement and maintenance of vascular access device
Vascular access device are relatively costly devices and the price of the product changes with the type of vascular access device (VADs) used in a procedure. The average cost of a vascular access device varies from USD 150 to USD 900. Moreover, the physician price associated with the insertion of VADs varies from USD 20 to USD 90 per hour. The price of vascular access procedures rises in case of patient hospitalization, and complications such as central catheter bloodstream infections or occlusions can drastically rise the cost of the procedure. According to the Canadian Association of Nurses in Oncology, in the US, a central catheter bloodstream infection can shoot up procedure price to more than USD 25,000. These high placement and maintenance price for vascular access device (VADs) are expected to restrain market growth during the forecast period.
Opportunity: Technological advancements
Ultrasound is a broadly available, non-invasive technique and is thus the most broadly used vessel visualization method. As a cost-effective method, it allows the evaluation of vascular access maturity and diagnosis of complications; in the recent years, image-guided vascular access has emerged as a new, efficient method offering precise results. The use of ultrasound imaging during VAD insertion has become more common. It helps healthcare professionals visualize the veins in real-time, increasing the success rate of first-attempt insertions and reducing complications like accidental arterial punctures and hematoma formation.
Challenge: Shortage of skilled professionals
Skilled professionals are involved to handle vascular access device as their improper insertion may cause medical complications in patients. Complications like damage to blood vessels, bleeding at the site, entrance of air into the vein (air embolus), injury to the lung (pneumothorax), and bloodstream infections can happen during the usage of VADs. According to a survey on the latest business conditions conducted by the National Association for Business Economics (NABE), 35% of participants reported that there is a shortage of skilled professionals in the US. This shortage of skilled professionals in major markets across the globe is expected to affect the demand and uptake of VADs during the forecast period.
Vascular Access Device Market Ecosystem Map
By type, the central vascular access device segment is accounted for the largest share of the vascular access device industry during the forecast period
Based on type, within the vascular access device market, there are peripheral access device, central vascular access device, and accessories holding a significant portion. The central vascular access device segment is hold the largest share of the global vascular access devices market. This predominance is attributed to the wide usage of central vascular access device in chemotherapy and in the treatment of cardiovascular disorders and chronic kidney disorders.
The drug administration accounted for the largest share of the vascular access device industry during the forecast period, by application
Based on applications, vascular access device market is divided into segments including drug administration, fluid and nutrition administration, blood transfusion, and diagnostic & testing. The significant share of the drug administration segment can be attributed to various factors. These factors include high usage of vascular access device for drug administration, particularly for the treatment of infections and cancer.
The hospitals segment accounted for the largest share of the vascular access device industry in 2022, by end user
Based on end users, the global vascular access device market categorized into hospitals, clinics & ambulatory centers, and other end users (nursing homes, laboratories, diagnostic & imaging centers, and home healthcare agencies). The dominance of this segment can be attributed to several significant factors. These factors include majority of vascular procedures are performed in hospital settings. Also, emergency care in hospitals requires VADs for blood transfusion and administration of various drugs.
North America to witness significant growth in the vascular access device industry from 2023 to 2028
On the basis of region, the global vascular access device market is segmented into-North America, Europe, Asia Pacific, and Rest of the World. In 2023, North America projected to lead market share of the vascular access device market. This can be attributed to the region benefits from the presence of key players, a supportive reimbursement framework, and significant government investments in cutting-edge medical devices.
To know about the assumptions considered for the study, download the pdf brochure
The prominent players in this market are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Teleflex Incorporated (US), B. Braun SE (Germany), AngioDynamics, Inc. (US), Terumo Corporation (Japan), Nipro Medical Corporation (Japan), Medtronic (Ireland), Amecath (Egypt),Romsons (India), PRODIMED (France),Cook Medical (US), Access Vascular, Inc. (US), Medical Components, Inc. (US), Vygon (France), 3M (US), Argon Medical Devices (US), Guangdong Baihe Medical Technology Co., Ltd. (China), pfm medical (Germany), Medi-Tech Devices Pvt Ltd (India), Medline Industries, LP (US), Kimal (UK), Deltamed (Italy), Newtech Medical Devices (India) and Shanghai Puyi Medical Instruments Co., Ltd (China).
Scope of the Vascular Access Device Industry
|
Report Metric |
Details |
|
Market Revenue Size in 2023 |
$5.6 billion |
|
Projected Revenue Size by 2028 |
$7.9 billion |
|
Industry Growth Rate |
Poised to Grow at a CAGR of 7.0% |
|
Market Driver |
Growing prevalence of lifestyle diseases |
|
Market Opportunity |
Technological advancements |
The study categories the vascular access device market to forecast revenue and analyze trends in each of the following submarkets:
By Type
- Central vascular access device
- Tunneled catheters
- Non-tunneled catheters
- Implanted ports
- Peripherally inserted central catheters
- Peripheral vascular access device
- Peripheral midlines devices
- Peripheral short devices
- Butterfly/winged steel needles
- Accessories
By Application
- Drug administration
- Fluid and nutrition administration
- Blood transfusion
- Diagnostics and testing
By End User
- Hospital
- Clinics and ambulatory care centers
- Other end users (home healthcare agencies, nursing homes, and diagnostic & imaging centers)
By Region
-
North America
- US
- Canada
-
Europe
- France
- Spain
- UK
- Italy
- Germany
- Rest of Europe
-
Asia Pacific
- China
- India
- Japan
- Rest of APAC
- Rest of the World
Recent Developments of Vascular Access Device Industry
- In June 2023, Teleflex Incorporated (US) has been awarded two group purchasing agreements with Premier, Inc. The new agreements allow Premier members, at their discretion, to take advantage of special pricing and terms pre-negotiated by Premier for Teleflex’s Central Venous and Arterial Vascular Access products.
- In June 2022, Teleflex Incorporated (US) launched an Arrow Pressure Injectable Midline Catheter in Australia and New Zealand. The addition of the pressure injectable catheter further enhances the Midline portfolio to meet the expanded needs of clinicians and is designed to improve patient safety.
- In January 2022, ICU Medical, Inc. (US) completed its acquisition of Smiths Medical (US) from Smiths Group plc. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products. When combined with ICU Medical’s existing businesses, the combined companies establish a leading infusion therapy company with estimated pro forma combined revenues of approximately USD 2.5 billion.
- In July 2021, Becton, Dickinson and Company (US) acquired Velano Vascular (US). Velano Vascular needle-free technology enables high-quality blood draws from existing peripheral intravenous catheter (PIVC) lines. This acquisition can now enable health care providers to help eliminate multiple needlesticks for blood sample collection, reducing the pain and discomfort from the process while delivering quality outcomes and increased patient satisfaction.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global vascular access device market?
The global vascular access device market boasts a total revenue value of $7.9 billion by 2028.
What is the estimated growth rate (CAGR) of the global vascular access device market?
The global vascular access device market has an estimated compound annual growth rate (CAGR) of 7.0% and a revenue size in the region of $5.6 billion in 2023.
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This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research
This research study involved the use of comprehensive secondary sources; directories and databases such as D&B, Bloomberg Business, and Factiva; and white papers, annual reports, and companies’ house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the vascular access device market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, technology perspectives, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side and demand side are detailed below. Industry experts such as CEOs, presidents, vice presidents, directors, marketing directors, marketing managers, and related executives from various key companies and organizations in the vascular access device industry were interviewed to obtain and verify both the qualitative and quantitative aspects of this research study. A robust primary research methodology has been adopted to validate the contents of the report and fill in the gaps.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, and product managers.
Note: Tiers are defined based on a company’s total revenue, as of 2022: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = <USD 1 billion.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
|
AngioDynamics,Inc. |
Assistant Manager Sales |
|
ICU Medical, Inc. |
Assistant Project Manager |
|
Terumo Corporation |
Business Development Manager |
Market Size Estimation
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis) primary interviews, and top-down approach (assessment of Individual shares of each vascular access device type, application, and end-user segment).
Vascular Access Device Market Size: Bottom Up Approach
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Vascular Access Device Market Size: Top Down Approach
Data Triangulation
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Market Definition
Vascular access device are used in the administration of medication, fluids, and nutrition as well as in diagnostic and testing. These devices enable the direct administration of drugs into the patient bloodstream, which assists rapid treatment.
Key Stakeholders
- Senior Management
- Vascular access device manufacturers and distributors
- Operations Department
- Research and consulting firms
Objectives of the Study
- To define, describe, segment, and forecast the vascular access device market by type, application, end user, and region
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall vascular access device market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To estimate and forecast the size of the vascular access device market in four main regions (along with their respective key countries), namely, North America, Europe, the Asia Pacific, and Rest of the World.
- To profile the key players and analyze their market shares and core competencies3
- To track and analyze competitive developments such as product launches, agreements, partnership, and acquisitions in the global vascular access device market
- To benchmark players within the vascular access device market using the competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Vascular Access Device Market