Vascular Access Devices Market to Observe Strong Development by 2027

Transparency Market Research (TMR) has published a new report titled, 'Vascular Access Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027'. According to the report, the global vascular access devices market was valued at US$ 6,077.2 Mn in 2018 and is projected to expand at a CAGR of 5.8% from 2019 to 2027.

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Overview

• Vascular access devices (VADs) are inserted into veins via peripheral or central vessels for diagnostic or therapeutic reasons, such as blood sampling, central venous pressure readings, Medication Administration, fluids, total parenteral nutrition (TPN) and blood transfusions.
• The growing relevance of cardiovascular treatment has played an integral role in driving sales across the global vascular access devices market.
• Intravenous devices have gained relevance across the field of cardiology, and the medical fraternity is making concerted efforts to drive sales.
• Based on product, the vascular access devices market is segmented into peripheral catheters, central catheters, and accessories.
• North America dominated the global vascular access devices market in 2018 and the trend is anticipated to continue during the forecast period. Increasing adoption of technological advanced products and increasing prevalence of vascular disorders has contributed to dominant share of the region in global market.
• Asia Pacific is likely to be a highly lucrative market for vascular access devices and it is expected to expand at a high CAGR during the forecast period

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Technological Innovations to Drive Market

• Innovative technologies, products and procedures are constantly fueling the growth in the market. New catheter material compositions that improve user's pre and post-catheterization comfort, antimicrobial coatings that prevent the formation of biofilms and crusts are some of the advances, which manufacturers and researchers are developing.
• Biocompatible materials, such as silicone and polymer mixes, are substituting latex materials, giving rise to lubricious internal and external surfaces that reduce pain during Administrations. Silicon coated and 100% silicone catheters are already in widespread use in cases where patients are allergic or hypersensitive to latex.
• Antimicrobial coating, and drug coated catheters are the most recently approved products by the U.S.-FDA, that have reduced catheter related infections, and complications.

Peripheral Catheters Segment to Dominate Market

• In terms of product, the vascular access devices market is segmented into peripheral catheters, central catheters, and accessories. Peripheral catheters segment is segmented into PIVC and midline catheters. The central catheters are further classified into PICC, Central Venous Catheters, Implantable ports, and dialysis catheters.
• Peripheral catheters accounted to larger market share in terms of revenue in 2018 and expected to grow in the forecast period due to due to cost effectiveness, ease of insertion, reduced complication risks associated with use of other catheters, and government regulations.
• Peripheral catheters are most widely accepted catheters globally, especially in emerging economies, due to advantages over central catheters such as ease of administration, less frequency of catheter related complications, lesser duration of usage (around one week), and cost effectiveness. Hence, the segment holds higher share globally in vascular access devices market.

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Medication Administration segment to be Highly Lucrative Segment

• By application, the vascular access devices market is segmented into medication administration, administration of fluids and nutritional compounds, transfusion of blood products, and diagnostic testing.
• Medication administration segment accounted for larger market share in terms of revenue in 2018, medication administration segmented accounted for more than 45% of the market share in 2018 due to high prevalence and rise in incidence rates of chronic disorders across the globe.

Intravenous Route segment to dominate the Market

• By route of administration, the vascular access devices market is segmented into intravenous route and subcutaneous route.
• Intravenous route segment accounted for larger market share in terms of revenue in 2018, intravenous route segmented accounted for more than 75% of the market share in 2018 due to reliability and rapid delivery of medication. Increasing use of PICC and PIVC devices support the growth of the intravenous Route of Administration segment.

Hospitals Segment to offer attractive opportunity

• Based on the end-user, the market has been segmented into hospitals, clinics, ambulatory surgical centers and diagnostic centers.
• The hospitals segment dominated the market in 2018 and is anticipated to remain dominant in the forecast period owing to the increasing demand for minimal invasive procedures and increasing number of surgeries for vascular diseases.

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North America to Dominate Global Market

• In terms of region, the global vascular access devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• North America dominated the global vascular access devices in 2018 and is estimated to maintain its leading position by the end of 2027 with sight decline in the market share.
• Increased adoption of technological advanced products in the region, high prevalence of vascular disorders, rapidly aging population, and well established healthcare infrastructure etc. factors have contributed to dominant share of the region in global market.
• The market in the Asia Pacific region is projected to expand at exponential growth rate during the forecast period. The highest growth rate in the Asia Pacific region is attributed to increased market penetration of global players in highly populous countries such as China, India, Taiwan, rapidly improving healthcare industry in the region, and comparatively large patient pool with vascular and chronic disorders.

Competitive Landscape

• The global vascular access devices market is fragmented in terms of number of players. Key players operating in the global vascular access devices market includes, include B. Braun Melsungen AG, Baxter International, Becton, Dickinson and Company, Cook Medical, Medtronic plc, W. L. Gore & Associates, Inc., Teleflex, Inc., Siemens Healthineers, Nipro Medical Corporation and Fresenius Medical Care.

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