New York, July 18, 2023 (GLOBE NEWSWIRE) -- The global vascular access device market size is predicted to grow at a CAGR of over ~10.1% from 2023 to 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022. This growth is due to increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, which are leading to an increased demand for vascular access devices. According to the World Health Organization[R1] (WHO), cancer accounted for nearly 10 million deaths in 2020, while cardiovascular diseases (CVDs) take an estimated 17.9 million lives annually. A cardiovascular disease-related death occurs every 33 seconds in the United States, according to the Centers for Disease Control and Prevention.
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In 2021, there were 695,000 people in the United States who died of heart disease. Chronic diseases require long-term treatments, often including multiple therapies that require access to the circulatory system. Vascular access devices are essential for effective treatments, such as chemotherapy and dialysis, and therefore drive the demand for these devices.
Global Vascular Access Device Market: Key Takeaways
- The fastest market growth is expected to occur in North America
- The hospitals segment is predicted to have the highest growth rate in the industry
- The Asia-Pacific region is expected to grow at the fastest pace
A Widening Scope For Vascular Screenings To Boost Market Growth
The development of medical technologies is leading to a growing demand for better vascular access devices that can diagnose and treat a wide range of diseases. The wider the scope of vascular screenings, the more patients will have access to the treatment they need, leading to an increase in demand for vascular access devices such as the Peripheral Venous Catheter (PVC), the Central Venous Catheter (CVC), and the Peripherally Inserted Central Catheter (PICC), to treat the conditions detected. For[R2] instance, a patient with a vascular risk or a family or personal history of cardiac disease should undergo a vascular screening every three to five years. Vascular screening can detect a variety of conditions that would otherwise require invasive procedures to detect, such as stroke, abdominal aortic aneurysm, and carotid artery disease, which can lead to life-threatening events if left undetected.
Global Vascular Access Device Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Patient Footfall and Rise in The Number Of Surgeries To Drive The Market Growth In The North America Region
The vascular access device market size in North America region is estimated to garner the largest revenue by the end of 2035. The presence of large-scale healthcare companies, together with increased expenditure on healthcare along with the increasing awareness of the advantages of these devices, especially in terms of convenience and cost-effectiveness, is expected to boost the growth of the North American market during the forecast period. Moreover, the increased patient footfall as well as an increasing number of surgeries in the region has increases the demand for VAD in region. For instance, approximately 50 million[R3] surgeries are performed each year in the United States alone. In addition, over 600 000 coronary stents are implanted in the United States each year as a result of percutaneous coronary interventions (PCI). Vascular access devices are used in surgeries to access a patient's blood vessels for diagnostic purposes or to deliver medication and fluids.
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Rapid Growth in The Elderly Population Pool to Drive the Market Growth in The Asia Pacific Region
The vascular access device market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035 owing to the increasing number of medical centers and hospitals in the region, which has led to the growing demand for better healthcare services and treatments. Moreover, the rising prevalence of lifestyle diseases and the increasing geriatric population in the region is projected to drive regional market growth. It is estimated that one in four people in Asia and the Pacific will be over the age of 60 by 2050. It is projected that the number of older people in the region will triple between 2010 and 2050, reaching nearly 1.3 billion people. As people age, their bodies often become more fragile and their immune systems weaker, making them more prone to infection. Vascular access devices provide a safe and reliable way to administer medication and fluids, making them an important tool in treating the elderly.
Vascular Access Device Segmentation by End User
- Hospitals
- Clinics
- Ambulatory Care Centers
- Others
The hospital segment in the global vascular access device market is anticipated to hold the largest revenue by the end of 2035. This is mainly due to the increased number of patients requiring hospitalization and the need for access devices for diagnosis, treatment, and monitoring of various diseases. In 2021, the American Hospital Association (AHA) published its 22nd edition of AHA Hospital Statistics report, which recorded 33,356,853[R5] admissions across the nation's hospitals. Additionally, the increase in the number of surgical procedures that include the use of vascular access devices is also expected to drive the demand for these devices in hospitals. Furthermore, the presence of advanced technologies such as computer-assisted surgery and robotics in hospitals is projected to further bolster the adoption of these devices in this segment.
Vascular Access Device Segmentation by Application
- Administration of Drugs
- Administration of Fluid & Nutrition
- Transfusion of Blood Products
- Diagnostics & Testing
- Others
The administration of drugs segment is anticipated to hold the largest revenue by the end of 2035. Increasing numbers of patients suffering from illnesses and conditions require more healthcare facilities and hospitals. With the rising number of medical conditions, there is an increased demand for drug administration equipment and technology. For instance, completely implanted ports (PORTs[R6] ) are as safe as Hickman ports and are more effective than them in patients undergoing systematic anti-cancer treatment. This segment is also expected to benefit from the growing demand for specialty drugs such as biologics and monoclonal antibodies, which require advanced technology for administration. Additionally, with the increasing number of drug recalls due to contamination and quality problems, there is a growing demand for advanced drug administration technologies that can ensure safety and efficacy in the administration of drugs to patients.
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Vascular Access Device Segmentation by Type
- Peripheral Intravenous Catheter (PIVC)
- Peripherally Inserted Central Catheter (PICC)
- Midline
- Haemodialysis tunneled cuffed Central Venous Catheter (Htc-CVC)
- Totally Implanted Venous Port Device
- Central Venous Catheter (tc-CVC & nt-CVC)
- Others
Few of the well-known market leaders in the global vascular access device market that are profiled by Research Nester are B. Braun SE, Becton, Dickinson, and Company, Teleflex Incorporated, Cook Group Incorporated, Medtronic, ICU Medical, Inc., Medical Components, Inc., Terumo Medical Corporation, Access Vascular, Inc., Siemens Healthineers AG, and other key market players.
Recent Development in the Global Vascular Access Device Market
- April 11, 2023: A leading global medical technology company, BD (Becton, Dickinson, and Company), recently launched the BD Prevue II System. It features a specialized probe designed to provide clinicians with optimal IV placement using an easy-to-use advanced ultrasound device.
- REVA Medical announces partnership with B. Braun SE for distribution of Fantom Encore - a bioresorbable scaffold for coronary interventions, made from Tyrocore, a REVA patented material.
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