Vascular access device Market Size Worth USD 10.90 Billion in 2032 | Emergen Research

Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global vascular access device market size was USD 5.45 Billion in 2022 and is expected to register a rapid revenue CAGR of 7.1% during the forecast period. Increasing number of chemotherapy procedures and aging population and rising prevalence of cancer are key factors driving market revenue growth. Vascular access devices are frequently an essential tool for the administration of chemotherapeutic drugs, pharmaceuticals, dietary needs, or antimicrobial infusions.

In addition, rising usage of vascular access devices in pediatric patients is another factor driving revenue growth of the market. Pediatric surgical practice frequently involves and is highly dependent upon vascular access techniques. Vascular access is necessary for children for various reasons, including hydration, parenteral nutrition infusion, medicine delivery, and blood collection for laboratory testing. Numerous disease processes, including intestinal atresia, small bowel syndrome, and numerous cancers, which are now treatable owing to improvements in vascular access.

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However, product recalls and failures is a key factor, which could restrain market revenue growth. For instance, on 27 June 2022, Becton and Dickinson Company (BD) recalled emergency vascular access devices. A total of 11 needle set kits, manual driver kits, and powered driver kits used in intraosseous delivery, which gives doctors access to the circulatory system via bone marrow in some emergency situations, are included in the recall. Considering intraosseous access patients frequently have serious medical conditions, BD issued a warning that delays in treatment brought on by device issues can result in fatalities.

Segment Insights:

Type Insights:

On the basis of type, the vascular access device market has been segmented into central vascular access devices, peripheral vascular access devices, and accessories. The central vascular access devices segment comprises of Peripherally Inserted Central Catheters (PICC), tunneled catheters, non-tunneled catheters, and implanted ports. The peripheral vascular access devices segment comprises midline catheter (short) devices, midclavicular catheter (Midline) devices, and winged steel needles. The central vascular access devices segment is expected to account for largest revenue share in the global vascular access device market during the forecast period. This is due to rising frequency of chronic illnesses and necessity for effective medication administration.

Application Insights:

On the basis of application, the vascular access device market has been segmented into drug administration, fluid and nutrition administration, blood transfusion, and diagnostics & testing. The drug administration segment is expected to register steadily fast revenue growth rate in the global vascular access device market during the forecast period. This is because vascular access devices provide frequent or ongoing bloodstream access for the delivery of drugs such as Intravenous (IV) antibiotics. Individuals with cystic fibrosis or other diseases who require IV antibiotic therapy for longer than a few days, such as during an exacerbation, benefit from vascular access devices. Multiple medications can be delivered by lumens, which can be divided into channels or ports.

Regional Insights:

The North America market is expected to account for largest revenue share in the global vascular access device market during the forecast period. This is due to increasing number of individuals in this region suffering from chronic illnesses including cancer and Cardiovascular Diseases (CVDs), which make the use of vascular access devices for treatment necessary. Vascular access devices are used more frequently in North America considering its developed healthcare infrastructure and high-quality hospitals and clinics. In addition, creation of novel and enhanced gadgets is another factor expected to drive market revenue growth in this region during the forecast period.

The Europe market is expected to register fastest revenue growth rate in the global vascular access device market over the forecast period. This is owing to technological developments, such as creation of implanted ports and better catheter materials, drawing more healthcare professionals and patients. The safe delivery of drugs, electrolytes, fluids, parenteral nourishment, and blood products is made possible by the widespread use of vascular access devices. In hospitals, 60 to 90% of patients who are hospitalized are given an IV device to use. In order to increase productivity, increase patient safety, and save costs, several European healthcare organizations have appointed interdisciplinary Vascular Access Teams (VATs).

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Scope of Research

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Major Companies and Competitive Landscape

The global vascular access device market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective vascular access device services. Some major players included in the global vascular access device market report are:

• Becton and Dickinson Company (BD)
• Teleflex Incorporated
• B. Braun SE
• AngioDynamics
• Terumo Corporation
• Nipro Medical Corporation
• Edwards Lifesciences Corporation
• AMECO LLC
• Romsons
• PRODIMED

Strategic Development

• On 12 July 2022, a pioneer in an infusion treatment, B. Braun Medical Inc., unveiled the introduction of its new Introcan Safety 2 IV Catheter with one-time blood control. The newest innovation from B. Braun makes IV access safer for the clinician by lowering the possibility of needlestick injuries and exposure to blood with the Introcan Safety 2 IV Catheter.
• On 3 March 2021, Access Vascular, Inc., a company that deals with the most frequent and expensive venous access issues, announced that a Series B round of funding was completed. TVM Capital Life Science led the round, with a commitment of USD 15 million, while preexisting investors also participated.

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For the purpose of this report, Emergen Research has segmented vascular access device market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019–2032)                                           
  • Central Vascular Access Devices
    1. Peripherally Inserted Central Catheters (PICC)
    2. Tunneled catheters
    3. Non tunneled catheters
    4. Implanted ports
  • Peripheral Vascular Access Devices
    1. Midline catheter (short) devices
    2. Midclavicular catheter (Midline) devices
    3. Winged steel needles
  • Accessories
• Application Outlook (Revenue, USD Billion; 2019–2032)                                           
  • Drug administration
  • Fluid and nutrition administration
  • Blood transfusion
  • Diagnostics & testing
• End-Use Outlook (Revenue, USD Billion; 2019–2032)                                           
  • Hospitals
  • Clinics and ambulatory care centers
  • Others

• Regional Outlook (Revenue, USD Billion, 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest of Middle East & Africa

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