Global Vascular Access Device Market Poised for Significant Growth: Forecast to Reach .9 Billion by 2028
Posted by MV Mukund on June 10th, 2024
The global vascular access device market is set to experience remarkable growth, with projections indicating a rise from .6 billion in 2023 to an impressive .9 billion by 2028, registering a CAGR of 7.0% over the forecast period. This growth is largely fueled by substantial government investments in advanced medical devices and an increasing prevalence of lifestyle-related diseases. However, the industry faces challenges, including a shortage of skilled professionals.
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Central Vascular Access Devices Lead Market Share
In terms of device type, the central vascular access device segment is expected to dominate the market throughout the forecast period. This dominance is attributed to the widespread use of these devices in critical treatments such as chemotherapy and the management of cardiovascular disorders (CVD) and chronic kidney disorders (CKD).
Drug Administration Emerges as Key Application Segment
The vascular access device market, segmented by application, reveals that drug administration holds the largest share. This segment's prominence is driven by the high utilization of vascular access devices for administering medications, particularly in treating infections and cancer.
Hospitals Remain Primary End Users
Hospitals are anticipated to continue holding the largest market share among end users. This is due to the majority of vascular procedures being conducted in hospital settings, alongside the necessity for vascular access devices in emergency care for blood transfusions and drug administrations.
Asia Pacific: The Fastest-Growing Region
Geographically, North America led the market in 2022, followed by Europe, Asia Pacific, and the Rest of the World. Looking forward, the Asia Pacific region is expected to witness the highest growth rate. Factors such as an aging population, increasing prevalence of CKD and diabetes, and significant healthcare reforms and investments are driving this rapid growth in the Asia Pacific.
Key Market Players
Prominent players in the vascular access device market include 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).
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