Vascular Access Device Market By Product Type, Application and Forecast 2024
The vascular access devices market is largely consolidated, with the top five players accounting for a share of over 72.0% in 2015. C.R. Bard, B. Braun Melsungen AG, Teleflex, Inc., Becton, Dickinson and Company, and Fresenius Medical Care dominated the scene that year. Transparency Market Research finds that the vascular access devices market displays intense competitive rivalry among the existing players owing to the presence of several large global players and a few local manufacturers of implantable devices.
The global vascular access devices market is anticipated to expand at a CAGR of 6.0% from 2016 to 2024, rising from a value of US$5.1 bn in 2015 to US$8.6 bn by 2024. By volume, the market is projected to register a 5.4% CAGR during the forecast period.
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Rising Use of Vascular Access Devices in Hospitals
In terms of percentage share contribution by product, the peripheral catheters segment is expected to account for 60.3% by 2024, emerging as the leading segment by value. The segment is also projected to present highly lucrative opportunities for players in the vascular access devices market. By application, the medication administration segment takes the lead and is expected to reflect a gain in market share by the end of the forecast period.
On the basis of route of insertion, the intravenous segment is expected to gain market share by 2024, retaining its dominance in the overall vascular access devices market. Based on end use, hospitals accounted for a major share in 2015. The segment is expected to witness strong growth during the forecast period and retain its dominance through 2024. Geographically, North America accounted for a 40.8 % share in the global vascular access devices market in 2015 and is expected to continue its dominance during the forecast period.
Growing Incidence of Lifestyle-associated Diseases a Key Growth Driver
The incidence of lifestyle-associated diseases such as diabetes, blood pressure, and obesity has increased in the recent past and this can be attributed to factors such as unhealthy lifestyle and diet and a lack of exercise. The International Diabetes Federation (IDF) reported that in 2014, an estimated 338 mn people were diagnosed with diabetes, and the WHO found that around 1.9 bn adult population was obese or overweight in 2014. “This growing incidence in lifestyle diseases propels the need for hospitalization, thereby driving the demand for vascular access devices,” the author of the report states.
Other factors driving the global vascular access devices market include the rise in favorable reimbursement policies, an increase in the incidence of target diseases such as cancer, the surge in per capita healthcare expenditure, growing medical tourism in several developing nations, technological innovations, and the shifting focus of the government toward providing improved healthcare facilities.
On the flip side, increasing pricing pressure, stringent regulatory approvals, and a high chance of catheter-associated risks threaten to impede the widespread adoption of vascular access devices.
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