Vascular Access Devices Market will rise to US$ 8.6 Billion by 2024

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Vascular Access Devices Market - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2016 2024
The growth of the global vascular access devices market can be attributed to
rising geriatric population and the increasing prevalence of cancer, diabetes,
kidney failure, and various lifestyle diseases. Technological advancements in
the field of vascular access have resulted in the development of new and
innovative products such as anti-microbial-coated catheters and drug-coated
catheters, which has reduced the incidence of catheter-related infections and
complications. Innovative techniques such as ultrasound-guided catheter tip
location have also increased the efficiency of catheter placement. These
developments have had a significant impact on the adoption of vascular
access devices across the globe.
The vascular access devices market is projected to expand at a CAGR of
6.0% from 2016 to 2024 to reach US$8.6 bn by 2024.
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The peripheral catheters segment accounts for a large share in the global
vascular access devices market. Peripheral intravenous catheters (PIVC) are
the most preferred kind because of th eir ease of administration, lower
frequency of catheter-related complications, lesser duration of usage, and cost
effectiveness.
The central catheters segment is expected to witness considerable growth over
the coming years due to the increasing adoption of peripherally inserted central
catheters (PICC), hemodialysis catheters, and implantable ports. This can be
attributed to the rising prevalence of diseases such as cancer, end-stage renal
failure, and cardiovascular disease. The PICC segment is projected to expand
at a faster rate due to the longer duration of use and technological
advancements in catheter placement.
North America leads the global vascular access devices market, with a share
of over 40% in 2015. The rising prevalence of cancer, cardiovascular diseases,
and end-stage renal diseases supports market growth in the region. Growing
geriatric population is also a key factor driving this market. Of the 2.8 million
patients who underwent dialysis in 2015, around 613,000 were from North
America. Moreover, an estimated 1.6 million new cancer cases were detected
in the U.S. alone in 2015. These factors collectively drive the vascular access
devices market in North America.
Europe also forms a key market for vascular access devices and accounted for
a share of over 25% in terms of revenue in 2015. According to th e WHO,
Germany, Italy, and the U.K. are among nations with the highest percentage of
geriatric population in the world. The prevalence of cancer, diabetes, and
kidney failure is also high in these countries. The growing number of patients
requiring chemotherapy, the increasing number of patients undergoing dialysis
and blood transfusion, the rising geriatric population, and a higher incidence
of lifestyle diseases are the key factors driving the vascular access devices
market in Europe.
The market in Asia Pacific is projected to expand at a high CAGR during the
forecast period. A large population base, a greater target patient pool,
increasing government initiatives to provide better healthcare facilities, and
rising disposable income and per capita healthcare expenditure are driving the
vascular access devices market in Asia Pacific.
Major players in the global vascular access devices market include C. R. Bard,
B. Braun Melsungen AG, Becton, Dickinson and Company, Fresenius Medical
Care, Cook Medical, Inc., Siemens Healthineers, Baxter International, and
Medtronic, Inc.
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