Vascular Access Device Market worth $7.9 billion | MarketsandMarkets

CHICAGO, Aug. 2, 2023 /PRNewswire/ -- In the near future, the Vascular Access Device (VAD) industry is poised for transformative advancements, driven by cutting-edge technologies and a growing emphasis on patient-centric care. VADs, crucial for administering medications and drawing blood in medical settings, will undergo remarkable improvements in design, materials, and functionality, leading to enhanced patient comfort and reduced risk of complications. Miniaturization and integration of smart sensors will enable real-time monitoring of vital signs and early detection of potential issues, optimizing treatment outcomes. Additionally, breakthroughs in biomaterials will contribute to the development of bioresorbable VADs, eliminating the need for device removal procedures. Moreover, the integration of telemedicine and Internet of Things (IoT) capabilities into VAD systems will facilitate remote monitoring and data sharing, fostering seamless collaboration among healthcare professionals. As the demand for efficient and minimally invasive procedures increases, the VAD industry will see a shift towards more specialized and customizable devices, catering to diverse patient needs and clinical requirements. Overall, these advancements promise to revolutionize the VAD landscape, leading to safer, more accessible, and patient-friendly vascular access solutions in the near future.

Vascular Access Device Market in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $7.9 billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is majorly driven by growing number of chemotherapy procedures, and growing use of vascular access device in pediatric patients. However, product recalls and failures are expected to restrain market growth to a certain extent.

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Vascular Access Device Market Scope:

The central vascular access device segment is accounted for largest share of the market during the forecast period

On the basis of type, central vascular access device market comprises peripheral access device, central vascular access device, and accessories segment. In 2022, the central vascular access device segment accounted the largest share of the global vascular access device market. This attributed can be due to the extensive usage of central vascular access device in chemotherapy and in the treatment of cardiovascular disorders (CVD) and chronic kidney disorders (CKD).

The drug administration segment accounted for the largest share of the market during the forecast period.

On the basis of application, vascular access device market is bifurcated into segments including drug administration, fluid and nutrition administration, blood transfusion, and diagnostic & testing. In 2022, drug administration hold the largest share of the vascular access device market. Factors include high usage of vascular access device for drug administration, mainly for the treatment of infections and cancer are driving the market growth.

The hospitals segment accounted for the largest share of the market in 2022

On the basis of end users, vascular access device market is categorized into hospitals, clinics & ambulatory centers, and other end users (nursing homes, laboratories, diagnostic & imaging centers, and home healthcare agencies). In 2022, the hospitals segment hold the largest share. The dominance of this segment can be attributed to several significant factors. These factors include majority of vascular procedures are performed in hospital settings. Also, emergency care in hospitals needs VADs for blood transfusion and administration of different drugs.

Asia Pacific to witness the highest growth during the forecast period.

In 2022, North America accounted for the largest share the vascular access device market, followed by Europe, Asia Pacific, and Rest of the World. During forecast period, Asia Pacific to witness high growth rate. The rapid growth of this regional segment can be attributed to aging population, the growth in CKD & CKS prevalence and diabetes incidence, and healthcare reforms and investments in Asia-Pacific countries.

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Vascular Access Device Market Dynamics:

Drivers:

1. Growing prevalence of lifestyle diseases

Restraints:

1. High costs involved in the placement and maintenance of vascular access device

Opportunities:

1. Technological advancements

Challenges:

1. Shortage of skilled professionals

Key Market Players:

The prominent players in this market are 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).

Recent Developments:

• In June 2023, Teleflex Incorporated (US) has been awarded two group purchasing agreements with Premier, Inc. The new agreements allow Premier members, at their discretion, to take advantage of special pricing and terms pre-negotiated by Premier for Teleflex's Central Venous and Arterial Vascular Access products.
• In June 2022, Teleflex Incorporated (US) launched an Arrow Pressure Injectable Midline Catheter in Australia and New Zealand. The addition of the pressure injectable catheter further enhances the Midline portfolio to meet the expanded needs of clinicians and is designed to improve patient safety.
• In January 2022, ICU Medical, Inc. (US) completed its acquisition of Smiths Medical (US) from Smiths Group plc. The Smiths Medical business includes syringe and ambulatory infusion devices, vascular access, and vital care products. When combined with ICU Medical's existing businesses, the combined companies establish a leading infusion therapy company with estimated pro forma combined revenues of approximately USD 2.5 billion.
• In July 2021, Becton, Dickinson and Company (US) acquired Velano Vascular (US). Velano Vascular needle-free technology enables high-quality blood draws from existing peripheral intravenous catheter (PIVC) lines. This acquisition can now enable health care providers to help eliminate multiple needlesticks for blood sample collection, reducing the pain and discomfort from the process while delivering quality outcomes and increased patient satisfaction.

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Vascular Access Device Market Advantages:

• Improved Patient Outcomes: VADs enable precise administration of medications and fluids, ensuring accurate dosing and reducing the risk of medication errors. They also facilitate easier blood sampling, leading to timely diagnostics and appropriate treatment adjustments, ultimately improving patient outcomes.
• Minimizes Discomfort and Trauma: VADs reduce the need for repeated needle sticks and peripheral intravenous (IV) lines, minimizing patient discomfort and trauma. Central venous access devices, such as PICCs (Peripherally Inserted Central Catheters) and implantable ports, provide a stable, long-term access solution that is less invasive than conventional methods.
• Reduced Healthcare Costs: VADs reduce the frequency of venipunctures and peripheral IV insertions, decreasing the time and resources required for intravenous therapy and blood sampling. This leads to cost savings for healthcare facilities, increased staff efficiency, and improved patient throughput.
• Versatility and Flexibility: VADs come in various types and sizes, allowing healthcare providers to choose the most suitable device based on patient needs and medical requirements. This versatility ensures that vascular access can be established for patients with various conditions, including those needing long-term therapy.
• Facilitates Home Healthcare: VADs that are easy to use and maintain enable patients to receive necessary treatments in the comfort of their homes, reducing hospital stays and promoting patient independence. This is particularly beneficial for patients requiring prolonged infusion therapies.
• Enhanced Infection Control: VADs, especially those with antimicrobial coatings, contribute to better infection control by reducing the risk of bloodstream infections related to catheter use. This is critical in high-risk patients, such as those with compromised immune systems.
• Real-time Monitoring and Integration: Advancements in VAD technology enable the integration of smart sensors, allowing real-time monitoring of patient vitals and catheter performance. This data can be seamlessly integrated into electronic health records, facilitating data-driven decision-making and improving patient safety.
• Streamlined Workflows: VADs simplify the process of vascular access, enabling healthcare providers to focus on patient care rather than time-consuming insertion procedures. This can lead to increased efficiency and reduced wait times for patients in busy clinical settings.
• Greater Patient Satisfaction: The use of VADs, particularly less invasive and more comfortable options, leads to higher patient satisfaction due to reduced pain, ease of use, and the ability to receive treatments in non-clinical environments.

In conclusion, the Vascular Access Device market's advantages encompass improved patient outcomes, reduced discomfort, cost savings, flexibility, infection control, remote monitoring, streamlined workflows, and enhanced patient satisfaction. As technology continues to advance, the potential benefits of VADs are likely to increase further, making them indispensable tools in modern healthcare.

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Interventional Radiology Products Market - Global Forecasts to 2026

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