(PharmaNewsWire.Com, March 20, 2018 ) The global Vascular Access Devices market is anticipated to grow at 7.1% CAGR from 2016 to 2021 and it is estimated that the global market was valued at USD 3.87 billion in 2016 and is expected to reach USD 5.45 billion by 2021.
A vascular access makes life-saving hemodialysis treatments possible. Hemodialysis is a procedure for patients with kidney failure. It uses a machine to send the patient's blood through a filter, called a dialyzer, outside the body. The access is a surgically created vein used to remove and return blood during hemodialysis.
The global market is projected to display a modest growth during the forecast period, mainly driven by growing number of patients with chronic diseases, rising geriatric population, rapidly growing medical tourism industry as well as increasing per capita expenditure on healthcare. The peripherally inserted central catheter has developed at a noteworthy pace since its introduction in the market. Moreover, increase in per capita expenditure on healthcare coupled with growing medical tourism industry in developing countries further expected to boost the market growth.
The global Vascular Access Devices market is segmented on the basis of Type, Application, and End User. On the basis of Type, it is segmented into Peripheral, Central, and Accessories. The peripheral segment is further sub-segmented into Midline, Butterfly/Winged Steel Needles, and Short. Central segment is further sub-segmented into PICC, Tunneled, Non-Tunneled and Implanted Ports. The central vascular access devices segment is expected to account for the largest share of the vascular access devices market. The dominant share of the market is attributed to the fact that central vascular access devices are used in chemotherapy and for the treatment of cardiovascular disorders and chronic kidney disorders. On the basis of Application, it is segmented into Drug Administration, Fluid and Nutrition Administration, Blood Transfusion, and Diagnostics Testing. The drug administration segment is estimated to account for the largest share of the market, the growth of drug administration segment is attributed to the high usage of vascular access devices for drug administration for the treatment of infections, cancer, and other diseases. Hospitals, Clinics, and Ambulatory Care Centers, Other End Users. The hospital segment is expected to dominate this market. The large share of this segment can be accredited to the fact that a majority of vascular procedures are performed in hospital settings.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North American segment is expected to account the largest share of the market. Market growth in this region is primarily driven by factors such as the high prevalence of cardiovascular diseases; increasing number of research studies and clinical trials for vascular access devices in the U.S.; and the increase in chemotherapy procedures. Moreover, the increasing number of cardiac arrest cases, an increase in the number of minimally invasive procedures and the increase in cancer incidences in Canada are other factors driving the growth of this market in this region. Asia Pacific is expected to witness the highest CAGR in the coming years due to increasing geriatric population coupled with medical tourism.
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