(PharmaNewsWire.Com, February 07, 2024 ) The report "Vascular Access Device Market by Type (Central (Peripheral, Tunneled, Non- tunneled, Implanted Ports), Peripheral (Short, Midline, Winged)), Application (Drug, Blood, Fluid, Diagnostic), End User (Hospitals, Clinics, Ambulatory) - Global Forecast to 2028", is projected to reach USD 7.9 billion by 2028 from USD 5.6 billion in 2023, at a CAGR of 7.0% during the forecast period. 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.
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.
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).
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