(PharmaNewsWire.Com, June 23, 2020 ) Vascular access devices include central vascular access devices, peripheral vascular access devices, and accessories. The global vascular access device market is projected to grow from USD 3.87 Billion in 2017 to reach to USD 5.45 Billion by 2022 at a CAGR of 7.1%. Base year considered for the report is 2016.
The key factors driving the growth of this market include the growing prevalence of lifestyle diseases, an increase in the number of chemotherapy procedures and the increasing use of vascular access devices in pediatric patients.
Target Audience:
# Vascular access device manufacturers and distributors
By end user, hospitals are expected to hold largest market share in 2017
Based on the end users, the market is segmented into hospitals, clinics and ambulatory care centers, and other end users. In 2017, the hospital segment is expected to dominate this market. The large share of this segment can be attributed to the fact that a majority of vascular procedures are performed in hospital settings.
North America to hold the largest share of the market in 2017
North American segment is expected to account the largest share of the market in 2017. 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.
By application, the drug administration segment is expected to dominate the market in 2017
Based on application, the market is broadly classified into drug administration, fluids and nutrition administration, blood transfusion, and diagnostics and testing. The drug administration segment is estimated to account for the largest share of the market in 2017, 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.
The major players in the global vascular access device market are Becton, Dickinson and Company (U.S.), C. R. Bard, Inc. (U.S.), Smiths Medical, Inc. (U.K.), Teleflex Incorporated (U.S.), B.Braun Melsungen AG (Germany), NIPRO Medical Corporation (Japan), Edwards Lifesciences Corporation (U.S.), Terumo Corporation (Japan), Vygon Ltd. (U.K.), Ameco Medical (Egypt), AngioDynamics (U.S.), Romsons Scientific & Surgical Pvt. Ltd. (India), and PRODIMED (France).
In 2016, Becton Dickinson and Company (U.S.) dominated the peripheral vascular access devices market and accounted for approximately 67% of the market share. Whereas, the central venous access devices market was dominated by C. R. Bard, Inc. (U.S.), and Smiths Medical, Inc. (U.K) which, together, held ~70% of the market.
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