Vascular Access Devices Market to be Worth $2.64 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Jan. 25, 2023 /PRNewswire/ -- The global vascular access devices market size is expected to reach USD 2.64 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5% from 2023 to 2030. The rise in the geriatric population, the prevalence of chronic illnesses, and the number of surgical operations all contribute to the market's expansion. The vascular system could be accessed with vascular access devices such that fluids, drugs, and blood can be administered or removed. For the treatment of severe medical illnesses including cancer and renal failure, these devices are frequently employed. The need for vascular access devices is anticipated to be driven by the rising prevalence of chronic disorders. Additionally, technological advancements in medical devices are also likely to support the growth of the market.
Key Industry Insights & Findings from the report:
- On the basis of product, the market is divided into Short Peripheral Intravenous Catheter (Short PIVCs), Huber Needles, Midline Catheters, Peripherally Inserted Central Catheter (PICCs), Dialysis Catheters, Implantable Ports, and Central venous catheters. Furthermore, the Short Peripheral Intravenous Catheter (Short PIVCs) segment accounted for the largest market share of over 40% in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to the increasing number of emergency surgeries and the rising prevalence of chronic diseases.
- The market is further segmented on the basis of end-users, which includes hospitals, ambulatory surgical centers, and other end-users. Hospitals accounted for the largest market share in 2022 and are expected to maintain their dominance over the forecast period. This is attributed to the presence of well-equipped healthcare facilities, high healthcare expenditure, and the availability of skilled healthcare professionals in hospitals.
- North America held a major market share of over 58% in 2022; this is attributed to the presence of advanced healthcare infrastructure and the rising prevalence of chronic diseases in the region.
- The competitive landscape for vascular access devices is highly competitive, with many companies offering different types of products and services. The major players in this market include BD, B. Braun Melsungen AG, Terumo Corporation, Teleflex Incorporated, and Smiths Medical. These companies are continuously innovating and introducing new products and services to maintain their market share. Other smaller companies such as AngioDynamics, Deltamed, and Merit Medical Systems have a presence in the market.
Read 150 page market research report, "Vascular Access Devices Market Size, Share & Trends Analysis Report By Product Type (Short PIVCs, Huber Needles, Midline Catheters, PICCs, CVCs, Dialysis Catheters, Implantable Ports), By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Vascular Access Devices Market Growth & Trends
An increase in chronic illnesses including cancer, renal disease, heart disease, hypertension, diabetes, obesity, and depression has led to an increase in new cases of cancer. For instance, the GLOBOCAN 2020 report states that 19,292,789 new cancer cases were reported in 2020, out of which 2,261,419 and 2,206,771 were specifically related to breast cancer and lung cancer, respectively. Additionally, according to WHO data released in April 2021, chronic illnesses would cause the deaths of 41 million people per year (71% of all fatalities), with 77% of those deaths occurring in low- and middle-income countries. The demand for vascular access devices would be rising as cancer rates grow in the coming years.
Key players in the market are investing in the launch of new products and collaborations for sustaining their market presence. For instance, in September 2022, Access Vascular, Inc., partnered with the Association for Vascular Access (AVA). This partnership aims to enhance patient outcomes with evidence-based practices and tech education. Moreover, in May 2020, Smiths Medical (ICU Medical, Inc.) acquired Access Scientific, LLC's business; this transaction extends Smiths Medical's vascular access product portfolio.
Vascular Access Devices Market Segmentation
Grand View Research has segmented the global vascular access devices market based on product, end-use, and region:
Vascular Access Devices Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
- Short Peripheral Intravenous Catheter (Short PIVCs)
- Standard/ Conventional
- Huber Needles
- Standard/ Conventional
- Midline Catheters
- Peripherally Inserted Central Catheter (PICCs)
- Central Venous Catheter (CVCs)
- Dialysis Catheters
- Implantable Ports
Vascular Access Devices Market - End-Use Outlook (Revenue, USD Million, 2018 - 2030)
- Ambulatory care centers
- Other end users (Clinics, etc.)
Vascular Access Devices Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players in the Vascular Access Devices Market
- Teleflex Medical
- B. Braun
- Smith Medical (ICU Medical, Inc)
- Medical Components, Inc.
- Cook Medical
- Terumo Medical Corporation
- Access Vascular, Inc.
Check out more related studies published by Grand View Research:
- Intravascular Ultrasound Market - The global intravascular ultrasound market size is anticipated to reach USD 1.14 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.1% from 2023 to 2030. The rising prevalence of cardiovascular disorders coupled with the increasing demand for effective diagnostic techniques is the key factor driving the market. Moreover, consistent technological advancements are further expected to boost market growth during the forecast period. Intravascular ultrasound (IVUS) is an effective intravascular imaging modality as this technology overcomes numerous disadvantages of angiography, which utilizes X-ray technology to create images.
- Cardiovascular Repair And Reconstruction Devices Market - The global cardiovascular repair and reconstruction devices market is expected to reach USD 4,481.5 million by 2025, according to a new report by Grand View Research, Inc. Increase in the prevalence of Congenital Heart Defects (CHDs) and the availability of technologically advanced cardiovascular valves, grafts, and patches are among the key factors expected to drive growth over the forecast period.
- Catheter Market - The global catheter market size is anticipated to reach USD 85.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. An increasing number of surgeries due to a rise in the number of chronic ailments such as diabetes, cardiovascular disorders, urological disorders, end-stage renal diseases, and other chronic conditions is expected to increase the adoption rate of catheters, thus driving the market over the forecast period.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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