Major Growth Driving Factors:
The market’s industry trends are analyzed in the latest research study. Industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and market purchasing behavior are all included in the latest research study. The government’s substantial investments in state-of-the-art medical devices and the growing incidence of lifestyle diseases are the main factors propelling this market’s growth. The lack of qualified workers, however, is anticipated to hinder market expansion somewhat.
Driver: Rising rates of lifestyle illnesses
The World Health Organization 2021 reports that the greatest cause of death worldwide is cardiovascular diseases, or CVDs. According to estimates, 17.9 million deaths worldwide in 2019 were attributed to CVDs, or 32% of all deaths. Heart attacks and strokes were the cause of 85% of these fatalities. For example, the number of deaths from cardiovascular disease (CVD) is expected to increase from an estimated 18,9 million in 2020 to over 22,2 million in 2030 and 32,3 million in 2050, according to the World Heart Federation’s Vision 2030.Since diabetes is a major risk factor for chronic kidney disease (CKD), the number of patients with CKD is also expected to rise in the upcoming years in tandem with the growing prevalence of diabetes.
Opportunity: Technological advancements
As the most widely used method of vessel visualization, ultrasound is also the least invasive and widely available technique. It is an affordable method that enables the diagnosis of complications and the assessment of the maturity of vascular access; in recent years, image-guided vascular access has become a new, accurate method with accurate results. Ultrasound imaging has been used more frequently during VAD insertion. It increases the success rate of first-attempt insertions and lowers complications like accidental arterial punctures and hematoma formation by assisting medical professionals in real-time vein visualization.
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Restraint: High costs involved in the placement and maintenance of vascular access device
The cost of vascular access devices varies depending on the kind of device used during a procedure. Vascular access devices are rather expensive devices. Vascular access devices range in price from $150 to $900 on average. Furthermore, the cost to the physician for inserting a VAD ranges from $20 to $90 per hour. Vascular access procedures are more expensive when a patient is admitted to the hospital, and complications like occlusions or bloodstream infections from central catheters can drive up the cost of the procedure significantly.
A central catheter bloodstream infection has the potential to drive up the cost of a procedure to over USD 25,000 in the United States, according to the Canadian Association of Nurses in Oncology. Vascular access devices (VADs) have high placement and maintenance costs, which are anticipated to limit market growth over the course of the forecast period.
Challenge: Shortage of skilled professionals
Vascular access devices are handled by qualified specialists because patients may experience medical complications from an incorrect insertion. Blood vessel damage, bleeding at the site, air embolus, lung injury (pneumothorax), and bloodstream infections are among the complications that can occur when using VADs. In a National Association for Business Economics (NABE) survey on current business conditions, 35 percent of respondents said that there is a lack of qualified professionals in the US. Over the course of the forecast period, the demand for and adoption of VADs is anticipated to be impacted by the shortage of qualified professionals in key global markets.
End User Scenario:
In 2022, the hospitals segment held the highest market share.
The vascular access device market is divided into two segments based on end users: hospitals and clinics and ambulatory centers; the other segment includes home healthcare agencies, laboratories, nursing homes, and diagnostic & imaging centers. The hospitals segment will have the biggest share in 2022. There are a number of important reasons for this segment’s dominance. Among these are the fact that most vascular procedures are carried out in hospital environments. VADs are also required for the administration of various medications and blood transfusions during emergency care in hospitals.
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Projected Revenue Growth, Globally:
Revenue-wise, the global vascular access device market was projected to be valued at $5.6 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2028, when it is expected to reach $7.9 billion.
Geographical Growth Scenario:
Asia Pacific is expected to grow at the fastest rate during the projection period.
North America held the largest market share for vascular access devices in 2022, with Europe, Asia Pacific, and the rest of the world following closely behind. Asia Pacific is expected to grow at a high rate during the forecast period. The aging of the population, the rise in the prevalence of diabetes and CKD/CKS, as well as healthcare reforms and investments in Asia-Pacific nations, are all factors contributing to this region’s rapid growth.
Leading Companies Operating in This Industry:
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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