Vascular Access Devices Market Is Slated to Touch US$8.60 Bn by 2024
The global market for vascular access devices features a highly consolidated vendor landscape wherein a handful of established players hold leading market share. In this scenario, key players have locked horns with each other to render stiff competition in the market. Top five players, namely C.R. Bard, B. Braun Melsungen AG, Fresenius Medical Care, Teleflex Inc., and Dickinson, Becton, and Company collectively held 72.0% of the market in 2015.
The solid grounding of aforementioned companies poses hindrance for new companies to establish in the vascular access devices market. Moreover, established players are focusing on technological advances that will help them further consolidate their position.
As per a report by Transparency Market Research (TMR), the global vascular access devices market is estimated to increase from a valuation of US$5.1 bn in 2015 to US$8.6 bn by 2024 end. If the figure holds true, the vascular access devices market is foreseen to clock a steady 5.4% CAGR between 2016 and 2024. Depending on product type, peripheral catheters are projected to lead the vascular access devices market; the segment is predicted to rise at a whopping 60.30% CAGR between 2016 and 2024.
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By application, the vascular access devices market is classified into administration of fluids and nutritional compounds, diagnostic testing, medication administration, and transfusion of blood products. Region-wise, North America is at the fore in the vascular access devices market. Monumental efforts by governments in the region for modernization of healthcare is key to the growth of this regional market.
High Incidence of Chronic Diseases Fuels Demand
Changing lifestyle in several parts of the world are associated with chronic diseases such as obesity, cardiac diseases, and diabetes. This has necessitated adoption of technologically advanced equipment for disease diagnosis and therapeutics. This has been instrumental in the growth of vascular access devices market.
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In addition, favorable reimbursement scenario for using expensive therapeutics and advanced equipment has created stupendous demand for specialty equipment such as vascular access devices. Hospitals and healthcare centers predominantly in developed countries have brought about reforms in their fundamental organizational and infrastructural setup, which in turn has resulted in installation of hi-tech therapeutic equipment. Healthcare practitioners in these regions also possess necessary skill and knowledge to handle complex therapeutic equipment. These factors are favoring the vascular access devices market.
Involvement of International Organizations to Improve Healthcare Facilities World over Benefits Market
Across the world, the healthcare sector is undergoing transformation and expansion. Advancement of healthcare facilities in several parts of the world which includes installation of hi-tech diagnostic and therapeutic equipment is increasingly gaining traction.
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Private healthcare agencies, international organizations, as well as national governments are striving to improve healthcare facilities across the world. Installation of hi-tech equipment for disease diagnosis and therapeutics is on the healthcare development agenda of governments especially in developing countries. Initiatives undertaken by private healthcare organizations for improvement of healthcare facilities is also favoring the adoption of hi-tech healthcare equipment in developing countries.
On the contrary, high cost of equipment and lack of expert personnel to handle vascular access devices restricts their adoption mostly to developed countries.
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