Published: Apr, 2017
A recent study by Transparency Market Research (TMR) has detected an intensely competitive scenario in the global vascular access devices market. The study finds that top five players held 72.40% share in 2015, while rest of the market was distributed among a large number of smaller players. According to the TMR report, the top five companies in the global market for vascular access devices are B. Braun Melsungen AG, C.R. Bard, Becton, Dickinson and Company, TeleFlex, Inc., and Fresenius Medical Care. Among these leading players, C.R. Bard was marginally ahead of the curve in 2015 with 22.6% of the shares, which was a reflection of their constant emphasis on research and development. C.R. Bard had more than 150 product ideas in pipeline in the fields of vascular, surgical, and urological divisions.
According to the TMR report, the global vascular access devices market will be worth US$8.6 bn by 2024, expanding at a healthy CAGR of 5.4% during the forecast period of 2016 to 2024, significantly rising from its valuation of US$5.1 bn in 2015. Some of the key developments in vascular access devices market include the acquisition of dialysis service provider Sandor Nephro Service in India by Fresenius Medical Care in September 2016 and C.R. Bard acquiring Liberator Medical Holdings Inc., a direct-to-consumer distributor of durable medical equipment in January 2016.
Cost-efficient PIVC Continues to Gain Demand
By product-type, the report segments the global vascular access devices market into peripheral catheters, central catheters, and accessories. Among these, peripheral catheters segment, which is further sub-segmented into peripheral intravenous catheters (PIVC) and midline catheters, is expected to account for 60.3% share of the vascular access devices market. Though the growth of peripheral catheters segment is experiencing sluggish growth, PIVC continues to gain demand for being cost-efficient, ease of insertion, reduced complication risks associated with use of other catheters, and government regulations.
Geographically, the report rates North America as the most lucrative regional market for vascular access devices market, estimating it to account for 44.0% of the market by 2024. This dominance by North America during the forecast period is a reflection of the presence of well-established health care infrastructure, availability of reimbursements, aging population, high obesity rates, and high purchasing power of the general population. Asia Pacific is expected to increment the demand for vascular access devices at most prominent rate in the near future, owing to increased investment to improve healthcare facilities by several emerging economies in this region such as India. Medical tourism, growing healthcare awareness, and increasing disposable income among the urban population are other factors favoring the growth of Asia Pacific vascular access devices market.
Increasing Number of Lifestyle Diseases Favoring Future
The global vascular access devices market is driven by several factors including the increase in the number of lifestyle diseases, demographic changes, increase in the incidences of target diseases, growing medical tourism, technological innovations, reimbursement policies, and government’s shifting focus towards better healthcare facilities. On the other hand, the report expects catheter associated risks, lack of regulatory approvals, and pricing pressure to hinder the growth of the market during the forecast period.
According to the author of the report, “Many global manufacturers are coming up with innovative and technologically advanced products, which are opening numerous opportunities for the growth of the market by reducing the risks and infections associated with the use of vascular access devices.” The author also expects factors such as noticeable increase in the number of cancer patients, patients with renal impairment, and diabetes to further help the future prospects of this market.
The information presented in this review is based on a Transparency Market Research report, titled, “Vascular Access Devices Market - ( Product Type - Peripheral Catheters ( PIV Catheters, Midline Catheters), Central Catheters ( PICC, CVC, Dialysis Catheters, Implantable Ports), Accessories; Application - Medication Administration, Administration of Fluid & Nutrition, Transfusion of Blood Products, Diagnostic Testing; Route of Insertion - Subcutaneous and Intravenous; End-users - Hospitals, Clinics, Ambulatory Surgery Centers, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”
Key Segments of the Global Vascular Access Devices Market
Global Vascular Access Devices Market, by Product Type
- PIV Catheters
- Midline Catheters
- Dialysis Catheters
- Implantable Ports
Global Vascular Access Devices Market, by Application
- Medication Administration
- Administration of Fluid and Nutrition
- Transfusion of Blood Products
- Diagnostic Testing
Global Vascular Access Devices Market, by Route of Insertion
Global Vascular Access Devices Market, by End Users
- Ambulatory Surgery Centers
- Diagnostic Centers
Global Vascular Access Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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