The growth of the global vascular access devices market can be attributed to rising geriatric population and the increasing prevalence of cancer, diabetes, kidney failure, and various lifestyle diseases. Technological advancements in the field of vascular access have resulted in the development of new and innovative products such as anti-microbial-coated catheters and drug-coated catheters, which has reduced the incidence of catheter-related infections and complications. Innovative techniques such as ultrasound-guided catheter tip location have also increased the efficiency of catheter placement. These developments have had a significant impact on the adoption of vascular access devices across the globe.
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The vascular access devices market is projected to expand at a CAGR of 6.0% from 2016 to 2024 to reach US$8.6 bn by 2024.
Cost Effectiveness Drives Preference for Peripheral Intravenous Catheters
The peripheral catheters segment accounts for a large share in the global vascular access devices market. Peripheral intravenous catheters (PIVC) are the most preferred kind because of their ease of administration, lower frequency of catheter-related complications, lesser duration of usage, and cost effectiveness.
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The central catheters segment is expected to witness considerable growth over the coming years due to the increasing adoption of peripherally inserted central catheters (PICC), hemodialysis catheters, and implantable ports. This can be attributed to the rising prevalence of diseases such as cancer, end-stage renal failure, and cardiovascular disease. The PICC segment is projected to expand at a faster rate due to the longer duration of use and technological advancements in catheter placement.
Rising Incidence of Cancer and Lifestyle-associated Diseases Spurs Use of Vascular Access Devices in North America
North America leads the global vascular access devices market, with a share of over 40% in 2015. The rising prevalence of cancer, cardiovascular diseases, and end-stage renal diseases supports market growth in the region. Growing geriatric population is also a key factor driving this market. Of the 2.8 million patients who underwent dialysis in 2015, around 613,000 were from North America. Moreover, an estimated 1.6 million new cancer cases were detected in the U.S. alone in 2015. These factors collectively drive the vascular access devices market in North America.
Europe also forms a key market for vascular access devices and accounted for a share of over 25% in terms of revenue in 2015. According to the WHO, Germany, Italy, and the U.K. are among nations with the highest percentage of geriatric population in the world. The prevalence of cancer, diabetes, and kidney failure is also high in these countries. The growing number of patients requiring chemotherapy, the increasing number of patients undergoing dialysis and blood transfusion, the rising geriatric population, and a higher incidence of lifestyle diseases are the key factors driving the vascular access devices market in Europe.
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The market in Asia Pacific is projected to expand at a high CAGR during the forecast period. A large population base, a greater target patient pool, increasing government initiatives to provide better healthcare facilities, and rising disposable income and per capita healthcare expenditure are driving the vascular access devices market in Asia Pacific.
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