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Vascular Access Devices Market is anticipated to expand at a CAGR of 6.0% from 2016 to 2024

Press Release   •   Feb 07, 2017 06:26 EST

According to a new market report published by Transparency Market Research “Global Vascular Access Devices Market – (By Product Type – Peripheral Catheters, Central Catheters, and Accessories; By Application – Medication Administration, Administration of Fluid & Nutrition, Transfusion of Blood Products, and Diagnostic Testing; By Route of Insertion – Subcutaneous and Intravenous; By End-user – Hospitals, Clinics, Ambulatory Surgery Centers, and Diagnostic Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, the global vascular access devices market is anticipated to expand at a CAGR of 6.0% from 2016 to 2024 to reach US$ 8.6 Bn by 2024.

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Diabetes is considered to be the leading cause of kidney failure and end-stage renal disease (ESRD) globally. According to the International Diabetes Federation (IDF), around 338 million people in the world were diagnosed with diabetes in 2014. Kidney disease was the ninth leading cause of death in the U.S., and an estimated 3.2 million people were diagnosed with ESRD in 2015, of these around 2.8 million patients underwent dialysis due to kidney failure. Cancer is one of the leading causes of death globally, and rising prevalence of cancer has increased the number of people undergoing chemotherapy. This has resulted in larger number of patients requiring some kind of vascular access for medication administration, Transfusion of Blood Products, and administration of fluid and nutrition. According to the WHO, cardiovascular diseases accounted for an estimated 17.5 million deaths globally in 2015. Rising incidence of cancer, increasing prevalence of diabetes, and other disorders are the major factors accelerating the growth of the global vascular access devices market.

North America dominated the global vascular access devices market, with a market share of over 40% in 2015. Rising prevalence of cancer, cardiovascular, and end stage renal diseases along with growing geriatric population support market growth in the region. 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.

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Europe was the second most dominant market, accounting for a share of over 25% in terms of revenue in 2015. According to the WHO, Japan, Germany, Italy, and the U.K. had the highest percentage of geriatric population in the world, with Japan topping at 26%, followed by Italy at 22.2% and a life expectancy of around 82.2 years, Germany at 21%, and the U.K. at 18%. Prevalence of cancer, diabetes, and kidney failure is also high in these countries. The U.K. had around 2.5 million people living with cancer in 2015. The number is expected to increase to 4 million by 2020, and an estimated 3.2 million people suffering from diabetes. Growing number of patients requiring chemotherapy, increasing number of patients undergoing dialysis and Transfusion of Blood Products, and rising geriatric population leading to rise in lifestyle diseases associated with age are the key factors driving the vascular access devices market in Europe.

The market in Asia Pacific is projected to expand at a high CAGR during the forecast period from 2016 to 2024. Large population base, high target patient pool, increasing government initiatives to provide better health care facilities, and rising disposable income and per capita health care expenditure are driving the vascular access devices market in Asia Pacific.

Major players in the global vascular access devices market include C. R. Bard, B. Braun Melsungen AG, Becton, Dickinson and Company, Fresenius Medical Care, Cook Medical, Inc., Siemens Healthineers, Baxter International, and Medtronic, Inc.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.