Vascular access device market worth USD 7.9 billion by 2028

In the near future, the vascular access device (VAD) industry is poised for transformative advancements, driven by cutting-edge technologies and a growing emphasis on patient-centric care. VADs, crucial for administering medications and drawing blood in medical settings, will undergo remarkable improvements in design, materials, and functionality, leading to enhanced patient comfort and reduced risk of complications. Miniaturization and integration of smart sensors will enable real-time monitoring of vital signs and early detection of potential issues, optimizing treatment outcomes. Additionally, breakthroughs in biomaterials will contribute to the development of bioresorbable VADs, eliminating the need for device removal procedures. Moreover, the integration of telemedicine and Internet of Things (IoT) capabilities into VAD systems will facilitate remote monitoring and data sharing, fostering seamless collaboration among healthcare professionals. As the demand for efficient and minimally invasive procedures increases, the VAD industry will see a shift towards more specialized and customizable devices, catering to diverse patient needs and clinical requirements. Overall, these advancements promise to revolutionize the VAD landscape, leading to safer, more accessible, and patient-friendly vascular access solutions in the near future.

Vascular access device market in terms of revenue was estimated to be worth $5.6 billion in 2023 and is poised to reach $7.9 billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is majorly driven by growing number of chemotherapy procedures, and growing use of vascular access device in pediatric patients. However, product recalls and failures are expected to restrain market growth to a certain extent.

The central vascular access device segment is accounted for largest share of the market during the forecast period
On the basis of type, central vascular access device market comprises peripheral access device, central vascular access device, and accessories segment. In 2022, the central vascular access device segment accounted the largest share of the global vascular access device market. This attributed can be due to the extensive usage of central vascular access device in chemotherapy and in the treatment of cardiovascular disorders (CVD) and chronic kidney disorders (CKD).

The drug administration segment accounted for the largest share of the market during the forecast period
On the basis of application, vascular access device market is bifurcated into segments including drug administration, fluid and nutrition administration, blood transfusion, and diagnostic & testing. In 2022, drug administration hold the largest share of the vascular access device market. Factors include high usage of vascular access device for drug administration, mainly for the treatment of infections and cancer are driving the market growth.

The hospitals segment accounted for the largest share of the market in 2022
On the basis of end users, vascular access device market is categorized into hospitals, clinics & ambulatory centers, and other end users (nursing homes, laboratories, diagnostic & imaging centers, and home healthcare agencies). In 2022, the hospitals segment hold the largest share. The dominance of this segment can be attributed to several significant factors. These factors include majority of vascular procedures are performed in hospital settings. Also, emergency care in hospitals needs VADs for blood transfusion and administration of different drugs.

Asia Pacific to witness the highest growth during the forecast period
In 2022, North America accounted for the largest share the vascular access device market, followed by Europe, Asia Pacific, and Rest of the World. During forecast period, Asia Pacific to witness high growth rate. The rapid growth of this regional segment can be attributed to aging population, the growth in CKD & CKS prevalence and diabetes incidence, and healthcare reforms and investments in Asia-Pacific countries.

Key market players:
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). MarketsandMarkets™