The global vascular access devices market will be worth US$8.6 bn by the end of 2024, estimates Transparency Market Research in its latest research report. The document also states that the market will progress at a CAGR of 5.4% during the forecast period of 2016 and 2024. The steady growth of the global market will be attributable to the growing number of people with diabetes, cancer, kidney-related issues, and cardiovascular diseases amongst others. The astounding technological advancements pertaining to vascular access have so triggered the growth of this market. These advancements have resulted in drug-coated catheters and anti-microbial-coated catheters, both of which have mitigated the chances of infections due to catheters amongst patients.
Q. Who are the leading competitors defining the market dynamics of the global vascular access devices market?
A. The research report defines the competitive landscape of the global vascular access devices market to be an exceptionally consolidated one. According to the report, the leading five players raked in lion’s share of 72.0% in 2015 in the global market. The researchers have identified these leading to be B. Braun Melsungen AG, C.R. Bard, Becton, Teleflex, Inc., Fresenius Medical Care, and Dickinson and Company. Researchers have observed that new players will find it significantly difficult to a find way due to tough competition. The growth of new entrants will also be hampered due to a handful of local players manufacturing implantable devices.
Q. What do the coming years hold for vascular access devices in the global market?
A. Broadly speaking, the market offers products such as peripheral catheters, central catheters, and accessories. Of these peripheral catheters are expected to gain remarkable traction in the coming years. The peripheral intravenous catheters (PIVC) will gain popularity in the coming years primarily due to their cost effectiveness. These catheters will also be preferred as they offer ease administration, reduced frequency of catheter-related complications, and low duration of usage. The central catheters will also show significant progress in the coming years due to rising uptake of hemodialysis catheters, peripherally inserted central catheters (PICC), and implantable ports. The rising sales of central catheters will also be due to the growing number of cases of end-stage renal failure, cancer, and a range of other cardiovascular diseases.
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Q. Which regions will retain leadership in the global vascular access devices market?
A. Geographically, the global vascular access devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The report states that North America will lead the global market. The regional market held a share of about 40% in the global market in 2015. The high prevalence of diseases and supportive healthcare infrastructure are the encouraging the growth of the overall market in the region. Europe is anticipated to follow in North America’ footsteps as countries such as Italy, the U.K., and Germany have a growing pool of geriatrics, who will drive the Europe vascular access devices market in the near future.
Analysts have observed that Asia Pacific will also emerge as a significant market for vascular access devices in the coming years. The region will offer ample of growth opportunities to the overall market as it is on the cusp of creating a robust healthcare infrastructure. Additionally, the rising disposable incomes of individuals in developing countries is also likely to provide a distinct impetus to market in the near future.