The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Vascular Access Devices Global Market Report 2024, the vascular access devices market is expected to show promising growth in the forecast period.

The vascular access devices (VAD) market has experienced significant growth in recent years, fueled by various factors ranging from the rise in chronic diseases to advancements in healthcare infrastructure. As we look to the future, this market shows no signs of slowing down, with promising trends and innovations set to drive further expansion.

Current Market Landscape

Rapid Market Growth

• 2023 to 2024 Growth: The market size will grow from $5.3 billion in 2023 to $5.74 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.3%.
• Contributing Factors: Key drivers include the rising incidence of chronic diseases, an aging population, expanded healthcare infrastructure, an increase in surgical procedures, and improved awareness and training among healthcare professionals.

Future Projections

• 2024 to 2028 Growth: The market is expected to reach $7.48 billion by 2028, with a CAGR of 6.8%.
• Driving Forces: Growth will be driven by advancements in material science, the rise of ambulatory care, globalization of healthcare, telemedicine, and a focus on infection control.

Trends Shaping the Future

Infection Prevention and Antimicrobial Technologies

• Focus on Infection Control: Enhanced efforts to prevent infections are leading to the development of antimicrobial technologies in VADs.
• Specialty Devices Demand: There is a growing demand for specialized vascular access devices designed to reduce infection rates and improve patient outcomes.

Training and Education

• Healthcare Professional Training: Emphasis on training and education for healthcare professionals ensures better utilization and management of VADs.
• Collaborative Product Development: Partnerships and collaborations among companies are crucial for developing innovative products and expanding market reach.

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Lifestyle Diseases Driving Market Growth

Prevalence of Chronic Diseases

• Non-communicable Diseases (NCDs): Lifestyle diseases, such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes, are major contributors to the increased need for VADs.
• Global Impact: According to the World Health Organization, NCDs cause 41 million deaths annually, accounting for 74% of global deaths.

Essential for Ongoing Treatment

• Ongoing Care Requirements: VADs are essential for the safe and effective delivery of medications and therapies required for managing chronic diseases.

Key Players in the Market

Leading Companies

• Major Companies: Notable players include Medtronic PLC, Siemens Healthineers, Fresenius Medical Care, Becton Dickinson and Company (BD), Baxter International, Boston Scientific, and many more.
• Innovative Technologies: Companies are focusing on innovative technologies to maintain competitive edges, such as TipTracker technology for real-time visual navigation during catheter placements.

Innovations Revolutionizing Care

TipTracker Technology

• Teleflex’s New Devices: In May 2023, Teleflex Incorporated launched the VPS Rhythm and DLX Device featuring TipTracker technology, which eliminates the need for confirmatory X-rays and enhances the PICC insertion process.
• Benefits: These devices improve patient care, expand treatment options, and increase procedural efficiency.

BD’s Acquisition of Velano Vascular

• Enhancing Blood Collection: In July 2021, BD acquired Velano Vascular, a company known for its needle-free blood collection technology, aiming to alleviate patient discomfort during blood sampling.
• Impact: This acquisition is set to make blood collection easier and more comfortable, showcasing BD’s commitment to improving patient care.

Market Segmentation

Device Types and Applications

• By Device Type: Central Vascular Access Devices and Peripheral Vascular Access Devices.
• By Application: Drug Administration, Fluid and Nutrition Administration, Blood Transfusion, Diagnostics and Testing.

End Users

• Primary End Users: Hospitals, clinics, ambulatory care centers, and other healthcare facilities.
• Regional Insights: North America was the largest region in the market in 2023, while Asia-Pacific is expected to be the fastest-growing region during the forecast period.

Conclusion

The vascular access devices market is on a robust growth trajectory, driven by the rising prevalence of chronic diseases, technological advancements, and an increased focus on infection control. With major companies investing in innovative solutions and collaborative efforts, the market is poised for significant advancements and expansion in the coming years.

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