Short Peripheral Intravenous Catheters Segment Held Largest Vascular Access Devices Market Share in 2022
According to our new research study on "Vascular Access Devices Market Forecast to 2030 – Global Analysis – by Product Type, Application, Route of Insertion, and End User," the market is expected to grow from US$ 5.62 billion in 2022 to US$ 10.29 million by 2030; it is anticipated to record a CAGR of 7.9% from 2022 to 2030. The report emphasizes the trends prevalent in the global market, along with drivers and deterrents influencing its growth.
Increasing cases of chronic disorders and growing demand for chemotherapy procedures propel the vascular access devices market growth. However, the high cost associated with the placement of vascular access devices hampers the market growth. Significant increase in the use of AI-enabled robotic vascular access devices is expected to bring new market trends in the coming years.
Vascular Access Devices Market, by Region, 2022 (%)
Vascular Access Devices Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Short Peripheral Intravenous Catheters, Midline Catheters, PICC, Central Catheter, Implantable Ports, and Accessories), Application (Drug Administration, Administration of Fluid and Nutrition, Transfusion of Blood Products, and Others), Route of Insertion (Subcutaneous and Intravenous), End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and Geography
Vascular Access Devices Market Size Outlook by 2030
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Source: The Insight Partners Analysis
Increase in Demand for Home Infusion Therapy to Provide Opportunity for Vascular Access Devices Market During Forecast Period
To complete their course of intravenous drug administration, patients need to stay in the hospital before they are administered oral medications. With an efficient home infusion service, such patients can be transferred to home early. The hospital-at-home model provide hospital-level care within the home environment; it provides improved outcomes and also enhances the patient experience. In addition, treating several complicated medical conditions with home infusion therapies can reduce the duration of hospital stays, thus reducing the cost of treatment. The countries are focused on improving their healthcare infrastructure and services, which is encouraging the healthcare sector to upgrade products and services used during home healthcare. With the increasing availability of such upgraded medical offerings, their use is likely to rise in these countries in the future. Due to the COVID-19 pandemic, hospitals were under huge pressure to cater to a vast number of patients, which resulted in overpopulated emergency rooms (ERs) and overwhelmed doctors and medical staff. Therefore, the healthcare sectors in developing countries witnessed a crucial shift to homecare settings. Additionally, many patients withdrew from treatments within hospital settings due to the fear of contracting COVID-19, making home care a good option. In addition, patients were prone to hospital-acquired infections or healthcare-associated infections (HAIs) while receiving services in hospitals or other healthcare facilities. Home infusion provides significant cost-savings compared to traditional hospital infusion settings, as infusion provided at hospital facilities costs 50% more than infusion provided at home. As per the article published by Beckers Hospital, the cost of home infusion, on average, is US$ 140–250 per day. However, the average cost of hospital infusions was US$ 590 per patient per infusion in 2020. Patients requiring intravenous therapies in the ER can be relocated to home infusion after clinical evaluation. Vascular access device is one of the major equipment that is required to provide medications intravenously. Thus, increasing awareness about the benefits of home infusion therapy can create lucrative opportunities for the vascular access devices market growth during the forecast period.
The vascular access devices market is segmented on the basis of product type, application, route of insertion, end user, and geography. The market, by product type, is segmented into short peripheral intravenous catheters, midline catheters, PICC (peripherally inserted central catheters), central catheters, implantable ports, and accessories. The market for the central catheters segment is further divided into CICC (centrally inserted central catheter), FICC (femorally inserted central catheter), and others. In 2022, the short peripheral intravenous catheter segment held the largest vascular access devices market share, and it is expected to record the highest CAGR during 2022–2030.
Based on application, the vascular access devices market is segmented into drug administration, administration of fluid and nutrition, transfusion of blood products, and others. The drug administration segment held the largest market share in 2022 and is expected to record the highest CAGR during 2022–2030.
Based on route of insertion, the vascular access devices market is bifurcated into subcutaneous and intravenous. The intravenous segment held a larger share of the market in 2022 and would record a higher CAGR during 2022–2030.
Based on end user, the vascular access devices market is segmented into hospitals and clinics, ambulatory surgical center, and others. The hospitals and clinics segment held the largest market share in 2022 and is projected to record the highest CAGR during 2022–2030. Hospitals are complex organizations that provide healthcare services such as disease screening, diagnosis, and treatment with the help of modern equipment. Increasing number of admissions in hospitals and clinics, coupled with the high prevalence of chronic disorders due to lifestyle changes, fuels the vascular access devices market growth for the hospital and clinics segment.
Teleflex Inc, BD, B. Braun SE, Terumo Medical Corporation, Medtronic, Fresenius Kabi, Baxter, Vygon SAS, Kimal, and Access Vascular Inc are among the prominent players profiled in the vascular access devices market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the growing demand from consumers across the world and increase their product range in specialty portfolios. These initiatives by the companies are expected to increase the vascular access devices market size during the forecast period.
The vascular access devices market analysis has been carried out by considering the following segments: treatment type, application, route of insertion, end users and geography. The market, by treatment type, is segmented into short peripheral intravenous catheters, midline catheters, PICC (peripherally inserted central catheters), central catheters, implantable ports, and accessories. The market for the central catheter segment is subsegmented into CICC (centrally inserted central catheter), FICC (femorally inserted central catheter), and others. Based on application, the vascular access devices market is segmented into drug administration, administration of fluid & nutrition, transfusion of blood products, and others. Based on route of insertion, the vascular access devices market is bifurcated into subcutaneous and intravenous. By end user, the market is segmented into hospitals and clinics, ambulatory surgical centers, and others. The scope of the vascular access devices market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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