Vascular Access Devices Market: Key Insights
Vascular access devices are medical devices used to access a patient's bloodstream for administering medications, fluids, or nutrition. These devices are commonly used in the healthcare industry for patients who require long-term intravenous (IV) therapy, such as those undergoing dialysis or chemotherapy.
The global market for vascular access devices is anticipated to rise significantly due to the rising majority of chronic diseases, such as diabetes and cancer, and the aging population. Technological advancements and the increasing use of minimally invasive procedures drive market growth. Factors expected to hinder the market's growth include the high cost of devices and the risk of complications associated with their use.
Overall, the market is expected to grow steadily over the forecast period and presents a good chance for new players to enter.
Growing Prevalence of Lifestyle Diseases to Drive Vascular Access Devices Market
The increasing prevalence of lifestyle disease, such as obesity, diabetes, and hypertension, is one of the primary factors which is driving the development of the vascular access devices market. These diseases can lead to a higher risk of complications during surgeries and other medical procedures, increasing the need for vascular access devices such as catheters and needles. Additionally, the growing aging population and an increasing number of surgical procedures are contributing to this market's growth.
Vascular Access Devices Market: Segmental Overview
The global vascular access devices market is segmented on the basis of type, application, and end user. Based on type, the market is bifurcated as central vascular devices and peripheral vascular devices. On the basis of the application, the market is segmented into fluid & nutrition administration, drug administration, diagnostics & testing, and blood transfusion. The market, on the basis of the end user, is classified as hospitals, ambulatory care center and clinics.
Based on end user, the hospitals segment held a substantial share in the market. Hospitals are a significant driver of growth for the vascular access devices market because they are the primary setting in which these devices are used. Vascular access devices, such as catheters and needles, are used in hospitals for various medical procedures, including dialysis, chemotherapy, and administering medications and fluids. As the population ages and the incidence of chronic diseases such as diabetes and cancer increases, the demand for these devices in hospitals is likely to grow. Additionally, advances in technology, such as the development of new materials and designs for vascular access devices, may contribute to market growth by improving the safety and efficacy of these devices.
Vascular Access Devices Market: Competitive Landscape and Key Developments
B Braun Melsungen AG, NIPRO Medical Corporation, Smiths Medical, Becton, Dickinson and Company, Vygon Ltd., Terumo Corporation, Teleflex Incorporated, Edwards Lifesciences Corporation, AngioDynamics, and Ameco Medical among the key players operating in the vascular access devices market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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