Global Vascular Access Device Market - Segmented by Device Type, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global vascular access device market is expected to register a CAGR of nearly 6.5% during the forecast period of 2018 - 2023. With the rising number of surgeries being performed in hospitals worldwide, the demand for vascular access device market is mounting, as it is used to enable easy access to the bloodstream through hollow and flexible tubes of latex or silicone. The regional analysis shows that North America is highly lucrative region for companies growth due to the well-established healthcare infrastructure, high adoption rate of new technologies and increasing lifestyle-related disorders.
Increasing Prevalence of Lifestyle Related Disorders
The rising prevalence of lifestyle related to disorders is one of the primary factors driving the vascular access device market. These include diseases such as cardiovascular diseases, diabetes, and obesity, amongst others. Obesity and overweight are the most common diseases among youth globally. As per the 2017 study published in the Scientific Research Publication, the rate and risk of cancers among students in Europe and North America are similar and increasing at a significant rate. A substantial difference in cancer rate was observed in Western countries and developing countries with less incidence rate. However, over 61% of annual deaths in India are due to lifestyle or non-communicable diseases (NCDs) particularly due to shortage of technical advancement and workforce potential in the hospitals. Thus, with the increased rate of hospitalizations, the global demand for vascular access device advances.
Other driving factors for this market are the rising number of chemotherapy procedures, increased use of vascular access devices in pediatric patients, and surging medical tourism.
High Risk of Diseases Associated with Catheter Use
The high risk of diseases associated with the long use of catheters is one of the major factors restricting the growth of this market. In certain patients, the poor veins make them unsuitable for the placement of the catheter, and in others, long-term access to the veins raises the risk of vein damages. Also, catheter-related bloodstream infection (CRBSI) is among the most common, lethal and high cost associated complications of the central venous catheterization. This increases both intensive care unit (ICU) stay and mortality rate. Therefore, these factors leads to impedance of vascular access devices market.
Other factors impeding this market are stringent regulations related to medical devices approval and product recalls and failures.
Asia-Pacific Provides Vast Opportunities
The Asia-Pacific region is expected to grow at a healthy CAGR between the periods 2018 to 2023 and should provide huge investment opportunities for the vascular device companies in countries, such as India, China, and Japan. These countries have shown a high rate of economic growth in recent years and have a large population with diversified patient pool. With improving healthcare facilities due to the involvement of private sectors companies collaborating with multinational companies and government authorities.
The North America region is expected to dominate the market share in the forecast period due to the well-developed healthcare infrastructure, high awareness in society for early diagnosis of diseases and high adoption of new technologies.
Key Developments in the Market
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