July 24, 2020
As per the report titled ‘Vascular Access Device Market: World Market Analysis By Type, By Mode of Insertion, By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (North America, Europe, APAC, ROW), By Country, available with Market Study Report LLC, global vascular access device market generated revenues worth USD 6.7 billion in 2018 and is further projected to record substantial gains through 2024.
Surging investments in research and development projects pertaining to vascular access devices, increasing prevalence of chronic diseases, and rise in medical tourism are slated to stimulate the growth of global vascular access device market over the forecast duration, cites the report.
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Based on product type, global vascular access device market is categorized into peripherally inserted central catheters, implantable ports, central venous catheters, and others.
Considering the mode of insertion, the market is bifurcated into intravenous and subcutaneous. Among these, the intravenous segment held notable market share in the previous years and is anticipated to continue displaying strong growth trends through 2024. Various benefits like at-home care, low discernibility, and minimal risks related to puncture and damage to veins which allows more flexibility to patients are encouraging the use of intravenous procedures.
Speaking of the regional landscape, global vascular access device market is classified into North America, APAC, Europe, and Rest of the World. The report claims that North America market registered highest market share in 2018. However, Asia-Pacific market is anticipated to showcase robust growth over 2019-2024 due to presence of a vast patient base, and recent enhancements in healthcare infrastructure, along with rapid economic development in nations like China and India.
Major companies operating in global vascular access device market are Becton, Dickinson and Company, Teleflex Incorporated, B.Braun Melsungen AG, Smiths Medical, Inc., Fresenius Medical Care AG & Co. KGaA, Vygon SA, ICU Medical, Inc., Argon Medical Device, Inc., AngioDynamics, Inc., and Medical Components, Inc.