LONDON, Nov. 16, 2016 /PRNewswire/ -- The growing incidence of chronic diseases, such as cancer, diabetes, and blood pressure, has further propelled the need for hospitalization. A majority of patients who get hospitalized receive some sort of vascular access treatment during their stay. The vascular access devices are intended for various purposes such as providing parenteral nutrition, transfusion of blood product, providing avenue for hemodynamic monitoring, providing avenue for diagnostic testing, and administration of fluids and medications.
According to a new report by RNCOS, "Global Vascular Access Devices Outlook 2022", the global vascular access devices market is anticipated to grow at a CAGR of 6% during the forecasted period (2016-2022). The market growth is expected mainly due to the growing strategic alliances, technological advancements, growing incidences of cancer and renal disorders, increasing awareness about vascular access devices, and rising incidences of obesity.
The report segments the market on the basis of the product type, applications, route of insertion, end-users, and geography with the future forecasts on all prominent segments of the industry till 2022.
Based on product type, peripheral devices are expected to dominate the market. However, the central vascular access devices segment is expected to witness the highest growth in the coming years. In the central vascular access devices, the leading and fastest-growing segment is the Peripherally Inserted Central Catheters (PICCs), which has a wide range of applications and are commonly used for delivering chemotherapy and antibiotics, as well as drawing blood.
In terms of application of the devices, medication administration is most common application observed amongst all the types of vascular access devices; however, hemodialysis monitoring has an increasing usage in patients with renal diseases. Furthermore, in terms of route of administration, intravenous route accounts for the largest share in the vascular access devices market. On the other hand, based on end-user, the hospital segment is expected to account for largest share.
Based on geography, North America is the largest market for vascular access devices market. However, the Asia-Pacific market is expected to witness the highest growth due to rapidly aging population, increasing hospitalization rate, and growing focus of various players in this region.
The later part of the report focuses on competitive analysis of the key market players, in terms of their market share and their product offerings. Major players operating in this market include Smiths Medical, Becton Dickinson, Teleflex Medical, and C.R. Bard, among others. The competitive analysis is done at each player level, including their recent developments. To provide a thorough understanding of each player's business model, the player's current and historical financials have been analyzed. On the whole, the study included in the report provides a detailed market overview, current and future scenario, and industry trends, which will likely generate key interest in investors planning to enter industry.
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