Vascular Access Devices Market To Generate $9,843.5 Million Revenue by 2030

The vascular access devices market is set to progress at a CAGR of 7.2% during 2024–2030, to reach USD 9,843.5 million by 2030. The increasing pace of advancements in such products would be a key reason for the growth of the market over this decade.

Vascular access devices are extensively used in delivering drugs safely directly into the bloodstream. Intravenous drug administration is mostly recommended when a rapid onset of effect is required, and thus, the drugs are administered into one of the larger veins. The device leads to a peripheral vein, which helps in accessing the vein to administer drugs and nutritional solutions and collect blood and other fluids.

The global market is expected to experience growth over the forecast period because of the rising demand for long-duration IV therapy, where central venous access is required; increasing volume of blood transfusions and chemotherapy, and growing incidence of lifestyle-related disorders. Moreover, the discomfort due to the repetitive use of needled syringes to puncture and administer drugs leads to the vascular access device market growth.

Increasing Number of Intensive Care Units Drives Market

In the last few years, the number of ICU beds has risen, especially following the onset of the pandemic. For instance, in 2022, there were a total of 112,359 intensive care beds in the U.S. Additionally, surgical interventions result in 13% of the world’s total disability-adjusted life years. Further, more than 13,100,000 surgical procedures were conducted between January 2019 and the end of January 2021.

Therefore, the count of ICU beds is growing significantly, driven by the rising number of hospital admissions and volume of surgical procedures, high chronic disease prevalence, and an aging population.

Strategic Developments of Market Players

Biocompatibility advancements and the use of standard materials by the players are shaping the vascular access device market growth prospects. Enabled by these factors, the manufacturers of such products are focusing on expanding their sales to multispecialty hospitals, which play host to a huge number of patients requiring extensive acute or long-term. The major challenge for manufacturers is the complications due to the material used in such devices, which can include infections and irritations or discomfort. Thus, manufacturers are constantly working on advancements in the designs and materials of these devices.

For instance, B Braun Melsungen AG launched Introcan Safety 2 IV catheter with one-time blood control in July 2022. The product reduces the risk of needlestick injuries and their exposure to the blood. Similarly, medK launched needle-free devices for vascular access in June 2021.

The most-significant vascular access devices market players are Becton, Dickinson and Company, Teleflex Incorporated, ICU Medical, B. Braun SE, Terumo Medical Corporation, Baxter International Inc., AngioDynamics, Inc., Cook Group Incorporated, Medtronic PLC, and Access Vascular Inc.