Albany, NY -- (SBWIRE) -- 05/23/2018 -- The global vascular access devices market is characterized by a highly consolidated competitive landscape on account of a handful of players who dominate the market. These leading players have locked horns with each other to enter into stiff competition and are expected to keep co-existing amidst heavy competition. The top five players viz. C.R. Bard, Teleflex, Inc., B. Braun Melsungen AG, Dickinson and Company, Becton, and Fresenius Medical Care collectively held 72.0% of the total market share in 2015.
The solid grounding of the aforementioned companies in the global market shows the hindrances associated with the sustenance of new entrants. Moreover, the established market players are expected to concentrate on devising better technologies that can help them capture a larger market share. Since the vascular access devices market is concerned with the healthcare industry, there is an expansive customer base for the market players to capitalize on.
Transparency Market Research (TMR) estimates the key performance indicators of the global market for vascular access devices over the period from 2016 to 2024. It is prognosticated that the market value would elevate from US$5.1 bn in 2015 to US$8.6 bn by 2024. Furthermore, the market is foreseen to grow at a steady CAGR of 5.40% during the period from 2016 to 2024. Based on the type of products, the market for vascular access devices is projected to be led by the peripheral catheters segment, and the segment is expected to clock in a market share of 60.30% by 2024.
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Prevalence of Chronic Diseases Propels Demand
The changing lifestyles of the people have given rise to chronic diseases such as diabetes, obesity, heart problems, and cardiac arrests. Hence, the healthcare sector has become increasingly accepting of the vascular access devices that would aid in treating patients suffering from several diseases. This factor has played an instrumental role in enhancing the stakes of market growth while offering lucrative opportunities to market players.
Moreover, the government has introduced new reimbursement policies that enable the masses to subscribe to costly treatments, which has created stupendous demand within the global market. Hospitals and healthcare centers have made fundamental reforms to their organizational and infrastructural setup, which has resulted in installation of vascular access devices across these establishments. However, the market in the underdeveloped and developing economies is expected to remain stagnant due to the unaffordability of the healthcare sector.
North America to Outdo Other Regions
Regionally, the global market for vascular access devices in led by the market in North America. The government in North America has been making ardent efforts to ensure that the healthcare sector is equipped with the latest technologies. Moreover, the practitioners in the region are skilled and knowledgeable to handle complex devices, which further gives potency to the regional market.
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In Europe and Latin America, the vascular access device is expected to witness unprecedented growth over the coming years. Other regions including Asia Pacific (APAC) and the Middle East and Africa (MEA) are also projected to register a positive rate in the future. All of these regions cumulatively add to the growth of the global market.
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