”, the market is estimated to reach $5.9 billion by 2023 at a CAGR of 6.1%.
North America continues to lead the market share during 2018-2023
North America possess major share and APAC is projected to exhibit rapid growth in the Vascular Devices Market mainly due to factors such as rising consumer awareness, government investments in the public health, growing medical tourism and chemotherapeutic procedures. The key end user markets in APAC are Hospitals, Clinics, Ambulatory Surgery Centers, and Diagnostic Centers. APAC Market is anticipated to reach 1.3 billion by 2023 with a CAGR of 7.2%. Also the market is fairing good in European nations mainly due to the European Association of Percutaneous Cardiovascular Interventions and especially in countries like Germany and Norway.
Selected Type of Opportunity Analysis done in the full report:
Technological advancements to provide significant opportunities: In recent times, the key players are highly focused on reducing infection rates and making PICCs (Peripherally inserted central catheters) and tunneled catheters safer and easier to use and hence, are investing more in the technological advancement of these devices. Thus, the technological advancement of vascular access devices coupled with high investments by key companies is poised to provide significant opportunities to the Vascular Access Devices Market in the coming future.
Growing number of vascular access devices in pipeline: The stringent regulations by the regulatory bodies such as FDA and others involves the processing of medical devices through various phases. Some of the key players of the vascular access devices market such as C. R. Bard, B. Braun Melsungen AG, Baxter International and others are highly engaged in the development of these peripheral vascular access devices. Thus, increasing R&D expenses for these devices coupled with the stringent regulations imposed by the regulatory bodies, may lead to the launch of more number of vascular access devices in the near future, thereby providing ample opportunities to the Vascular Access Devices Market.
Emerging economies to provide ample opportunities in the coming years: Emerging nations such as China, India, Brazil and Russia are anticipated to experience exponential growth in the demand for Non tunneled catheters, Midline catheter devices, and Midclavicular catheter devices, owing to the increasing instances of lifestyle disorders such as atherosclerosis, heart disease, obesity and others. These countries have witnessed increasing penetration of hospitals, clinics, and centers for disease control and prevention thus providing huge investment opportunities to the vascular access device providers.
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Excerpts Market Growth Factors Mentioned in the Full Report:
Rising healthcare expenditure per capita across the globe is propelling the growth. This includes the rise in the favorable reimbursement policies and growing medical tourism. Also, the development of efficient and advanced technology in the field of vascular access coupled with kidney failure, diabetes, cancer, and other diseases are the major growth drivers for the market.
North American Vascular Access Devices Market accounts for the lion’s share and the demand for vascular access devices to treat chronic kidney diseases is likely to drive the vascular access devices market in this region.
The Vascular Access Devices Market had also witnessed a large number of acquisitions in the aforesaid mentioned period to cater to artificial hydration and nutrition requirements to provide fluids during a surgical procedure, is driving the growth of Vascular Access Devices Market across the globe.
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Key players of Vascular Access Devices Market:
Vascular Access Devices Market is moderately consolidated wherein, Becton, Dickinson and Co (Including C. R. Bard) is one of the leading player contributing to nearly about 31% of overall revenue. The company being a pioneer in vascular devices has remained the dominant player. The other leading players include Fresenius Medical Care, B. Braun Melsungen AG, Cook Medical.
Also, there are umpteen small scale players who have forayed into the market with their cost effective offerings for less demanding applications.
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