Vascular Access Devices Market - Analysis, Size and Forecast 2024-2028
Originally published on Technavio. The global market for vascular access devices is anticipated to expand by USD 2.26 billion, growing at a CAGR of 7.1% from 2023 to 2028, driven by the increasing demand for minimally invasive procedures in the healthcare sector, which offer benefits such as reduced postoperative discomfort and faster recovery times compared to traditional surgeries. Additionally, the report provides a comprehensive analysis of market drivers, trends, and challenges, examining historical data from 2018-2022 alongside the current market scenario.
Moreover, the central VADs segment, valued at USD 2.50 billion in 2018, is primarily driven by companies like BD and Teleflex, offering innovative solutions for enhanced patient outcomes. The segment's growth is further fueled by the rising need for treatments across various medical conditions, particularly in critical care settings and oncology.
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In terms of end-users, hospitals and ambulatory care centers play crucial roles in the adoption of vascular access devices. Hospitals, including esteemed institutions like the Mayo Clinic and Johns Hopkins Hospital, rely extensively on these devices for a wide range of clinical applications. Meanwhile, ambulatory care centers, emphasizing outpatient care and same-day procedures, are increasingly incorporating these devices to facilitate intravenous therapies and diagnostic procedures, aligning with the growing trend towards outpatient-centric healthcare models.
Regionally, North America is projected to contribute significantly to market growth, driven by factors such as high chronic disease prevalence, growing healthcare expenditure, and robust investments in advanced medical technologies. The region's commitment to addressing chronic diseases through innovative healthcare solutions is expected to fuel further market expansion.
Overall, companies in the vascular access devices market are employing various strategies, including partnerships, mergers, and product launches, to strengthen their market presence and capitalize on emerging opportunities.
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