The North America Vascular Access Device Market would witness market growth of 6.4% CAGR during the forecast period (2023-2030).
Any device used for venous access, regardless of location, is a vascular access device. These include an implanted venous port, a peripherally inserted central catheter (PICC), a peripheral intravenous catheter (PIV), and a centrally inserted central catheter (CICC). In addition, as older people are more prone to having chronic diseases and other related ailments, the constant rise in the geriatric population is one of the most important aspects that is expected to enhance market growth prospects.
Key elements driving market revenue growth include an increase in chemotherapy operations and a rise in cancer prevalence. Vascular access devices are frequently necessary when administering medications, nutritional requirements, or antibacterial infusions. Adequate vascular access is crucial for cancer patients since it is necessary for the initial stages of surgical or chemotherapeutic treatment, continued management of advanced disease, and palliative care.
Another element boosting market revenue growth is the growing prevalence of vascular access devices in pediatric patients. Vascular access procedures are often used in pediatric surgical practice. Infants need vascular access for hydration, parenteral nourishment infusion, the delivery of medications, and blood collection for laboratory tests.
The Centers for Disease Control and Prevention (CDC) reports that a rate of 34% of people 65 years of age or older have chronic kidney disease (CKD), which is particularly common in this age group. In contrast, the prevalence of CKD is lower among individuals between the ages of 45 and 64 (12%) and much lower among those between 18 and 44 (6%). According to estimates, 35.5 million, or 14% of US adults, or over 1 in 7 people, have CKD. Hence, the increasing prevalence of CKD and ESRD in this region will increase the use of vascular access devices, thereby propelling the growth of the market.
The US market dominated the North America Vascular Access Device Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,240.3 million by 2030. The Canada market is experiencing a CAGR of 8.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 7.9% during (2023 - 2030).
Based on Application, the market is segmented into Drug Administration, Fluid & Nutrition Administration, Blood Transfusion and Diagnostics & Testing. Based on End User, the market is segmented into Hospital, Clinics & Ambulatory Care Centers and Others. Based on Type, the market is segmented into Central Vascular Access Device (Tunneled Catheters, Peripherally Inserted Central Catheters, Non-tunneled Catheters, and Implanted Ports), Peripheral Vascular Access Device (Peripheral Midlines Devices, Peripheral Short Devices and Butterfly/winged Steel Needles) and Accessories. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Vascular Access Device Market is Projected to reach USD 9 Billion by 2030, at a CAGR of 7.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ICU Medical, Inc., Teleflex, Inc., B. Braun Melsungen AG, Medtronic PLC, Terumo Corporation, Becton, Dickinson and Company, AngioDynamics, Inc., Edwards Lifesciences Corporation, Nipro Corporation and Romsons.
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