Vascular Access Devices Industry Set for 7.2% CAGR Growth, Expanding to USD 9.8 Billion by 2030
Date
8/11/2024 1:23:34 AM
(MENAFN- P&S Intelligence) In 2024, the vascular access devices market was valued at USD 6,484.9 million and is anticipated to grow at a CAGR of 7.2%, reaching USD 9,843.5 million by 2030. The sector is driven by an aging population, unhealthy lifestyles, and rising incidences of cancer and chronic diseases. Chronic conditions, including cancer, diabetes, and autoimmune diseases, are substantial healthcare burdens worldwide. Immunotherapy drugs, essential for managing these conditions, boost the demand for venous catheters.
The aging population is a primary market driver. The number of individuals aged 60 and above is projected to rise from 1 billion in 2020 to 1.4 billion by 2030, and over 2.1 billion by 2050. Those aged 80 and older are expected to triple, reaching over 420 million by 2050. Developing countries like India and China are anticipated to have a larger elderly demographic compared to developed nations. By 2050, the U.S., India, and China will have 107 million, 324 million, and 437 million people aged 60 and above, respectively.
Key Insights:
The drug administration segment led the market with a 40% share in 2023, driven by the need for drug delivery in infections, chemotherapy, and other treatments.
Systemic cancer treatments require the administration of chemotherapy, targeted therapies, and immunotherapy through central veins.
The prevalence of renal diseases, affecting over 10% of the global population, increases the demand for these devices.
Vascular access devices can be used peripherally or centrally, with preference for continuous medication delivery.
Peripheral vascular access devices held a 50% market share in 2023, driven by increasing cardiac disorders and an aging population.
Cardiovascular diseases caused over 19 million global deaths in 2020, with rising cases of cancer, diabetes, and other chronic diseases due to lifestyle changes.
Peripheral devices are expected to grow at a CAGR of 6.9% during the forecast period.
Hospitals led the market with a 55% revenue share in 2023, influenced by rising dialysis and chronic disease-related hospitalizations.
North America held over 45% of the market in 2023, propelled by a high number of medical device providers and advanced healthcare systems. The U.S. market is growing rapidly, supported by substantial government investments and a favorable healthcare cost reimbursement framework.
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