The vascular access devices market is estimated to touch USD 6,100.6 million in 2023, which will increase to USD 9,843.5 million, growing at a 7.2% compound annual growth rate, by 2030.
The growth of this industry is because of the mounting elderly populace, coupled with the growing occurrence of cancer as well as various other chronic ailments. Chronic ailments are already a main healthcare problem in low- & middle-income and high-income nations.
Some of the most widespread of all are diabetes, autoimmune diseases, and cancer, which need diverse intervention degrees. Immunotherapy medicines have the potential to lessen the effect of such chronic ailments, which increases the acceptance of venial catheters.
In 2023, the hospitals category is dominating the industry, with a 55% share. With the increasing dialysis usage because of the widespread occurrence of diabetes worldwide, the utilization of these devices for blood collection or infusion and in transferring nutritional fluid remains to surge at hospitals.
Overall, the increasing chronic ailment incidence is boosting the volumes of hospitalization, in turn, encouraging the adoption of vascular access devices. As a result, in the past few years, the world has observed a substantial increase in the count of hospitals
North America is the largest contributor to the industry in 2023, with over 45% share. This can be mainly ascribed to the existence of a large count of players as well as the swift acceptance of developed medical equipment in this region.
In addition, the advantageous framework for healthcare expense reimbursement enables patients to easily seek quality healthcare.
With the surging aging population and rising incidence of cancer & various other chronic ailments, the vascular access devices industry will continue to progress in the coming years.
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