Vancouver, BC – According to a new report by iData Research, the leading global authority in medical device market research, the U.S. vascular access market was valued at $3.7 billion in 2013 and is expected to grow to more than $5 billion by 2020. This growth is fueled by government safety and reimbursement policies created to reduce infection and injury rates. As a result, hospitals are taking steps to reduce injuries by increasing the use of safety products such as pivoting needles, shield safety products retractable syringes, and catheter securement technologies.
The rise in demand for vascular access devices is proportional to the addressable patient population including oncology, ICU, and diabetic patients. In 2013, approximately 90% of patients who were hospitalized in the U.S. received some sort of vascular access treatment during their stay, including the use of IV catheters and syringes.
One of the strongest segments driving the vascular access market is the catheter securement market, which is expected to experience double digit growth by 2020. This segment includes Ultrasound and Tip-Location technologies, Peripheral Intravenous Catheters, Dialysis Catheters and Central Venous Catheters (CVCs).
"There has been an intensive effort by the U.S. government organizations, hospitals, medical companies and device manufacturers to reduce infections from CVCs" states Dr. Kamran Zamanian, CEO of iData Research. "New product developments such as the ultrasound and tip-location technology will reduce incidences of catheter movement or malposition, reducing the risk of thrombosis and infection."
Leading the market for vascular access market is Becton Dickinson (BD), despite participating in only two market segments, the PIVC and syringe & needle markets. Other major competitors in the U.S. market include C.R. Bard, Covidien, Teleflex Medical, Johnson & Johnson, and Smith & Nephew.
iData's comprehensive report series entitled: Market for Vascular Access Devices and Accessories 2014 includes the latest data, market analyses, and competitor profiles. This market segment includes the implantable port, port needle, central venous catheter, peripherally inserted central catheter, peripheral intravenous catheter, dialysis catheter, ultrasound vascular access device and accessories, catheter securement device, syringe, and needle market.
Source: iData Research