Updated on 11 August 2016
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The central vascular access devices market is set to experience relatively modest growth from around $1.9 billion in 2015 to just over $2.3 billion by 2022, representing a Compound Annual Growth Rate (CAGR) of 2.6%, according to research and consulting firm GlobalData.
The company's latest report states that this growth, which will occur across the 10 major markets (10MM) of US, France, Germany, Italy, Spain, UK, Japan, Brazil, China, and India, will be driven by a number of factors such as increases in the number of people in the treatment pool across the majority of the 10MM, high growth in central catheter placement, and healthcare providers in areas such as China and India seeking to match treatment regimens in leading markets.
Vascular access device is a broad term given to a range of instruments used to aid medical therapies.
These instruments most commonly come in the form of thin and flexible catheters that are designed to intravenously deliver medication, nutrition, and fluids, and withdraw blood samples for further testing from large veins.
Mr Amen Sanghera, MSc, GlobalData's Analyst covering Medical Devices, states that: "China and India will be responsible for a substantial proportion of the vascular access devices market growth over the forecast period, with CAGRs of 4.4% and 2.2% respectively. The European market, however, will see slow growth, with all five European countries registering CAGRs of less than 1%.