The venous device market is estimated to secure a valuation of US$ 4.5 Billion in 2023 and is estimated to rise to US$ 7.5 billion by 2033. The market is anticipated at a CAGR of 5.2% during the forecast period. The factors accelerating the demand for venous devices are as follows-
Increasing prevalence of chronic disorders
Technological advancement in healthcare services
Increased prevalence of the metabolic, respiratory, and cardiovascular disorder
Growing geriatric population
Increased consumer awareness and improved diagnostics techniques
Increased demand for advanced healthcare facilities
Product innovation and increased use of advanced medical technology
North America dominates the venous devices market during the forecast period.
The increasing technological advancement in medical devices and the use of advanced medical services spur the growth of the market. Increasing cardiovascular diseases in the last few years greatly influenced the demand for venous devices.
The increased burden of chronic diseases, increased healthcare spending, and increased number of surgical procedures perfumed likely to boost the market growth during the forecast period.
Increased consumer awareness regarding the venous disorder and associated risk, led to increased diagnostics of venous disorder, expected to provide an opportunity for market growth. Also, the increased application of central venous catheters drives the market growth.
The increased government initiatives and support schemes for healthcare and medical devices are expected to drive market growth throughout the forecast period.
North America is expected to generate ample growth opportunities for the venous devices market. The USA and Canada have the highest market share in the regional market. The growth of the market in the region is attributed to favorable government policies, and increased government expenditure on advanced healthcare products.
The surging geriatric in Germany is projected to bolster Europe’s venous devices market growth during the forecast period. Rising demand for cutting-edge technology and expansion of the healthcare sector and increased healthcare spending are expected to propel market growth in the region
Asia Pacific is expected to witness the highest CAGR during the forecast period owing to changing lifestyles leading to chronic diseases and the increase in the geriatric population in the region.
Some of the market players operating in the venous devices market are Anjio Dynamics, Cook Group Incorporated, Smiths Medical, Reinventing Venous Access, Becton Dickson & Company, Abbott Laboratories, Baxter International, C R Bard, Boston Scientific Corporation, Teleflex Incorporated among others.
The venous devices market is expected to grow in the coming years. The increasing adoption of venous devices and increasing demand for infusion pumps provide a growth opportunity for market players in some regions.
Also, the increased availability of venous devices in hospitals pharmacies, retail pharmacies, diagnostic centers, and e-commerce drives the sales of the market. Several start-ups have entered the venous devices market and producing innovative products which are more effective, efficient, and patient-friendly with the use of new technology.
The leading manufacturers in the venous devices market are focusing on strategic activities such as acquisitions, mergers, partnerships, and collaborations. Also, the key manufacturer is investing heavily in research & development to create innovative products. Some of the developments from the market are as follows -
For instance, in March 2023- AngioDanymics announced a new partnership with Minimax Medical for the international distribution of their product portfolio.
For instance, founded in 2015 - Access Vascular is the developer of a hydrogel-based device to improve venous access, the company has developed a peripheral inserted central catheter HydroPICC, which uses hydrogel-based biomaterial to reduce the body’s thrombotic response. And subsequent clinical complications.
Data Point
Key statistics
Expected Market Value in 2023
US$ 4.5 Billion
Projected Market Value in 2033
US$ 7.5 Billion
Growth Rate (2023 to 2033)
CAGR of 5.2%
Venous devices are designed catheters to maintain the access to the venous system. There are two types of venous devices in the market that are peripheral venous device and central venous catheters.
Peripheral venous devices are installed with the help of percutaneous vein puncture in hand or arms vein. They are 3 to 10 inches according to length. The tip present in the catheters does not permit penetration beyond the axillary lines, which further restricts infusates, which consist of drugs and vesicants that might cause irritation and also harm the peripheral veins.
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What is driving Demand for Venous device market?
Various technological advancements taking place during the production of infusion pumps and catheters in Venous device market are like to uplift the market growth over the forecast period. Development and beneficial production taking place during the making of infusion pumps more accurate and precise has lowered down the risk of overdose and its related issues.
This has attributed the demand in the market as a basic treatment option for diabetic patient and chronic treatment. Furthermore, integration of these pumps is minimally encroaching which has uplifted their acceptance rate, thereby anticipating the market growth.
For instance, presence of various gauge sizes for venous devices has also further augmented the market growth over the forecast period. Size variations helps in serving different purposes, which further enhances the accuracy of medication which further increases the safety level.
Technological Advancements Likely to Augment Veterinary Home Diagnostics Sales
Various technological advancements taking place during the production of infusion pumps and catheters in Vascular boot market are like to uplift the market growth over the forecast period. Development and beneficial production taking place during the making of infusion pumps more accurate and precise has lowered down the risk of overdose and its related issues.
This has attributed the demand in the market as a basic treatment option for diabetic patient and chronic treatment. Furthermore, integration of these pumps is minimally encroaching which has uplifted their acceptance rate, thereby anticipating the market growth.
For instance, presence of various gauge sizes for venous devices has also further augmented the market growth over the forecast period. Size variations helps in serving different purposes, which further enhances the accuracy of medication which further increases the safety level.
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USA and Canada Venous device market Outlook
USA and Canada are expected to have the highest share and therefore will dominate the Venous device market. This is due to increasing prevalence of various chronic diseases along with disorders such as cardiac problems, diabetes, multiple sclerosis due to this reason market is anticipated to grow at a significant rate in the upcoming years.
For instance, Abre venous self-expanding device which was innovated and approved by Food and drug administration (FDA) in year 2020.
Europe Demand Outlook for Veterinary Home Diagnostics
The European market for veterinary home diagnostics is estimated to grow at a considerable rate during the forecast period. The need for medication delivery technologies is anticipated to meet by a significant rise in the production od clinical drugs by various pharmaceutical companies. This has further resulted in huge product pipelines and increased returns on existing products, which further serves as the major factor driving the industry.
According to PR news, catheters represent as soft tube which is inserted into largest vein near a patient’s heart.
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Who are the Key Manufacturers and Suppliers of Veterinary Home Diagnostics?
Some of the key players operating in the Venous device market are
Manufacturers in the market focus on carrying out certain strategic activities such as acquisitions and merger, expansion, product launch, etc. For instance, • Abbott acquired CE mark approval for the FlexNav delivery system for the procedure of portico transcatheter aortic valve implantation system.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
