Latin America Vascular Access Devices Market

Latin America Vascular Access Devices Market Size & Growth (2023 to 2028):

As per the research report, the size of the Latin America Vascular Access Devices Market is valued at USD 0.57 billion in 2023 and is expected to reach USD 0.82 billion by 2028 to grow at 7.54% CAGR during the forecast period 2023 to 2028.

The main driver of the industry's growth vascular access device market in Latin America is increased vascular access devices in both adults and children. There has been a high prevalence of sedentary lifestyle-related diseases and their complications, an increasing number of cancer patients, growing cases of cardiovascular disorders, and increased hospitalizations. In addition, according to the Center for Disease Control and Prevention (CDC), nearly 1 million cancer patients receive chemotherapy annually in the outpatient oncology clinic. These numbers are estimated to increase over the projected period, thereby helping the market grow.

Vascular access devices can be placed peripherally or centrally and are used for diagnostic or therapeutic purposes, i.e., for administrating medication, fluids transfer, blood transfusions, etc. These devices are gaining popularity in cardiology for their growing demand for intravenous use. In addition, there is an increasing demand for peripheral devices in hospitals and outpatient settings; these can be utilized for a more extended period and are more patient-friendly. These factors are estimated to drive the market in upcoming years.

Industry expansion will be boosted by key market players' new product launches and collaborations, which will help meet unfulfilled market needs. In addition, major companies are focusing on developing cost-effective medical devices (tunneled catheters, implanted ports, pumps, etc.) and devices that are made up of biocompatible materials to increase product sales and create growth opportunities shortly. For instance, drug-coated catheters and anti-microbial coated catheters aim to reduce catheter-related infections, which are mostly in demand in nephrology, cardiology, and oncology departments. These developments in the field of the vascular device market will propel market growth. In addition, increasing investment in research and development will drive the market growth rate in Latin America.

One of the main factors restraining the market is the high risk of infection at the entry site. Other factors such as lack of regulatory policies and poor reimbursements programs are expected to hamper the market during the projected period. In addition, due to underdeveloped healthcare infrastructure, these devices cannot expand in developing economic regions.

This research report on the Latin America Vascular Access Devices Market has been segmented and sub-segmented into the following categories:

By Type:

• Peripheral
• Central
• Accessories

By Application:

• Drug Administration
• Fluid & Nutrition Administration
• Blood Transfusion
• Diagnostics Testing

By End Users:

• Hospitals
• Clinics
• Ambulatory Care Centers
• Other End Users

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Brazil vascular access devices market is estimated to have a market value of US$ 505 million in the year 2022. Brazil has the world's largest economy in Latin America; this will help the market reach a projected market value of approximately US$ 869 million by the year 2028, rising at a CAGR of 5.1% over the analysis period 2023 to 2028. In addition, factors such as increasing adoption of advanced products in the region, high prevalence of disorders, growth of the aging population, and developed healthcare infrastructure will help contribute to the market share during the projected period. 

Other Latin American countries such as Columbia are forecast to grow at 4.2%, while Mexico expands at a CAGR of 4.9% during the 2023 - 2028 period. The Argentina vascular access devices market is projected to expand at a high growth rate during the forecast period. The market is expected to grow at approximately 5.7% CAGR. This highest growth rate in Argentina can be attributed to increasing market penetration by significant company players, a large population and growing preference for these devices by physicians, and a large patient pool suffering from chronic disorders.

Furthermore, the expansion of private healthcare insurance policies in Peru and Columbia has increased demand for better patient compliance and healthcare awareness.  Additionally, the local government is taking initiatives to expand the medical sector.

KEY MARKET PLAYERS

Prominent companies leading in the Latin America Vascular Access Devices Market profiled in the report are Becton Dickinson and Company, C.R.Bard Inc, Smiths Medical, Inc., Teleflex Incorporated, B Braun Melsungen Ag, AngioDynamics, Terumo Corporation, Nipro Medical Corporation, Edwards Lifesciences Corporation, Ameco Medical, Romsons Scientific & Surgical Pvt. Ltd, and Prodimed.