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SOURCE Decision Resources Group
Although There Will Be a Shift Toward Higher-Priced Device Types, Price Competition Will Remain a Market Limiter, According to Findings from Decision Resources Group
BURLINGTON, Mass., Aug. 20, 2014 /PRNewswire/ -- Decision Resources Group finds that the vascular access device market in Brazil, Russia, India and China (BRIC) was valued at approximately $1.6 billion in 2013, roughly equal to the size of the United States market that year. Going forward, however, the BRIC market will experience much faster growth as a result of strong economic expansion, improving access to healthcare and the aging population.
Other key findings from Decision Resources Group's coverage of the BRIC vascular access device market:
- Short PIVCs: There will be a continuous shift away from the use of steel needles for intravenous infusions to short peripheral intravenous catheters (PIVCs), which boast a much lower risk of phlebitis and extravasation. This shift will be particularly notable in China, where the government recently decided to no longer reimburse steel needles.
- PICCs: In regions where central venous catheter (CVC) use is currently common, there will be a shift toward peripherally inserted central catheters (PICCs), which offer a lower risk of infection. A major driver of PICC adoption is the fact that they can be placed by nurses, thereby reducing procedural costs.
- Implantable ports: Implantable ports are the most expensive of the vascular access devices, but offer convenience for patients who will require long-term vascular access, such as those undergoing chemotherapy. Although the premium price of these products continues to restrict their use in the BRIC countries, adoption will still grow through 2022, particularly in China and Russia.
Comments from Decision Resources Group Analyst Jonathan Sawatsky:
- "Adoption of premium-priced safety, tunneled, antimicrobial and power-injectable devices will help to support overall pricing in the BRIC vascular access device market. In particular, physicians are realizing the need for safety short PIVCs, which reduce needlestick injuries. Although Brazil was the only BRIC country in 2013 with legislation mandating the use of these products, their usage will increase in each of the countries through 2022."
- "Low-cost domestic competitors continue to be successful in the BRIC countries despite the fact that their products are generally perceived to be of lower quality. However, competition from these companies is less significant in markets where quality is considered more important, such as in the case of PICCs, tunneled CVCs and implantable ports."
- Jonathan Sawatsky has written a Medtech 360 report on this subject entitled BRIC Markets for Vascular Access Devices 2014. A separate report entitled Chinese Markets for Vascular Access Devices 2014 will be available later this year and will include market valuations broken down at the regional level.
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.
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