by Soaring Adoption of Diagnostic and Interventional Coronary Procedures to Propel Market Growth
Over the past decade, the healthcare sector across the world has taken giant strides in all regards, including drug development, research & development, production of new and improved medical devices, and integration of technology. However, as these advancements continue to improve the overall healthcare sphere, healthcare providers are increasingly burdened with high costs. The narrative within the radial artery compression devices market is expected to follow a similar trend. Companies involved in the current radial artery compression devices market are increasingly focused on reducing manufacturing costs and simultaneously improving the performance of their devices.
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The adoption of radial artery compression devices has gained significant momentum over the past few decades, particularly for a left heart catheterization. At present, research has revealed that radial artery compression devices are playing a key role in improving patient safety and comfort. Moreover, radial artery compression devices are increasingly being used worldwide for interventional and diagnostic coronary procedures. However, potential complications pertaining to the access-site associated with procedures carried out using transradial access continue to pose as a major challenge for participants involved in the radial artery compression devices market. Some of the other factors that are anticipated to accelerate the adoption of radial artery compression devices during the forecast period include a rise in the global aging population, improved life expectancy, growing focus on improving staff education, and lower post-procedural complications, among others. At the back of these factors, the global radial artery compression devices market is expected to reach a value of ~US$ 208 Mn by the end of 2027.
Adoption of Pneumatic Radial Artery Compression Devices Likely to Surpass Mechanical Variant
Within the radial artery compression devices market, at present, the uptake of mechanical radial artery compression devices is higher than that of pneumatic devices. However, according to the analysts at the trend is expected to shift a gear during the second half of the forecast period, as the demand for pneumatic radial artery compression devices is likely to surpass that of the mechanical variant. The demand for pneumatic devices is expected to grow at an impressive pace in the forecast period. The advent of transradial access and progress in the field continues to maximize patient satisfaction and the economics of cardiac catheterization.
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In the past few decades, consistent efforts were made to enhance the overall outcome of the procedure and make it faster, safer, and less complicated. Although manual radial compression has come up as an ideal and feasible substitute to reduce the timings of radial artery hemostasis, the uptake of pneumatic radial artery compression devices is expected to grow at a significant pace. The demand for pneumatic radial artery compression devices is projected to grow, owing to its usefulness in minimizing the frequency of radial artery occlusion and overall safety of the procedure. Moreover, as these pneumatic radial artery compression devices can be used for a prolonged time period to attain hemostasis, its popularity is expected to scale during the forecast period.
Companies Launch New Products to Gain Competitive Edge
The focus on the development of new devices and research will continue to drive the expansion of the market for radial artery compression devices during the forecast period. Anticipating the growing need to launch improved, safe, and patient-centric devices, companies operating in the current market landscape are expected to compete with each other by introducing new and improved radial artery compression devices. For instance, in August 2019, Merit Medical announced the launch of a new radial artery compression device to improve the process of gaining hemostasis post catheterization. While product development will remain a key differentiating factor, receiving approval from the FDA for their devices will also remain a critical parameter for success. The expansion of product portfolio will continue to be an integral aspect of the growth strategies formulated by participants in the radial artery compression devices market. For instance, in May 2019, Cordis announced that the launch of the RADIAL 360 portfolio in the U.S. Attaining the approval from the FDA would remain an important step in the product development phase.
Analysts’ Viewpoint
The global radial artery compression devices market is expected to grow at a healthy CAGR of ~8% during the forecast period. The market growth can be primarily attributed to a plethora of factors, including improved patient safety & comfort, a significant rise in the global aging population, lower post-procedural complications, and research & development activities. Companies operating in the radial artery compression devices market landscape should ideally focus on expanding their product portfolio, streamline their product development processes, and roll out new and improved radial artery compression devices. Sales of pneumatic variants will surpass that of mechanical radial artery compression devices during the forecast period.
Radial Artery Compression Devices Market: Overview
This report analyzes the current scenario and future prospects of the global radial artery compression devices market. Rise in number of percutaneous coronary interventions (PCI) across the globe has fueled the demand for radial artery compression devices. Moreover, increase in government initiatives to train healthcare professionals such as nurses and technicians is projected to drive the global radial artery compression devices market during the forecast period.
The report provides an elaborate executive summary, including a snapshot of various segments of the radial artery compression devices market. It also provides elaborate information and data analysis of the global radial artery compression devices market with regards to segments based on product, mechanism, size, end user, and region.
The overview section of the report provides a detailed qualitative analysis of drivers, restraints, and opportunities that impact the global radial artery compression devices market
Additionally, the report includes company profiles which provide information about their business, product portfolios, and competitive landscape in the radial artery compression devices market
The report on the global radial artery compression devices market offers attractiveness analysis of the regions and segments
The last section of the report comprises quantitative and qualitative analysis on market share/position of key players operating in the global radial artery compression devices market. It analyzes the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global radial artery compression devices market.
Radial Artery Compression Devices Market: Key Segments
In terms of product, the global radial artery compression devices market has been classified into knob-based devices and plate-based devices. The knob-based devices segment held a major share of the global radial artery compression devices market in 2018 and the trend is anticipated to continue during the forecast period.
Based on mechanism, the global radial artery compression devices market has been bifurcated into mechanical and pneumatic. In terms of size, the global radial artery compression devices market has been bifurcated into standard and large.
In terms of end user, the global radial artery compression devices market has been divided into hospitals, independent cath labs, ambulatory surgical centers, and others
The market value and forecast for each of these segments have been provided from 2017 to 2027. CAGRs of respective segments have also been provided from 2019 to 2027, considering 2018 as the base year.
Radial Artery Compression Devices Market: Regional Outlook
In terms of region, the global radial artery compression devices market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa). Each region considered in the market has been divided into countries/sub-regions.
The radial artery compression devices market report provides value and forecast for each region and country/sub-region from 2017 to 2027. The compound annual growth rates (CAGR) for each of these regions and countries have also been provided for the forecast period from 2019 to 2027. The radial artery compression devices market study also covers the competitive scenario in these regions.
Companies Mentioned in Report
Key players in the global radial artery compression devices market have been profiled based on attributes such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
Major companies profiled in the global radial artery compression devices market report include
- Medtronic plc
- Abbott Laboratories
- Terumo Corporation
- Teleflex Incorporated
- Merit Medical Systems, Inc.
- Forge Medical, Inc.
- Semler Technologies, Inc.
- dba Advanced Vascular Dynamics, Medplus, Inc.
- TZ Medical, Inc.
Key Questions Answered in Radial Artery Compression Devices Market Report
- What is the scope of growth of product companies in the radial artery compression devices market?
- What will be the Y-o-Y growth of the radial artery compression devices market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global radial artery compression devices market?
- Will North America continue to remain the most profitable regional market for radial artery compression devices providers?
- Which factors are anticipated to impede the growth of the global radial artery compression devices market during the forecast period?
- Which are the leading companies in the global radial artery compression devices market?
Radial Artery Compression Devices Market – Segmentation
Product
- Knob-based Devices
- Plate-based Devices
Mechanism
- Mechanical
- Pneumatic
Size
- Standard
- Large
End User
- Hospitals
- Independent Cath Labs
- Ambulatory Surgical Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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