The radial artery compression device is one of the major segment of the artery compression device market. The radial artery compression devices market expected to grow significantly over the forecast period. It is anticipated that the market held a value of USD 350.56 million in 2018 and is projected to grow at a CAGR of 7.9% over the forecast period. Radial artery compression devices are expected to grow at a significant growth rate. The major factors influencing the growth of the market include; increasing growth in technological advancement in the field of medical devices, rising economic growth, increasing geriatric devices, increasing cardiovascular disorders, and others.
Cardiovascular disorders are heart conditions that include diseased vessels, structural problems, and blood clots. Radial artery compression devices are used to assist hemostasis of the radial artery after a transradial procedure. Transradial cardiac catheterization is a technique used for the treatment and diagnosis of certain heart conditions.
The increasing cardiovascular rate is eventually driving the growth of the radial artery compression devices market. For instance, according to the American Heart Association, in 2014, around 31% of the deaths in the US were due to cardiovascular disorders. Similarly, as per the American Heart Association, around USD 555 billion was spent in the Americas for the treatment of cardiovascular disorders. Additionally, according to the European Heart Network, in 2015, there was 85 million population living with cardiovascular disorders in Europe. The high occurrence rate of cardiovascular diseases (CVD) globally relates to the high prevalence of well-known risk factors such as hypertension, smoking, dyslipidemia (high cholesterol), diabetes, obesity, and unhealthy lifestyle. The US tops the chart as the most obese country in North America with 36.2% of its total population having a body mass index of over 30.0. Thus, the increasing occurrences of obesity are likely to fuel the cardiovascular patient pool indirectly, thus spurring the demand for the market.
The radial artery compression devices market has been segmented into product, usage, and end user.
Based on product, the market is segmented into band/strap based devices, knob-based devices, plate-based devices, others
On the basis of usage, the market is segmented into disposable devices, reusable devices
Based on end user, the radial artery compression devices market is segmented into hospitals, clinics, ambulatory centers, cath lab, and others.
The radial artery compression devices market, by region, has been segmented, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The radial artery compression devices market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European radial artery compression devices market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The radial artery compression devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Radial Artery Compression Devices market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Radial Artery Compression Devices Market Share (%), by Region, 2018
Source: Annual Reports and Sec filings
Geographically, the Americas is anticipated to dominate the radial artery compression devices market owing to the presence of a huge cardiovascular disorders patient population, increasing adoption of advanced technology in the field of medical device, high healthcare expenditure, and the presence of major players in the region.
Europe is expected to hold the second largest position in the radial artery compression devices market.
Asia-Pacific is the fastest growing radial artery compression devices market owing to the increasing geriatric population, the presence of a huge patient pool and rapidly improving the technology.
The Middle East and Africa market for radial artery compression devices is expected to grow at a steady pace.
Market of Radial Artery Compression Devices, by Product
Market of Radial Artery Compression Devices, by Usage
Market of Radial Artery Compression Devices, by End User
Market of Radial Artery Compression Devices, by Region
Frequently Asked Questions (FAQ) :
Radial artery compression devices market is projected to grow at a 7.9% CAGR between 2019-2024.
The Americas is expected to dominate the radial artery compression devices market.
Rising prevalence of cardiovascular disorders and increasing economic growth are the key factors driving the radial artery compression devices market.
Different end users of the radial artery compression devices market include cath lab, clinics, hospitals, and others.
Key competitors in the radial artery compression devices market include Comed B.V., Advanced Vascular Dynamics, Beijing Demax Medical Technology, Vascular Solution Inc., MEDAS INC, HTKD Medical, Perouse Medical, ADVANCED LIFESCIENCES PVT. LTD, Abbott Laboratories, Merit Medical, Inc., Medtronic, and Terumo Corporation.