ID: MRFR/MED/4603-HCR | 100 Pages | Published By Rahul Gotadki on March 2023
The transradial access devices market is projected to register a CAGR of 7.60% from 2022 to 2030. The transradial access devices market size is expected to reach approximately USD 2.25 billion by 2030. In the healthcare industry, transradial access devices are widely used for artery disease diagnosis and treatment. Compared to transfemoral artery access, transradial access to the coronary arteries minimizes bleeding and vascular problems. Angiography, angioplasty, and percutaneous stenting are common procedures. The operation inspects the patient's coronary arteries when the patient complains of chest pain frequently. The balloon is inflated to assist in carrying out the surgery. The catheter tip with the balloon attached is inserted into the obstructed arteries. Once in the proper location, the balloon is inflated to push against the plaque, which eventually pushes the plaque to the side of the blood vessels, restoring normal blood flow in the arteries. Over 70% of surgical blood loss has decreased drastically because of the transradial access technique. Obesity and chronic sickness are becoming more common, which has increased the risk of cardiac arrests and other comparable illnesses.
COVID-19 Impact Analysis
The COVID pandemic has impacted a wide range of commercial endeavors and industries. The pandemic's impact on the healthcare sector is equally considerable. Surgery rates have decreased due to movement limitations and concerns about infection when visiting hospitals. On the other hand, telemedicine medical services and virtual consultations are fostering the expansion of the transradial access devices sector. The widespread COVID-19 has considerably impacted medical facilities' workflow and cardio-related services. Particularly affected are the hospital staff members who provide medical care. Patients with COVID are more likely to exhibit myopericarditis and ECG abnormalities that resemble the symptoms of ACS. These elements have impacted the transradial access devices industry's overall growth throughout this epidemic.
Transradial Access Devices Market Dynamics
Due to shifting lifestyles and views around the globe, obesity and cardiovascular diseases have become more common in recent years. Transradial access devices are used more frequently in cardio-related treatments such as angioplasties, vein administration, diagnostics, and IV fluid administration. The market is blooming in the healthcare sector due to the growing preference for transradial access devices procedures for surgeries and other treatments. Obesity, which is regarded as a serious health problem ly, is commonly associated with many illnesses.
Vascular access device technology will continue to progress, which will help the business grow. The success rate and outcome of the procedure have increased due to several technological developments, including drug-coated balloons and nanotechnology, as well as several other improvements. Additionally, using catheters and guidewires during transradial coronary artery treatments will grow with advancements like cobalt chromium multi-link technology, triaxial technology, and interwoven wire technology.
A strict regulatory environment may hamper the market. Guidelines for coronary, peripheral, and neurovascular devices, including guidewires and catheters, are prepared by the Centre for Devices and Radiological Health (CDRH). The U.S. FDA has set requirements for patient safety that medical devices made or sold on the American market must meet. Transradial access devices are also Class II devices, according to the FDA, which means they cannot be sold to consumers without receiving regulatory body approval. Manufacturers lose time and money as a result of approval delays or rejections.
The number of older people will increase, leading to increased heart disease patient admissions. It is a significant contributing factor to older people's deaths. Adopting harmful behaviors, including drinking alcohol, smoking, and leading a sedentary lifestyle, will also increase the number of people with the disease. As a result, a sharp rise in hospital admissions will fuel the need for cutting-edge treatment options, creating enormous development potential for the market in the years to come.
Transradial Access Devices Market Segmentation
The transradial access devices market segmentation, based on product, is catheters and guidewires. The transradial access devices market growth was prominently high under the catheters category in 2021 due to rising obesity and heart-related disorders. Among interventional cardiologists, it is gaining popularity. The lower risk of bleeding and access site issues is the reason for this. Additionally, by twisting the catheter clockwise and counterclockwise, radial-specific catheters enable angiography of the right and left coronaries.
The transradial access devices market segmentation, based on application, is drug administration and blood transfusion. In 2021, the drug administration category accounted for the largest market share of the market due to the rising burden of chronic disorders. Increased vascular access devices used for drug administration, particularly in treating infectious disorders like cancer, will contribute to market expansion.
Disease Area Insights
Based on the disease area, the market for transradial access devices is divided into cardiovascular diseases, cancer, and stroke. The cardiovascular diseases category dominated the market for transradial access devices in 2021 due to classical risk factors, namely diets high in saturated fats, elevated serum cholesterol and blood pressure (BP), diabetes, and smoking.
End User Insights
By end user, the market for transradial access devices has been segmented into hospitals and clinics. In 2021, the hospital category had a major share of the market. The market has expanded due to increased hospital admissions and an aging population at risk for cardiovascular disorders. The market will also increase due to surgical operations, such as transradial coronary catheterization procedures in a hospital setting.
Global Transradial Access Devices Market Share, By Region, 2021 (%)
Transradial Access Devices Market Overview, By Region
By region, the transradial access devices market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market for transradial access devices share in 2021 due to improvements in healthcare and the large patient populations with heart diseases. In the area, there are a lot of people who have diabetes and obesity. An increasing number of patients are suffering from panniculus, which prevents access to TFA due to the obesity epidemic in the US. Obesity calls for inventive patient placement to expose the femoral crease, necessitates access for the interventionalist to unusually deep femoral arteries, and raises the danger of post-procedure bleeding and infection at the access site.
Asia-Pacific accounted for the fastest growth rate in the market for transradial access devices in 2021. The region's market is strengthened by rising cardiac problems and an increase in obese people. India and China are among the nations with the highest percentages of obese people. In addition, the number of patients with cardiac diseases is growing in the area. The market growth will be impacted by changing lifestyles, rising disposable incomes, and rising healthcare costs in developing countries.
Transradial Access Devices Market Competitive Landscape
Details about each company are included in the competitive market for transradial access devices. The company's financials, revenue generated, market potential, investment in R&D, new market initiatives, presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. In July 2022, The beginning of the RADIANCY clinical research in Europe was announced by Cordis, a leader in cardiovascular technologies ly. SMART RADIANZ Vascular Stent System for treating lesions in the iliac, superficial femoral, or proximal popliteal arteries via radial artery access is being tested in a prospective, multicenter, single-arm study with a 30-day follow-up period.
Prominent players in the transradial access devices market research include Becton, Dickinson & Company (U.S.), Terumo Corporation (Japan), Teleflex Incorporated (US), Smiths Group Plc (UK), Edward Lifesciences Corporation (US), Medtronic Plc (Ireland), among others.
Scope of the Transradial Access Devices Market Report
Disease Area Outlook
End User Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Transradial Access Devices Market Forecast & Size:
Identify and estimate the market size for the transradial access devices market report segmented by product, application, disease area, and end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the transradial access devices market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the transradial access devices market growth
Market Influencing Factors:
To find out the factors which are affecting the transradial access devices market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 2.25 billion|
|CAGR||7.60% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, Disease Area, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Becton, Dickinson & Company (U.S.), Terumo Corporation (Japan), Teleflex Incorporated (US), Smiths Group Plc (UK), Edward Lifesciences Corporation (US), and Medtronic Plc (Ireland)|
|Key Market Opportunities||Increase in hospital admissions|
|Key Market Drivers||Technological advancements|
The transradial access devices market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~7.60% over the next 10 years, according to transradial access devices market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 2.25 billion by 2030.
Becton, Dickinson & Company (U.S.), Terumo Corporation (Japan), Teleflex Incorporated (US), Smiths Group Plc (UK), Edward Lifesciences Corporation (US), and Medtronic Plc (Ireland) are the major companies operating in the market.