|Status : Upcoming||Report Code : VRHC-1058||Industry : Healthcare||Available Format :|
The global tranradial access devices market is anticipated to grow at a CAGR of 7.4% during the forecast period 2021-2027. Transradial access devices are utilized in the endovascular or catheterization procedure to execute the analysis and treatment of any kind of arterial disease. Its kit includes various minor components such as catheters, accessories, sheaths and sheath introducers and guidewires. The global transradial access devices market is growing at a significant rate, due to mounting occurrence of lifestyle associated diseases and technological improvements. Different products contributed to the transradial access devices market size. The market has witnessed a high demand for catheters over the last few years due to budding amount of interventional and angiography procedures.
Insight by Product
On the basis of product, the transradial access devices market is subdivided into catheters, sheaths, and sheath introducers, guidewires and accessories. Of all products, catheters market accounted the largest share and is expected to grow at the fastest rate due to mounting occurrence of lifestyle-related diseases such as diabetes, cardiovascular diseases and obesity, and budding amount of interventional and angiography procedures.
Insight by Application
On the basis of application, the market is subdivided into drug administration, blood transfusion, fluid and nutrition administration and diagnostics, and testing. Elevated use of radial access devices for drug administration for management of infections and cancer are some of the factors responsible for the growth of the drug administration segment. Of all the applications, the drug administration segment accounted for the largest share and is expected to grow at the fastest rate in the transradial access devices market.
Insight by End User
On the basis of end-user, the transradial access devices market is subdivided into hospitals, ambulatory care centers, and clinics and others. A huge amount of transradial procedures executed in hospital settings are the factors growing the demand for transradial access devices in hospitals. Among all end users, the hospitals accounted for the largest share and are expected to grow at the fastest rate in the transradial access devices market.
The mounting inclination for interventional procedures utilizing radial artery access, escalating occurrence of cancer, mounting usage of radial access devices in pediatric patients, mounting occurrence of lifestyle diseases such as cardiovascular diseases, diabetes and obesity, and boosting the number of chemotherapy procedures are the primary growth drivers for transradial access devices market. For instance, according to World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015. In addition, according to the International Diabetes Federation (IDF) in 2017, globally approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045.
Technological improvements, mounting healthcare expenditure and expanding geriatric population are also facilitating the growth for the transradial access devices market. For instance, according to WHO, globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
The lack of skilled professionals, high costs involved in the placement and maintenance of vascular access devices, risks associated with radial access devices, and product recalls and failures are the major challenges for the growth of transradial access devices market.
Globally, the manufacturing companies trying to enter the transradial access devices market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North American is the largest transradial access devices market as in the region the occurrence of cardiovascular disease is increasing. For instance, according to the Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease. Moreover, according to CDC, approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S.
Mounting occurrence of cancer, upsurge in clinical trials and research for vascular access devices, expanding the geriatric population, improved healthcare infrastructure, and the increasing number of conferences and workshops are also up surging the growth of the North American transradial access devices market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Key players in the transradial access devices market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, Medtronic Plc announced advanced SynergyTLIF workflow, an integrated fully navigated procedure with less surgical procedures for lumbar spine surgery. Moreover, in February 2017, Medtronic Plc received FDA and CE clearance for DxTerity Diagnostic Angiography Catheter line and transradial-specific products such as TRAcelet compression device, DxTerity TRA, and InTRAkit access kit.
Becton, Dickinson and Company, Merit Medical Systems, Terumo Corporation, Teleflex Incorporated, Boston Scientific Corporation, Ameco Medical, Smiths Medical, Nipro Medical Corporation, Medtronic PLC, Angiodynamics, Inc, Edward Lifesciences Corporation, and Oscor Inc. are the key players offering transradial access devices.
Source: VynZ Research