Report ID:
SQMIG35H2272 |
Region:
Global |
Published Date: October, 2024
Pages:
159
|Tables:
0
|Figures:
0
Global Transradial Access Devices Market size was valued at USD 1.96 Billion in 2022 and is poised to grow from USD 2.1 Billion in 2023 to USD 3.83 Billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).
Increasing adoption of transradial access techniques by healthcare providers is expected to contribute significantly to the growth of the market. With several key factors such as increasing prevalence of cardiac arrest, technological advancement in cardiac arrest resulting from increased demand for intervention and minimally invasive surgery.
The increasing incidence of cardiovascular diseases across the globe is a major driver of the market. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide, with an estimated 17.9 million deaths per year in 2021. Approximately 695,000 people died from cardiovascular disease in the U.S.
Advances in interventional cardiology have led to the development of new devices that have improved safety, efficacy, and patient outcomes e.g., the introduction of hydrophilic coatings on sheaths to reduce friction time inserting radial artery cannulation, increases procedural success rates. The shift towards minimally invasive therapies in various medical specialties is fueling the demand. Patients prefer minimally invasive surgery due to shorter hospital stay, faster recovery time and lower risk of complications compared to conventional open surgery. This trend has a positive impact on the techniques and devices for transradial access in clinical practice. In September 2023, for example, Microvention, a tissue manufacturer, and Terumo Corp. launched a joint venture partially, announced that its Sophia EX 5-F, 115-cm intracranial support catheter. This expanded range allows healthcare professionals to use the Sophia EX 5-F catheter in a wide variety of modalities, providing greater flexibility and versatility in patient treatment.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The Global Transradial Access Devices Market is segmented into Product, Application, End-Use and Region. Based on Product, the market is segmented as, Based on Product, the market is segmented as, Catheters, Guidewires, Sheath and Sheath Introducers, Accessories. Based on Application, the market is segmented as, Drug administration, Fluid and Nutrition Administration, Blood transfusion, Diagnostics and testing, Others. Based on End-use the market is segmented as, Hospitals & clinics, Ambulatory Surgical Centers, Others. Based on Region the market is segmented as, North America, Asia-Pacific, Europe, Latin America, Middle East and Africa.
Analysis by Product
The catheters segment accounted for the largest market share at 33.6% in 2023. Increasing incidence of cardiovascular diseases and demand for less invasive procedures drives growth in transradial access devices market. This is driven by advances in catheter design and materials, transradial for angiography and angioplasty. For example, in July 2023, ALVIMEDICA obtained CE Mark approval and launched the Alvision Kaplan curves radial portfolio for diagnostic procedures, in a safe transradial approach with advanced catheter design for robustness and patient outcomes.
The guidewires segment is expected to grow significantly during the forecast period. Guide catheters are designed to connect intravenously to a wound or tissue fragment and act as guides to larger catheters to allow faster follow-up and faster drug delivery to the treatment area. For example, Terumo offers guide catheter accessories many types offer, including GLIDEWIRE Hydrophilic Coated Guidewire line and Radifocus Guide Wire M, developed transradial access procedures. Their guidewire products feature additional design elements including a water coating, nitinol core and radiopack jacket to provide excellent lubrication, flexibility and visibility.
Analysis by End-Use
The hospital segment accounted for the largest market share at 40.4% in 2023. Increasing incidence of cardiac diseases and demand for less invasive procedures are driving hospitals towards more transradial devices. Advantages such as low complications, shorter hospital stays and faster recovery times with these procedures encourage adoption. It is attributed to the availability of advanced medical facilities and a better reimbursement system for operations performed in hospitals. For example, in October 2022, health insurer EmblemHealth introduced a new in-patient reimbursement system, and commissioned portable devices for transradial access devices used in hospital settings further encouraged and contributed to the rapid expansion of this market segment.
The clinics & ambulatory care centers segment is expected to post the fastest CAGR during the forecast period. According to Cath Lab Digest, the Society for Cardiovascular Andiography and Interventions (SCAI), and the Transradial Intervention Program (TRIP), it provides not only physician education, but professional education focused on appropriate ambulatory planning and peri-procedural care. A research study published in SCAI in May 2024 found that radial artery access is the best semoral access for percutaneous coronary interventions, with low complications. Radial access uptake increased remarkably, up from 20.3% in 2013 to a staggering 57.5% in 2022.
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Asia-Pacific region in the transradial access devices market dominated the market with revenue share of 25.4% in 2023. This region is fueled by huge patient population with cardiovascular diseases, advancements in healthcare, increasing awareness of regarding radial artery access and other products emerging as an attractive market. Rapid market expansion in countries such as China, India and Japan, driven by increased awareness of less invasive procedures among patients and healthcare professionals. Asia-Pacific region in the market is also available for medical device manufacturers availability and affordability increase in this region.
North America region in the market is expected to follow the fastest CAGR of 8.3% during the forecast period. U.S. dominates the North America region in the market owing to increasing incidence of cardiovascular diseases, improved healthcare, and increasing preference for less invasive procedures which drives the rise of market due to the movement of medical technologies. The demand for ventilatory devices in North America is also driven by an aging population and the benefits of long-range access techniques in reducing complications and patient outcomes. North America region in the market is witnessing rapid growth, driven by rising product approvals.
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Drivers
The transradial access technique is rapidly gaining popularity due to its minimal invasive nature, allowing surgeons to access the radial artery of the wrist for a variety of cardiac interventions. Unlike femoral approach, the transradial access presents fewer complications such as bleeding and faster operative time. This not only increases patient comfort, but also shortens hospital stays, reducing overall healthcare costs. With the increasing focus of healthcare systems across the world on cost-effective treatment, the demand for ventilator devices is on the rise.
Global cardiovascular diseases are the leading cause of death, as conditions such as coronary artery disease, heart attack and stroke are more common. These diseases often require diagnostics, such as angioplasty and stent placement, which can be transradial access. Deprivation and other unhealthy lifestyle habits contribute to the increased burden of cardiovascular diseases.
Restraints
Although the benefits of transradial access are well documented, this technique requires significant training and experience. The need for additional training and practice to perfect the transradial approach may have hindered its widespread adoption. Healthcare facilities in areas with limited access to such training may face challenges in implementing ventilator devices, thus limiting market growth in those areas.
Although radial insertion generally has fewer complications compared with the femoral approach without risk. Radial artery occlusion, where the artery is blocked after surgery, can occur in some patients, especially those with small radial arteries or pre-existing peripheral artery disease. While these complications are relatively rare, they can limit the broader application of transradial access in certain patient populations, hindering the market’s growth potential.
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Strategic partnerships and acquisitions are key strategies used by the major players to expand their market position and product offerings. Collaboration between healthcare institutes and research organizations helps companies stay ahead of technological developments, improving their market performance. Companies invest heavily in R&D to come up with the advanced transradial access devices with advanced features such as improved flexibility, visibility, patient comfort etc. Innovations such as low-profile sheaths and advanced guidewires are in development prevalent, indicating that the industry is focused on meeting the evolving needs of healthcare professionals.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the market for transradial access devices is primarily driven by rising cardiovascular diseases and preference for less invasive procedures but challenges such as lack of skilled personnel and risk of radial artery occlusion restrain the market the development. On the other hand, technological advances in device manufacturing and shift towards the outpatient care are emerging as major trends, setting the market for future expansion. Overall, the market is expected to grow as healthcare systems across the globe increasingly demand safer, faster and more cost-effective options.
Report Metric | Details |
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Market size value in 2022 | USD 1.96 Billion |
Market size value in 2031 | USD 3.83 Billion |
Growth Rate | 7.8% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Transradial Access Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Transradial Access Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Transradial Access Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Transradial Access Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35H2272