Radial Compression Devices Market To Find Better Growth with US$ 357.7 Million by 2027 | CAGR: 8.9%: Coherent Market Insights

Impact Analysis of Covid-19

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Radial compression devices, on the basis of usage type are further classified into disposable radial compression devices and reusable radial compression devices. These devices find applications in hospitals, independent catheterization centers, ambulatory surgical centers, and specialized clinics.

Statistics:

The global radial compression devices market is estimated to account for US$ 357.7 Mn in terms of value by the end of 2027.

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Global Radial Compression Devices Market: Drivers

The factors such as lower post-procedural complications is expected to boost growth of the global radial compression devices market over the forecast period.  PCI can be performed by radial approach and also by femoral approach. Moreover, market interviews have revealed that around 2-8% of patients have experienced complication after PCI procedure by femoral approach whereas incidence of complication by radial approach is negligible (~<1%).

Global Radial Compression Devices Market: Opportunities 

The increasing number of angiography and angioplasty procedures, globally is expected to offer lucrative growth opportunities for players operating in the global radial compression devices market. For instance, according to the American College of Cardiology, over 1.2 million angioplasties are performed annually in the U.S.

Global Radial Compression Devices Market: Restraints

However, lack of concrete data on adoption of radial access is the major factor that is expected to hamper growth of the market over the forecast period. Moreover, available data on adoption of radial compression devices by country is highly fragmented. The reasons for the same include delayed approval of the process by U.S. FDA and absence of country-wise guidelines on radial catheterization.

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Key Takeaways:

Among product type, band/ strap based segment in the global radial compression devices market is estimated to be valued at US$ 146.7 Mn in 2019 and is expected to reach US$ 291.0 Mn by 2027, exhibiting a CAGR of 8.9% during the forecast period. The segment growth is attributed to increasing prevalence of cardiovascular diseases, across the globe.

Among application, diagnostics segment is expected to hold a dominant position in the global radial compression devices market in 2019, accounting for 50.5% share in terms of value. The segment growth is attributed to increasing number of angiography and angioplasty procedures, globally.

Market Trends

Key players are focusing on mergers and acquisitions to strengthen their position in the global market. For instance, in December 2018, Merit Medical Systems, Inc. acquired Vascular Insights, LLC, a provider of specialty infusion and occlusion catheter systems.

Furthermore, the market is witnessing increasing number of launch of new devices by market players to monitor blood flow through radial artery to prevent occlusions post PCI. For instance, IdaHealth, a U.S.-based company, launched a new device called IdaFlo Tr, in May 2019. The wireless device is designed to continuously monitor the blood flow through the artery.

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Global Radial Compression Devices Market: Competitive Landscape

Key players operating in the global radial compression devices market include Terumo Corporation, Abbott Laboratories, Vascular Solutions Inc. (a part of Teleflex Incorporated), Advanced Vascular Dynamics, Comed B.V., Merit Medical Systems Inc., and Beijing Demax Medical Technology Co., Ltd.

Global Radial Compression Devices Market: Key Developments

May 2019: Cordis, a cardinal health company, launched RADIAL 360 portfolio, offering a complete range of products to facilitate the transradial approach (TRA) for interventional cardiology procedures, in the U.S.

January 2020: Terumo Europe NV, a part of Terumo Corporation, initiated a new randomized clinical trial that compares the novel distal radial access with conventional radial access approach, in terms of radial occlusion rates at discharge

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Segmentation

Scope of the report

• Radial Compression Devices Market, By Product Type:
  • Band/ Strap Based
  • Knob Based
  • Plate Based
• Radial Compression Devices Market, By Usage:
  • Disposable Device
  • Reusable Device
• Radial Compression Devices Market, By Application:
  • Surgical Intervention
  • Diagnostics
• Radial Compression Devices Market, By End User:
  • Hospitals
  • Independent Catheterization Centers
  • Ambulatory Surgical Centers
  • Specialized Clinics

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

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