Global Transradial Closure Devices Market Is Set To Grow By 6.5% CAGR During The Forecast Period From The Year 2020 To 2030
The transradial closure devices market is growing with the increasing cases of cardio vascular diseases all over the world. A new study by Future Market Insights (FMI) has projected the market to rise at 6.5% CAGR between 2020 and 2030. According to the report, demand will rise consistently on the back of surging cases of cardiovascular ailments caused by stress, unhealthy lifestyle, and others factors.
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According to World Health Organization (WHO), every year cardiovascular diseases cause an estimated 31% of death occurring worldwide. Also a 2016 Heat Disease and Stroke Statistics update by the American Heart Association stated that over 15 million people in the U.S. have coronary heart disease.
With no signs of the incidence slowing down, the demand for procedures such as angiography, angioplasty, percutaneous coronary intervention (PCI), and others will continue rising. Consequently, the demand for transradial closure devices is surging rapidly all over the world.
Radial access is highly efficient in providing faster mobility to patients due to smaller incision. Furthermore, chances of infection at site is lower in radial access as compared to transfemoral access, which makes it highly preferred by diverse end users, starting from hospitals to specialized clinics.
The outbreak of COVID-19 pandemic is anticipated to impact the market negatively. The temporary period of lull could continue until the next year. However, the transradial closure devices market has high potential to grow further in the coming years.
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FMI offers an exhaustive overview of the transradial closure devices market, its growth drivers, and restraints.
Some of the key takeaways from the report are highlighted below-
- Band or strap based transradial closure type devices are expected to lead in the market during the forecast period
- Disposable devices are anticipated to gain traction in terms of usage
- Application of transradial devices in diagnostic segment will remain high throughout the forecast period
- Among the end users, independent catheterization centres will emerge dominant in the coming years
- North America will lead in the global market followed by Europe
“Due to the rising cases of cardio vascular diseases, there has been increase in surgical and diagnostic procedures related to it. Transradial access (RA) being associated with less complications, is highly preferred by the various end users such as ambulatory surgical centers, hospitals, and others. In the coming years, the uptake of transradial closure devices will therefore rise especially since patients are increasingly willing to spend on procedures that ensure shorter hospital stays,” says an FMI analyst.
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COVID-19 Impact Analysis
Due to the outbreak of COVID-19 pandemic, manufacturing process of transradial closure devices was hampered during the lock down. Contrary to this, novel coronavirus might cause cardiovascular concerns, which has resulted in surge in demand for the transradial closure devices in hospitals, specialized clinics, and other segments.
As per the latest study by FMI, the global transradial closure devices market has high potential to overcome the threats posed by the ongoing pandemic and grow further in the coming years.
Who is Winning
The global transradial closure devices market is highly competitive. In order to strengthen their foothold market players are focusing on the launch of ultra-modern transradial closure devices.
For instance, Comed B.V has launched their new Io Radial Compression Tourniquet (Io RACT) which is effective to compress the radial artery puncture, post procedure in the current year. Their Io RACT is small, and especially designed to optimize compression, view the puncture side and deflate the compression balloon.
Merit Medical, Inc. has launched their exclusive PreludeSYNC Radial Compression Device which assists in achieving vascular hemostasis in the recent year. Their PreludeSYNC Radial Compression Device is available with the safety and convenience of a specialized connection device and syringe.