Global Statistics Representing Transradial Access Devices Market Scenario
During the last few years, arterial diseases have gained a huge traction due to the increasing number of patients suffering from various arterial diseases like atherosclerosis. A number of devices are introduced in the market which are used in the treatment of these diseases. The rising cases of arterial disorders such as atherosclerosis are expected to be the major driver of the market. Obese patients are more prone to the diseases. Increase in the obesity and the diabetic population has boosted the growth of the market. According to the World Health Organization (WHO), obesity incidences has tripled since 1975 across the globe. Over 650 million adults of age 18 years and above were found obese around the globe. Furthermore, in 2015, 425 million people were diagnosed with diabetes.
Adoption of desk-bound lifestyle, consumption of junk food and physical inactivity are also adding to the patient pool. Also, the consumption of alcohol and tobacco products leads to heart-related problems. Additionally, the transradial access offers many advantages over other methods, such as low cost and lesser complications rate than other access, thus it is regarded as a safe alternative.
However, expertise required by the technique, growing trend of product recall, and risk of failure are the major challenges for the growth of the market. The lack of healthcare facilities in the underdeveloped region has created an opportunity for key players to enter the untapped market.
Moreover, the government and private players are investing a lot in research & development for advancements in technology for the treatment, which is fuelling the growth of the market.
The global transradial access devices market is projected to reach USD 3,156.4 million by 2026 from USD 1,746.8 million in 2018, at a CAGR of 8.3% during the forecast period 2019–2026.
Transradial access devices market is segmented into product, application, and end user geography.
On the basis of product, transradial access devices market is segmented into catheters, guide wires, sheath & sheath introducers, and accessories. Catheters segment is likely to grow at highest CAGR owing to increasing heart related disease and obesity.
By application, market is segmented into drug administration, fluid & nutrition administration, diagnostics & testing and blood transfusion. Diagnostics & testing segment is expected to hold major shares owing increasing prevalence of chronic disease across the globe.
On the basis of end user, transradial access devices market is segmented into hospitals, surgical centers, and others (laboratories, nursing homes, diagnostic & imaging centers, and home healthcare agencies). Hospitals segment is likely to grow at fastest CAGR during forecasted period-2026
Globally, the market of transradial access devices is divided into North America, Europe, Asia Pacific and Latin America, Middle East & Africa (LAMEA).
The global transradial access devices market is estimated to be dominated by North America owing to advancements in healthcare treatment and the high number of the patient pool with cardiac disorders. There are a huge number of people suffering from obesity and diabetes in the region. According to the Centre for Disease Control and Prevention (CDC), 2% of the population younger than age of 65 are diagnosed with atrial fibrillation. Additionally, according to the World Health Organization (WHO), in 2015, 30.1 million of Americans were suffering from diabetes. Furthermore, growing healthcare expenditure and growing consumption of alcohol & cigarette smoking in the region is also contributing to the growth of the market. According to the Centers for Disease Control and Prevention (CDC), more than 15 in every 100 U.S adults smoke cigarettes.
The European region holds the second leading position in the market, followed by the Asia Pacific. The growing obese population and rising preference to use radial access devices in pediatric patients are the major drivers of the market in the region. According to the World Health Organization (WHO), in the European region, roughly 23% of women and 20% of men were obese in 2008. Moreover, high per capita expenditure on health care and growing trend of medical tourism is fostering the growth of the market.
Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period. Surging cardiac disorders and growing obese population is strengthening the market of the region. Countries such as India and China are among the nations to have maximum obese population. Apart from this, the patient pool of cardiac disorders is rising in the region.
LAMEA region is expected to show slow growth in the market during the forecast period, owing to their underdeveloped economies and lack of medical facilities. Additionally, dyslipidemia is very common in the Arab region that adds to the patient pool. Furthermore, a large part of Africa lacks medical facilities that give the opportunity to market players to invest in the region.
Major players in transradial access devices market are Ameco Medical, Becton Dickinson, Angiodynamics, Inc., Boston Scientific Corporation, Edward Lifesciences Corporation, Teleflex Incorporated, Merit Medical Systems, Medtronic, Nipro Medical Corporation, Oscor Inc., Smiths Medical, and Terumo Corporation.
Some of the recent studies have sought to access the utility of ultrasound guidance for transradial arterial access. Recent progression of transradial access in term of market share has prompted the development of dedicated equipment, like introducers (sheath), wires, coronary diagnostic catheters and guiding catheters for coronary interventions. Careful selection of the material helps to succeed and to minimize the radial artery injury.
Intended Audience for Transradial Access Devices
Global Market Segmentation