Radial Artery Compression Devices Market 2020 Covering Major Driving Factors and Competitive Outlook till 2027
Global Radial Artery Compression Devices Market Research Report: Information by Product (Band/Strap Based Devices, Knob-Based Devices, Plate-Based Devices), Usage (Disposable Devices, Reusable Devices) and End User (Hospitals, Clinics, Ambulatory Centers, Cath Lab) - Forecast till 2027
Market Insights
The radial artery compression devices market should grow at a significant growth rate. The most important factors influencing market growth are increasing technological advances in the field of medical devices, increasing economic growth and the number of geriatric patients, increasing occurrences of cardiovascular diseases, and other factors.
According to Market Research Future, the global radiant artery compression devices is set to attain CAGR of 7.9% and expected to reach the highest valuation during the forecast period, 2018-2024.
Cardiovascular diseases are heart disease, including structural problems, diseased blood vessels, and blood clots. Radial artery compression devices are used to support radial artery hemostasis after a transradial procedure. Transradial cardiac catheterization is a technique used to treat and diagnose certain heart diseases.
The increased cardiovascular frequency leads to the growth of the radial artery compression device market. The rise in obesity is likely to feed the group of cardiovascular patients, spurring market demand for radial artery compression devices.
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Market Segmentation
The global radial artery compression devices market is majorly diversified into usage, product, and end-user.
On the basis of product, the global radial artery compression market is bifurcated into knob-based devices, band/strap-based devices, and plate-based devices.
The usage segment of the global radial artery compression devices the market is segmented into reusable devices and disposable devices.
In addition, based on end-user, the radial artery compression devices market is classified into cath lab, hospitals, ambulatory centers, clinics, and others.
Regional Outlooks
Geographically, the US is expected to dominate the global market for radial artery compression devices due to the presence of a significant number of patients with cardiovascular disease, the growing acceptance of advanced technologies in the field. medical devices, high healthcare costs, and the presence of major players in the industry. The increased cardiovascular frequency leads to the growth of the radial artery compression device market. American Heart Association stated that about 31% of deaths were reported in the United States due to cardiovascular disease in 2014. Similarly, according to the American Heart Association, about $ 555 billion has been spent in the US to treat cardiovascular disease.
Europe is expected to be second in the global market for radial artery compression devices. In addition, according to the European Cardiovascular Network, 85 million people in 2015 had cardiovascular disease in Europe. The high incidence of cardiovascular disease (CVD) is globally related to the high prevalence of known risk factors such as hypertension, diabetes, dyslipidemia (high cholesterol), unhealthy lifestyle, smoking, and obesity.
The Asia Pacific is the fastest-growing radial artery compression devices market due to the growing geriatric population, the existence of a large patient group, and the rapid improvement in the technologies.
The market for radial artery compression devices in the Middle East and Africa is set to grow steadily, as the region are developing their medical facilities
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Major Players
The leading players supporting the global market through various advancements and innovations include Medtronic, Terumo Corporation, Abbott Laboratories, Merit Medical, Inc., Perouse Medical, ADVANCED LIFESCIENCES PVT. LTD, Vascular Solution Inc., HTKD Medical, Advanced Vascular Dynamics, MEDAS INC, Comed B.V., Beijing Demax Medical Technology, and others. Various other new entrants in the radial compression devices market are emphasizing on inventing the technologies to boost the safety profile and efficiency to serve the growing patient populations. Constant technological improvements are helping interventional radiologists and cardiologists in the healthcare sector.
Recent Updates
- According to the latest study led by researchers at Thomas Jefferson University Hospital, Philadelphia, PA, USA, an alternative path to neuroendovascular procedures access through the radial artery has low chances of difficulties.
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