Radial Artery Compression Devices Market: Introduction
According to the report, the global radial artery compression devices market was valued at US$ 108.6 Mn in 2018 and is projected to expand at a CAGR of ~8% from 2019 to 2027. Radial compression devices are compulsorily used after every angiography and angioplasty procedures. Increase in radial approach for percutaneous coronary intervention procedures is likely to be responsible for rise in demand for radial compression devices. Rise in prevalence of coronary heart disease, preference for radial access in percutaneous coronary intervention (PCI) procedures worldwide, and a large number of training initiatives by cath labs are the major factors anticipated to drive the global radial artery compression devices market during the forecast period. North America held a major share of the global radial artery compression devices market in 2018, due to high prevalence and increase in incidence of cardiovascular disease in the U.S. and Canada and wide base of medical device companies in the U.S.
The radial artery compression devices market in Asia Pacific is expected to expand at a high CAGR of 8.8% from 2019 to 2027. Transformation in the healthcare scenario in Asia Pacific is encouraging healthcare professionals to opt for transradial artery access for coronary angiography and percutaneous coronary intervention (PCI). Thus, adoption of radial artery compression devices for gaining hemostasis is expected to propel the market in Asia Pacific in the near future.
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Launch of Radial Artery Compression Devices to Drive Market
Rise in prevalence of cardiovascular disorders across the world has fueled the demand for radial artery compression devices. According to the American Heart Association estimates, more than 130 million adults are likely to suffer from cardiovascular disorders in the U.S. by 2035. Increase in efforts by independent cath labs for the staff training is ensuring the increased presence of skilled professionals. This, in turn, would increase the use of the radial artery compression devices and favor the market growth. For instance, in 2009, Jesse Brown VA Medical Center in Chicago had taken initiative to promote staff education outside the cath lab on adoption of radial artery compression devices.
Companies operating in the radial artery compression devices market plan to manufacture more improved radial compression devices, which can achieve hemostasis without compromising local nerve structure. Improvement in material design is expected to fuel adoption of these devices. Thus, launch of products with design enhancement is expected to fuel sales of radial artery compression devices. For instance, in August 2019, Merit Medical Systems, Inc. launched PreludeSYNC EVO radial compression device in the market in the U.S. In February 2019, Merit Medical Systems, Inc. announced the availability of PreludeSYNC DISTAL Compression Device in the U.S., Europe, Africa, the Middle East, and Asia Pacific
Knob-based Devices to Dominate Global Market
In terms of product, the global radial artery compression devices market can be classified into knob-based devices and plate-based devices. The knob-based devices segment dominated the global radial artery compression devices market in 2018 and the trend is projected to continue to during the forecast period. Smart rotating knob design enables medical staffs to easily adjust the pressure to the moderate level and adjust according to patients’ hemorrhage condition at any time. This is anticipated to drive the segment at a significant pace during the forecast period.
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Pneumatic to be Promising in Radial Artery Compression Devices Market
In terms of mechanism, the global radial artery compression devices market has been categorized into mechanical and pneumatic. The mechanical segment held a major share of the global radial artery compression devices market in 2018. The time to achieve hemostasis is slightly lesser with the mechanical based radial artery compression devices, which is likely to propel the mechanical segment. The use of pneumatic compression can significantly lower the incidence of radial artery occlusion (RAO) which, in turn, is expected to propel the segment during the forecast period.
Hospitals to be Major End User
In terms of end user, the global radial artery compression devices market has been divided into hospitals, independent cath labs, ambulatory surgical centers, and others. The hospitals segment held major share of the global radial artery compression devices market in 2018. The growth of the segment can be attributed to increase in number of hospitals across the globe. Hospitals are the most preferred choice and highly favorable setting for disease diagnosis and treatment. Therefore, the segment is expected to witness strong growth during the forecast period.
North America to Dominate Global Market; Asia Pacific to Offer Significant Incremental Opportunities
In terms of region, the global radial artery compression devices market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for the leading share of the global radial artery compression devices (CEDM) market during the forecast period, owing to high prevalence and increase in incidence of cardiovascular disorders in the U.S. and Canada, and wide base of medical device companies in the U.S. The CDC (Centers for Disease Control and Prevention) stated around 370,000 people used to die in coronary heart disease each year. This is expected to drive the market in North America. According to data released by the World Bank, the geriatric population (aged 65 and above) account for 14.5% of the total population of the U.S. and is expected to reach 21.7% by 2040. The geriatric population constitutes 15.5% of the total population of Canada. These dynamics in turn are expected to boost the market during the forecast period as radial artery compression devices are mostly preferred to attain hemostasis for old aged patients. The radial artery compression devices market in Asia Pacific is projected to grow at a rapid pace in the next few years. India, China, and South Korea are expected to be lucrative markets in the near future, owing to various initiatives taken by private and government institutions to provide better healthcare facilities in these countries.
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Growth Strategies of Key Players
Key players operating in the global radial artery compression devices market include Medtronic plc, Abbott Laboratories, Terumo Corporation, Teleflex Incorporated, Merit Medical Systems, Inc. Forge Medical, Inc., Semler Technologies, Inc. dba Advanced Vascular Dynamics, Medplus, Inc., and TZ Medical, Inc. These companies engage in research & development activities to develop novel products in order to expand product offerings and customer base. In October 2017, Medtronic plc. established an innovation center in Chengdu, Singapore. In July 2018, the U.S. FDA gave the marketing approval for TZ Medical, Inc.’s patented product, Adjustable Radial Cuff (ARC) Hemostasis Device, in the U.S.
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