RADIAL COMPRESSION DEVICES MARKET ANALYSIS

Global radial compression devices market is estimated to be valued at US$ 261.1 million in 2023 and is expected to exhibit a CAGR of 8.3% during the forecast period (2023-2030).

Analysts’ Views on Global Radial Compression Devices Market:

Global radial compression devices market is expected to witness growth due to increasing angiography and Percutaneous coronary intervention (PCI) procedures, lower stent prices, and rising demand for minimally invasive procedures. However, the market can face challenges from alternative compression techniques and due to COVID-19's impact on the healthcare industry. For instance, in January 2023, according to the American Heart Association (AHA), coronary heart disease (CHD) was the leading cause (41.2%) of deaths due to (Cardiovascular diseases) CVD in the U.S., followed by stroke (17.3%), other CVD (16.8%), high blood pressure (12.9%), heart failure (9.2%), and diseases of the arteries (2.6%). Cardiovascular disease (CVD) is the leading cause of death in the U.S., accounting for 928,741 deaths in 2020.

Figure 1. Global Radial Compression Devices Market Share (%), By Product Type, 2023

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Global Radial Compression Devices Market – Driver

Increasing launch of New Products, Growing adoption of radial access procedures

For instance, in November 2022, according to Merit Medical Systems, Inc., a developer and marketer of proprietary disposable medical devices, announced U.S. commercial of PreludeSync EZ radial compression device. The company designed it to prevent the bleeding after radial artery access procedure, PreludeSYNC EZ assists in the prevention of bleeding following radial artery access procedures.

Increasing Prevalence of Cardiovascular Diseases, Technological Advancements in Radial Compression Devices, and Rising Demand for Minimally Invasive Procedures

Advancement in the technologies with the efficient radial compression devices is expected to drive the radial compression device market. The market is expected to witness growth, owing to rising use of radial access techniques that provide patients quick movement and lower the risk of problems. For instance, in March 2022, an article is published in American Heart Association, the article study aimed to determine trends in radial access use over time, with increasing use of radial access is driven by new invasive and interventional cardiologists (operators) or existing operators changing their practice.

Figure 2. Global Radial Compression Devices Market Value (US$ Million), By Region, 2023

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Global Radial Compression Devices Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global radial compression devices market over the forecast period. North America is estimated to hold 39.3% of the market share. Increasing prevalence of cardiovascular diseases boosts demand for the radial compression devices. For instance, in January 2022, according to American Heart Association, approximately 19.1 million deaths were attributed to CVD globally. The age-adjusted death rate per 100,000 population was 239.8. The age-adjusted prevalence rate was 7354.1 per 100,000. The highest mortality rates attributable to CVD in 2020 were in Eastern Europe and Central Asia, with higher levels also seen in Oceania, North Africa and the Middle East, Central Europe, sub-Saharan Africa, and South and Southeast Asia. Rates were lowest for locations in high-income Asia Pacific and North America, Latin America, Western Europe, and Australasia

Global Radial Compression Device Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

The impact of COVID-19 on the cardiovascular system in general, which may indirectly affect the radial artery. For example, COVID-19 causes inflammation in the body that can lead to cardiovascular complications such as heart attacks and abnormal heart rhythms. COVID-19 patients with coronary artery calcification (CAC) requires intubation, and can die. For instance, in October 2020, an article published by Elsevier in the journal of clinical imaging titled,” Coronary artery calcification in COVID-19 patients: An imaging biomarker for adverse clinical outcomes”, studied the effect of COVID-19 on the coronary arteries.

Global Radial Compression Devices Market- Segmentation

Global radial compression devices market report is segmented into  product type,  usage,  application,  end user, and region.

Based on Product Type, the global radial compression device market is segmented into band/ strap based, knob based, and plate based. Out of which, the Plate based segment is expected to dominate the global radial compression devices market during the forecast period, owing to increasing usage of plate based for the prevention of bleeding after a transradial cardiac catheterization procedure.

Based on Usage, the global radial compression device market is segmented into disposable device and reusable device. The disposable device segment is expected to dominate the market over the forecast period, owing to increasing prevalence of CVD. Medical practitioner prefers the use of disposable device for carrying out the radial access surgeries.

Based on Application, the global radial compression device market is segmented into surgical intervention, and diagnostics. The surgical intervention segment is expected to dominate the market over the forecast period, owing to increasing usage of hospitals for the management and treatment of infections.

Based on Region, the global radial artery compression devices market is classified into North America, Latin America, Europe, Asia Pacific, Africa, and Middle East. North America is expected to dominant over the forecast period. Development in technology, high-cost healthcare expenditures, leading industry players in the marketplaces, and a large patient population with cardiovascular disease are all factors driving the expansion of radial artery compression devices markets in these areas. Europe is anticipated to have the second-largest market share throughout the projection period. The industry is growing due to increased awareness among end-users.

Among all the segmentations, the application segment has the highest potential due to increasing prevalence of cardiovascular diseases over the forecast period. For instance, in August 2021, an article titled Effect of Radial Artery Compression with a Novel Automatic Pressure-Controlled Radial Compression Device: A Short-Term Prospective Interventional Pilot Study stated radial compression device effectiveness.

Global Radial Compression Devices Market- Cross Sectional Analysis

Rising incidence of cardiovascular diseases in emerging economies such as India, China, etc. is also expected to boost demand for radial compression technologies in the Asia-Pacific regions. The global market for radial compression devices is dominated by hospitals. For disease diagnosis and treatment, hospitals are the preferred choice. As a result, radial artery compression devices market are projected to grow in popularity throughout the projection period. For instance, in November 2022 according to the American Heart Association, 19 million deaths were due to CVD globally, indicating an increase of 18.7% from 2010. The number of new cardiovascular diseases cases diagnosed per year is expected to increase by 2040.

Global Radial Compression Devices Market: Key Developments

In May 2021, the study result presented at U.S. in the Society for Cardiovascular Angiography and Interventions (SCAI) 2021 Scientific Sessions, stated that he adjunctive use of the hemostatic patch safely facilitates early deflation of the TR Band after transradial procedures without any of the complications associated with longer or more-aggressive compression,such as radial artery occlusion and hematomas. The patch is composed of a hydrophilic polymer that dehydrates blood and potassium ferrate that clumps the blood solids and proteins together to form a seal at the surface of the skin.

On 26 April 2023, Terumo Europe N.V., a medical device company, announced the start of a new prospective clinical study: the Ultimaster Nagomi sirolimus eluting coronary stent system in complex PCI patients. Ultimaster Nagomi helps in mastering rapid coronary vascular repair in CVD patients.

In September 2022, at the Transcatheter Cardiovascular Therapeutics (TCT2022) conference, the Cardiovascular Research Foundation's (CRF) annual scientific symposium, and one of the world's premier educational forums specializing in interventional cardiovascular medicine, GE Healthcare presents innovations created to shape the cardiology care of the future.

Global Radial Compression Device Market: Key Trends

Better Healthcare Infrastructure, Effective government policies

Due to improved healthcare infrastructure, effective government policies, a sizable base of multinational corporations, and rising genetic illnesses, the radial compression device market is expected to witness considerable expansion in the North American region. According to the article released in May 2021, for radial access procedures, novel hemostasis strategies have been disclosed, notably the Prelude SYNC DISTAL (PSD) radial compression device from Merit Medical Systems, Inc., South Jordan, Utah, and USA. This study aimed to compare the safety profiles of PSD and Terumo radial (TR) Band.

Global Radial Compression Device Market: Restraint

Risk of complications associated with radial access procedures

The risk of issues including bleeding and radial artery obstruction, which result in hospitalization and high healthcare costs, is anticipated to restrain market growth. Increased government initiatives may enhance market demand and raise awareness of the risks associated with radial access surgery. For instance, according to an article published by Elsevier in the journal of Cardiovascular Revascularization Medicine in August 2021, the article provides information on the possible complications that can occur during and after the procedure, such as radial artery spasm, catheter kinking, and arterial dissection or perforation. It also discusses the factors that increase the risk of these complications, such as patient-related factors and procedure-related factors.

Increasing number of product recalls by regulatory bodies

Over the course of the forecast period, regulatory agencies' increasing use of product recalls is anticipated to restrain the growth of the global market for radial compression devices. Over the predicted timeframe, more product launches may be beneficial. For instance, in May 2021 Cordis, a developer and manufacturer of medical devices, recalls SUPER TORQUE MB Angiographic catheter with radiopaque marker bands due to potential for marker bands to move or dislodge.

Global Radial Compression Device Market - Key Players

Major players operating in the global radial compression devices market include Terumo Corporation, Abbott Laboratories, Vascular Solutions Inc., Semler Technologies, Inc., Comed B.V., Merit Medical Systems Inc., Beijing Demax Medical Technology Co., Ltd, Cardinal Health, and Medtronic, Plc.

*Definition: Radial compression devices are medical devices that are used to compress the radial artery in the wrist after a Transradial catheterization procedure. These devices are designed to reduce the risk of bleeding and other complications by applying pressure to the radial artery, and thereby, facilitating hemostasis and preventing the formation of a hematoma. Moreover, the development of advanced radial compression devices, and increasing use of radial artery access for diagnostic and interventional procedures is expected to drive the market growth.