Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Radial Compression Devices Market – Insights
A radial compression device is band that is tied on the wrist in order to obtain reduced rates of radial artery occlusion after invasive coronary procedures. The use of this device is mandatory after every angiography and angioplasty procedure to stop bleeding.
The global radial compression devices market is estimated to account for US$ 357.7 Mn in terms of value by the end of 2027.
Global Radial Compression Devices Market: Drivers
Increasing prevalence of cardiovascular devices is expected to boost growth of the global radial compression devices market over the forecast period. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular devices or the after-effects of stroke.
Moreover, advantages of radial access in a percutaneous coronary intervention (PCI) process are also expected to propel growth of the market. Radial access provides faster mobility to patients; the incision is smaller and the chances of infection at site is much lower in radial access as compared to transfemoral access.
North America region held dominant position in the global radial compression devices market in 2019, accounting for 40.0% share in terms of value, followed by Europe.
Figure 1. Global Radial Compression Devices Market Share (%), by Region, 2019
Global Radial Compression Devices Market: Restraints
The radial artery is smaller than the femoral artery, which has limited the radial approach for PCI procedures. If the diameter of catheter is more than 2 mm then it is difficult for caregivers to use it. Furthermore, radial access is not possible if catheter of more than 2.5 mm diameter is used. Some PCI procedures require larger guidewire catheters or simultaneous deployment of more than two catheters, which is not possible by radial approach. Such limitations are expected to restrain growth of the global radial compression devices market.
Moreover, conventional method of femoral access is still adopted in developing countries, which is also expected to hinder growth of the market.
Global Radial Compression Devices Market: Opportunities
Decrease in prices of stents is expected to offer lucrative growth opportunities for players in the global radial compression devices market. High prices of coronary stents has led to their low adoption in emerging economies. However, in the recent past, the cost of stents has decreased in certain countries in Asia Pacific, which is expected to boost affordability of PCI procedures in the region.
Moreover, government initiatives to reduce prices of stents is also expected to aid in growth of the market. For instance, the prices of coronary stents have decreased significantly in India, owing to capping of the sale price of coronary stents by the Government of India in February 2017.
Surgical Intervention segment in the global radial compression devices market was valued at US$ 91.0 Mn in 2019 and is expected to reach US$ 173.8 Mn by 2027 at a CAGR of 8.4% during the forecast period.
Market Trends/Key Takeaways
Radial artery occlusion is the most reported complication during the use of radial compression devices. Market respondents note usage of branded radial compression devices may lead to reduced rates of radial occlusion after performing invasive coronary procedures.
In matured markets such as the U.K., the adoption of radial access is high across all types of caregiving institutions.
Global Radial Compression Devices Market: Competitive Landscape
Major players operating in the global radial compression devices market include, Terumo Corporation, Abbott Laboratories, Vascular Solutions Inc. (a part of Teleflex Incorporated), Advanced Vascular Dynamics, Comed B.V., Merit Medical Systems Inc., and Beijing Demax Medical Technology Co., Ltd.
Global Radial Compression Devices Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in August 2019, Merit Medical Systems Inc. launched the PreludeSync Evo radial compression device in the U.S.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in November 2019, Terumo Corporation announced its plans to acquire Aortica Corporation, a U.S.-based company dedicated to advancing the science of personalized vascular therapy.