Radial compression devices are categorized as: disposable radial compression devices and reusable radial compression devices, on the basis of usage type. These devices are mainly used in hospitals, independent catheterization centers, ambulatory surgical centers, and specialized clinics.
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
Lower post-procedural complications is expected to boost growth of the global radial compression devices market over the forecast period. PCI can be performed by radial approach and also by femoral approach. Market interviews have revealed that approximately 2-8% of patients have experienced complication after PCI procedure by femoral approach whereas incidence of complication by radial approach is negligible (~<1%).
Global Radial Compression Devices Market: Opportunities
Increasing number of angiography and angioplasty procedures is expected to offer lucrative growth opportunities for players in the global radial compression devices market. For instance, according to the American College of Cardiology, more than 1.2 million angioplasties are performed annually in the United States.
Global Radial Compression Devices Market: Restraints
Absence of concrete data on adoption of radial access is expected to hinder growth of the market. Data on adoption of radial compression devices by country is highly fragmented. The reasons for the same are delayed approval of the process by US FDA and absence of country-wise guidelines on radial catheterization.
The Band/ Strap Based segment in the global radial compression devices market was valued at US$ 146.7 Mn in 2019 and is expected to reach US$ 291.0 Mn by 2027 at a CAGR of 8.9% during the forecast period. Increasing prevalence of cardiovascular devices is expected to boost growth of the segment over the forecast period
The Diagnostics segment held dominant position in the global radial compression devices market in 2019, accounting for 50.5% share in terms of value. Increasing number of angiography and angioplasty procedures is expected to assist the growth of the segment during the forecasted period
The market is witnessing increasing M&A activities. For instance, in December 2018, Merit Medical Systems, Inc. acquired Vascular Insights, LLC, a provider of specialty infusion and occlusion catheter systems.
The market is also witnessing launch of new devices to monitor blood flow through radial artery to prevent occlusions post PCI. For instance, in May 2019, IdaHealth, a U.S.-based company, launched a new device called IdaFlo Tr. The wireless device continuously monitors blood flow through the artery.
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
May 2019: Cordis, a Cardinal Health company, launched its RADIAL 360 portfolio, offering a complete range of products to facilitate the transradial approach (TRA) for interventional cardiology procedures, in the U.S.
January 2020: Terumo Europe NV, a part of Terumo Corporation, launched a new randomized clinical trial that compares the novel distal radial access with conventional radial access approach, in terms of radial occlusion rates at discharge
Scope of the report