The radial compression devices market is expected to be worth US$ 255.5 million in 2023, rising to US$ 599.9 million by 2033. Radial compression device sales are expected to grow at an 8.9% CAGR during the forecast period.
A radial compression device is a band worn around the wrist to reduce the risk of radial artery blockage after invasive cardiac surgery. This device is used to stop bleeding after angiography or angioplasty.
The global market for radial compression devices has changed dramatically in recent years. These have been strengthened by technological advancements that shorten the time it takes to achieve hemostasis, improve the process, and reduce the risk of radial artery occlusion (RAO). When accessing the transracial artery for cardiac catheterization, RAO concerns have been a major source of concern, resulting in the development of the radial compression device market.
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“Growing number of percutaneous coronary intervention procedures (PCI), acceptance of compression devices for surgical and diagnostic cardiology interventions, new product launches and approvals – leading to greater availability in both established and emerging economies are factors driving the growth of radial compression devices market.”
Additionally, the benefits of radial access in a percutaneous coronary intervention (PCI) procedure are expected to drive market growth. Radial access allows patients to move faster, the incision is smaller, and the risk of infection at the site is significantly lower than with trans-femoral access.
Key Takeaways from Radial Compression Device Study:
- Band/strap-based products provide rigid wrist support and improved patient comfort, propelling the segment to a maximum share of 8% in 2021, while expanding at a 9.7% CAGR during the forecast period.
- Disposable devices accounted for 92.9% of the market in 2021, indicating the highest demand by usage segment due to ease of use and cost effectiveness, and being primarily used in achieving and maintaining radial hemostasis.
- With increasing diagnosis rather than surgical intervention, diagnostic intervention held the largest share of 50.5% in 2021 and is expected to grow at the same rate by 2031.
- North America held the largest share of 40.5% of the global radial compression devices market in 2021 indicating the growth due to geriatric population and growing demand for advanced medical technology in North America.
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Who is winning?
The key market players covered by FMI include leading companies of radial compression devices are Terumo Corporation, Merit Medical Inc., Abbott Laboratories, Vascular Solution, Advanced Vascular Dynamics, Conmed B.V., Beijing Demax Medical Technology, Teleflex Incorporated, Forge Medical Inc., TZ Medical Inc., Semler Technologies, MedPlus Inc., Lepu Medical, Cardinal Health, and Vygon.
Some of the leading manufacturers in the radial compression devices market are working to develop their technologically advanced product in order to improve the efficacy and safety profile for patients. Interventional cardiologists and radiologists in the healthcare industry profit from continuous technological advancements made by few of these players. Furthermore, manufacturers are also focusing on mergers and acquisitions with global expansion objectives, thereby, enhancing their market presence.
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global radial compression devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on radial compression devices segment based on Product (Band/Strap based radial compression devices, knob based radial compression devices, plate based radial compression devices), Usage (Reusable, disposable), Application (diagnostic intervention, surgical intervention), end user (hospitals, independent catheterization labs, ambulatory surgery centers, specialized centers) across seven major regions.
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Radial compression devices Market by Category
By Product:
- Band/Strap based radial compression devices
- Knob based radial compression devices
- Plate based radial compression devices
By Usage:
- Disposable Devices
- Reusable Devices
By Application:
- Diagnostic intervention
- Surgical intervention
By End User:
- Hospitals
- Independent Catheterization Labs
- Ambulatory Surgery Centers
- Specialized Centers
Why Future Market Insights?
- Comprehensive analysis on evolving purchase pattern across different geographies
- Detailed insights of market segments and sub-segments for historical as well as forecast period
- A competitive analysis of prominent players and emerging players in the keyword market
- Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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