The global radial compression devices market is set to experience impressive growth over the next decade, with market size projected to rise from US$ 255.5 million in 2023 to an estimated US$ 599.9 million by 2033, according to recent market projections. This surge is fueled by a Compound Annual Growth Rate (CAGR) of 8.9%, driven by advancements in interventional cardiology and the growing global burden of cardiovascular diseases (CVD).
Increasing Cardiovascular Disease Burden
Cardiovascular diseases remain the leading cause of mortality worldwide. Despite medical advancements, CVD rates continue to rise, especially in regions outside of high-income countries. Notably, in several high-income regions where CVD had been declining, a reversal of this trend has been observed. According to the American Heart Association, by 2035, more than 130 million adults in the United States are expected to suffer from some form of cardiovascular disease, underscoring the urgent need for improved diagnostic and interventional tools.
Growth Driven by Advances in Radial Artery Access
Radial artery access has become a key technique in modern interventional cardiology for cardiovascular diagnosis and intervention. Its minimally invasive nature offers several benefits, including reduced bleeding complications and faster patient recovery times. The increasing adoption of this technique is directly contributing to the rise in demand for radial compression devices, which are essential in maintaining hemostasis following these procedures.
Investments in Training and Technology
Efforts to expand the use of radial artery compression devices have been bolstered by independent cath labs investing in training for healthcare professionals. Notably, in 2009, the Jesse Brown VA Medical Center in Chicago took the initiative to train staff outside of the cath lab on the usage of these devices, ensuring a wider pool of trained personnel capable of performing these procedures safely.
Moreover, companies operating in this sector are focusing on producing enhanced radial compression devices that offer improved hemostasis while minimizing risks to local nerve structures. These design improvements are expected to drive further adoption and market growth.
Technological Advancements and Future Outlook
The increasing prevalence of cardiovascular disease, particularly among adult populations in industrialized nations, is driving demand for innovative solutions. Interventional cardiologists and radiologists stand to benefit from continuous technological advancements introduced by key players in the healthcare sector. Improved material design and the development of more efficient compression devices are expected to accelerate sales in the coming years.
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Key Takeaways from Market Study:
- Band/strap-based devices had the highest market share of 79.8% in 2021, expanding at a 9.6% CAGR during the forecast period. Band/Strap based radial compression devices are primarily driven by factors such as shorter hospital stays and lower surgical costs.
- Disposable devices accounted for 92.9% of the market in 2021 and expanding at an impressive rate of 9.0%. Disposable radial compression devices are highly adopted due to its cost effectiveness and reduces the incidence of radial artery occlusion.
- S. will lead the global market and contribute a revenue share of USD 224.6 Million by 2033. Incorporation of advanced technology and leading industry players in the marketplaces are the major factors behind their dominance.
- K. witnessed a growth of USD 15.9 Million over last decade and a CAGR of 9.4%. The industry is expanding as a result of increased consumer awareness. Furthermore, government initiatives, an ageing population, and industry leaders all contribute to market growth.
- China will emerge as the most lucrative region among all growing at a CAGR of 10.0%. Rapid socioeconomic advancement has had a significant impact on Chinese culture. The risk of cardiovascular disorders in the country has increased as a result of lifestyle changes, urbanisation, and an ageing population.
“Increasing use of radial compression devices in percutaneous coronary intervention procedures (PCI), due to rising cardiovascular disorders to drive the demand of radial compression over the Decade,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.
Product launching is the key strategy adopted by the manufacturers:
Companies in the Radial Compression Devices Industry are actively attempting to strengthen their positions through new product launches and approvals by both established and emerging market players. The product launch and acquisition speed up the manufacturer’s strategy to capitalise on market share and capture a sizable market share. Among the most recent examples are:
- Merit Medical launched PreludeSYNC EVO, a radial compression device, in the United States in August 2019. This sterile, single-use device is used to aid in the Hemostasis of the arterial percutaneous access site following catheterization procedures.
- Cordis launched the RADIAL 360 portfolio in the United States in May 2019. With this launch, the company provides a full range of products to aid in the transradial approach (TRA) for interventional cardiology.
- In 2018, TZ Medical Inc. received FDA approval for its Adjustable Radial Cuff (ARC) Hemostasis Devices in the United States.
Some of the leading companies operating in the Radial Compression Devices Industry are:
- Terumo Corporation
- Merit Medical Inc.
- Abbott Laboratories
- Vascular Solutions
- ConMed B.V.
- Cardinal Health
- Beijing Demax Medical Technology
- Teleflex Incorporated
- Forge Medical Inc.
- TZ Medical Inc
- Semler Technologies Inc
- Advanced Vascular Dynamics
- MedPlus, Inc.
- Lepu Medical
Radial Compression Devices Industry by Category:
Product Type:
- Band/Strap based radial compression devices
- Knob-based radial compression devices
- Plate-based radial compression devices
Application:
- Diagnostic intervention
- Surgical intervention
End User:
- Hospitals
- Independent Catheterization Labs
- Ambulatory Surgery Centers
- Specialized Centers
By Usage:
- Disposable
- Reusable
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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