Transradial Access Devices Market Overview
Transradial Access Devices are devices that are used in the procedure of catheterization or endovascular to perform treatment and diagnosis of any kind due to arterial disease. The product comes with a transradial access device kit that comprises of numerous small components like catheters, guidewires, sheaths and sheath introducers, and various accessories like cannulas and needles. These kits are typically used for the treatment and diagnosis of cardiovascular diseases. The Transradial Access Devices market is projected to reach USD 2.25 Billion by 2030 at 7.60 % CAGR during the forecast period 2022-2030.
Factors responsible for aiding the expansion of the Transradial Access Devices Market are rising prevalence of obesity, growing use of radial access devices in pediatric patients, rising number of chemotherapy procedures, widespread prevalence of lifestyle diseases, etc. However, high costs associated with the maintenance and deployment of transradial access devices are poised to restrict the growth of the global market in the foreseeable future.
The growing preference for interventional procedures using radial artery access, rising prevalence of obesity, growing prevalence of lifestyle-based diseases, increasing number of chemotherapy procedures, and the increasing usage of radial access devices in pediatric patients are all expected to cumulatively drive the demand of the market over the forecast period. On the flip side, high costs associated with the maintenance and placement of vascular access devices and instances of product recalls and failures are some of the factors constraining the growth of the Global Transradial Access Devices Market.
Market Segmentation
The Global Transradial Access Devices Market segmentation is classified into application, disease area, product, and end-user.
By product, the market includes guidewires, catheters, sheath and sheath introducers, accessories, and others. The catheters segment is narrowed down into specialty catheters, urinary catheters, cardiovascular catheters, into intravenous catheters, neurological catheters. On the other hand, guidewires are divided into wrapped guidewire and solid guidewire.
By disease area, the market is segmented into ischemic stroke, cancer, cardiovascular diseases, endometriosis, rheumatoid arthritis, and others.
By end-user, the market includes hospitals, ambulatory care centers, clinics, and others.
By application, the market comprises of blood transfusion, fluid and nutrition administration, drug administration, and diagnostics and testing.
Regional Analysis
The regional segmentation of the Global Transradial Access Devices Market comprises of four major regions, namely The Americas, Asia Pacific, Europe, and the Middle East and Africa.
The Americas hold the dominant position of the global market and is expected to continue its dominance over the forecast period due to a number of factors. This includes rising burden concerning cardiovascular diseases (CVDs), increasing incidences of cancer, and growing number of symposia, conferences, and workshops for spreading awareness concerning these devices. The number of initiatives undertaken by various organizations are also expected to drive the market in this region.
The European region holds the second position in terms of market share in the global standings. The increasing impetus on market players in Europe, widespread prevalence of cancer in European nations like Italy, France, and Germany, and rising incidences of end-stage renal disease (ESRD) are all expected to collectively influence a positive growth upon the transradial access devices market.
Asia Pacific is positioned to be the fastest growing regional market due to a growing prevalence of chronic diseases related to kidney in Japan, increasing focus placed upon China by various market players, favorable government initiatives, high burden of CVDs in India, growing incidences of cancer, high rate of prevalence of diabetes, and other factors.
The Middle East and Africa region boasts the least share of the global market due to lack of established medical facilities and technical knowledge.
Competitive Landscape
The Global Transradial Access Devices Market Players comprises of various notable players, including Teleflex Incorporated (US), Smiths Group Plc (UK), Dickinson and Company (U.S.), OSCOR Inc. (US), NIPRO Medical Corporation (US), AngioDynamics (US), Merit Medical System, Inc. (US), Medtronic Plc (Ireland), Edward Lifesciences Corporation (US), Boston Scientific Corporation (US), Becton (US), Terumo Corporation (Japan), Ameco Medical Industries (Egypt), and others.
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