The largest segment amongst the product type – the band based product segment is expected to dominate the global radial compression devices market
The global demand for radial compression devices witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020. To overcome the previous losses, business firms in 2021 are focusing on research and developments to ensure uniqueness in their services.
Leading companies such as Terumo Corporation, Merit Medical, Abbott Laboratories, Advanced Vascular Dynamics, Vascular Solution, Comed B.V, BeijingDemax Medical Technology are actively indulged in the adoption of several market strategies like joint ventures, collaborations, partnership agreements, technological advancements, sales agreements, capacity utilizations, innovations, diversifications, geographical expansions etc to ensure improvements in their operations globally.
For instance, Terumois launched TR BAND® Radial Compression Device which is highly popular and in demand. The band provides a small way of applying pressure to the radial artery. The device comes with dual compression balloons and high transparency for continuous observation. The product has been quite popular amongst end users as it offers faster mobility to patients as the incision is smaller and the chances of infection at the site is much lower in radial access as compared to transfemoral access.
On the regional front, North America and Latin America are projected to be the most lucrative regions for the radial compression devices market. The growing demands for safer coronary angiography procedures will augment the growth in developing countries across Asia Pacific region. Emergence of leading manufacturing companies and new domestic players entering the market that produce and distribute superior class radial compression devices globally contributes to make India and China the regions with the fastest growing CAGR rate.
It is a transparent band to assist hemostasis of the radial artery after a transradial procedure. This transparent structure is designed for visual control and selective compression of the radial artery to allow blood return and preserve patency. This type of band is easily adjusted to any of the wrist sizes. The band based segment is the largest segment by product type, which is expected to be valued at more than US$ 260 Mn, or a little over 80% of the global market share, expanding at a CAGR of 8.4% over the forecast period.
The band/strap based segment is expected to create absolute $ opportunity of more than US$ 5 Mn in 2017 over 2016. The segment, in terms of revenue, is anticipated to dominate the global radial compression devices market with an attractiveness index of 2.4 over the forecast period.
Reduced stay in hospitals and lower cost of surgery will boost the growth of the band based segment
Use of radial bands reduces hospital stay and thus helps patients save on hefty hospital bills. This is the precise reason that the adoption of band based products is fast gaining popularity over other traditional approaches. This particular factor is boosting the adoption and revenue growth of the band based segment in the global radial compression devices market. An increase in life expectancy leads to a rise in the global ageing population, which implies an increase in the number of patients with cardiovascular diseases.
The rise in cardiovascular diseases due to increased life expectancy is expected to propel the development of the band based segment during the projected period. Radial access such as band based products provides faster mobility to patients as the incision is smaller and the chances of infection at the site is much lower in radial access as compared to transfemoral access. These factors are likely to fuel revenue growth of the band based segment over the forecast period. Market players also focussing on providing more improved radial compression devices.
Due to the greater reduction in bleeding and low incidence of complications, the penetration of radial compression products such as bands has increased remarkably after 2011. This is anticipated to create a robust development in the band based product type segment. Higher band based devices adoption in matured markets is expected to continue in the same momentum, given the largely associated benefits.
APEJ anticipated to grab major market value share of the band based product segment during the projected period
Band/Strap based product segment dominated the North America radial compression devices market in terms of revenue in 2015, and the trend is projected to continue throughout the forecast period; similarly in Latin America, the growth trend of the band/strap based product type segment is projected to continue throughout the forecast period to reach a value share of more than 80% by the end of 2026.
The major value share of the band based segment in the global radial compression devices market is likely to be grabbed by the APEJ regional market where the segment is predicted to reach a value share of more than 85% by the end of 2026. The band based segment is likely to dominate the radial compression devices market in Japan in revenue terms with an attractiveness index of 2.4 over the forecast period.
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The segments covered in our report are as under
By Product Type
- Band/ Strap Based
- Knob Based
- Plate Based
- By Usage
- Disposable Devices
- Reusable Devices
- Surgical Intervention
- North America
- Latin America
- Western Europe
- Eastern Europe
By End User
- Independent Catheterisation Laboratories
- Ambulatory Surgical Centres
- Specialised Clinics