Global sales of transradial closure devices are set to enjoy a market valuation of USD 225.4 Million in 2022, and further progress at a high CAGR of 6.8% to reach USD 381.4 Million through 2030.
The transradial closure devices market currently accounts for 19.3% share in the global vascular closure devices market. Rising number of cardiac cases is primarily expected to increase sales of transradial closure equipment.
| Attribute | Details |
|---|---|
| Transradial Closure Devices Market Size (2022) | USD 225.4 million |
| Revenue Forecast (2030) | USD 381.4 million |
| Global Market Growth Rate (2022 to 2030) | 6.8% CAGR |
| North America Market Share | 38.3% |
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| Particulars | Details |
|---|---|
| H1, 2021 | 6.62% |
| H1, 2022 Projected | 6.80% |
| H1, 2022 Outlook | 6.70% |
| BPS Change - H1, 2022 (O) - H1, 2022 (P) | (-) 10 ↓ |
| BPS Change - H1, 2022 (O) - H1, 2021 | (+) 08 ↑ |
The variation between the BPS values observed within this market in H1, 2022 - outlook over H1, 2022 projected reflects a decline of 10 BPS units. However, a positive BPS growth in H1-2022 over H1-2021 by 08 Basis Point Share (BPS) is demonstrated by the market.
The market observes a reduction in BPS due to the limitations associated with transradial closure devices in access site crossover, thus diminishing positive procedure outcomes.
Moreover, with advanced product launches, there is an increasing need for trained professionals for device usage, which presents an additional burden upon medical facilities with staffing based costs.
However, with the advent of bioresorbable technologies within the transradial closure devices market space, the market is set to present a positive growth outlook during the forecasted years. With improved safety of newly launched vascular closure devices, the market for transradial closure devices will also witness a boost.
The market is subject to changes as per device regulations, licensing, disease epidemiology, and product adoption rates, in accordance to the macro and industry dynamics.
For radial artery closure, transradial closure devices have developed as a viable alternative for conventional mechanical compression. Improved patient satisfaction with minimum irritation and early patient discharge are all advantages of these devices. The market is expected to see increased product demand as a result of its favourable applications.
The transradial closure devices market expanded at a CAGR of 4.8% from 2015 to 2021, and accumulated revenue worth USD 212.5 Million in 2021. Over the coming years, rising risk of heart stroke combined with a burgeoning population suffering from multiple vascular illnesses will drive market expansion.
Hospitals, independent catheterization centers, and healthcare clinics will continue to increase their demand, according to Future Market Insights (FMI).
As a result of this, the global transradial closure devices market is expected to expand at a 6.8% CAGR from 2022 to 2030, and reach an estimated net worth of USD 381.4 Million through 2030.
Transradial closure systems use the radial artery rather than the femoral artery, which has the advantage of producing a reduced artery calibre while reducing the risk of severe access site haemorrhage. As a result, healthcare professionals and patients alike favour transradial closure units.
Rising Incidence of Cardiovascular Diseases Surging Sales of Transradial Closure Devices
Demand for efficient therapy for cardiovascular disorders is driving sales of transradial closure devices. According to the World Health Organization (WHO), cardiovascular illnesses claim the lives of roughly 17.9 million people each year, accounting for 31% of all fatalities globally.
The need for transradial closure devices is steadily increasing as healthcare segments become more advanced by being equipped with cutting-edge surgical and diagnostic instruments.
Transradial closure systems, which represent a breakthrough in modern interventional cardiology, are gaining acceptance around the world due to their ability to provide a more convenient location for safe calibration with less risk and discomfort.
Clinical Research Encouraging Adoption of Transradial Closure Technologies in Healthcare Facilities
Transradial access has been shown in clinical investigations to help reduce vascular and bleeding problems. In addition, the use of transradial closure devices reduces the likelihood of site injury.
Transradial closure equipment is getting popular in the healthcare business because they give superior comfort and reduce the risk of harm as compared to traditional methods.
Hospitals, diagnostic centers, and other healthcare facilities have started to adopt current technology and instruments as a result of digital improvements, which is driving the demand curve for transradial closure devices higher.
Transradial closure devices are frequently used during coronary angiography, angioplasty, and other medical operations because they are more efficient in terms of safety, comfort, and accuracy. Transradial access is more effective in clinical investigations all around the world.
With the tendency unlikely to abate over the coming years, FMI anticipates a significant increase in demand for transradial closure devices.
Lack of Skilled Healthcare Workers May Impede Transradial Closure Device Usage
Transradial closure devices require unique knowledge, care, and safeguards when used. Despite the superficial position and simplicity of compression, radial access difficulties can occur, resulting in bleeding and damage at the access site.
As a result, it is critical to have sufficient understanding to handle the complete operation, which may function as a barrier to its general adoption.
COVID-19 Pandemic Affected Production of Transradial Closure Devices
Furthermore, the COVID-19 pandemic has had a significant impact on the transradial closure devices market because of production and distribution challenges during the extended lockdown period. Transradial closure devices are more expensive than traditional closure devices.
Besides, large costs are paid for their upkeep, which may result in a decrease in demand. Furthermore, despite clinical studies stressing the advantages of the transradial technique, many operators prefer to employ the femoral approach due to familiarity with the procedure.
North America Leads Transradial Closure Devices Market Due to Increasing Cases of Cardiac Illnesses
North America dominates the global transradial closure devices market and is projected to do so over the forecast period. The North America transradial closure devices market is being driven by an increase in the incidence of various cardiovascular illnesses such as coronary heart disease, cardiac arrest, hypertension, and others caused by food habits, lifestyle, and other factors.
As more people become conscious of cardiac health, the market for transradial closure devices in North America is seeing an increase in demand due to increased diagnostics utilization. At present, North America is expected to account for 38.3% of the global market share.
Europe is the second-largest market for transradial closure devices, and it is expected to remain so over the forecast period.
The Europe transradial closure devices market is being boosted by advancements in major end-use industries such as independent catheterization centers, hospitals, specialty clinics, and others. Currently, Europe is likely to hold 33.5% of the global market share.
Cardiovascular disease accounts for more than half of all fatalities in Europe, according to the World Health Organization, and 80 percent of premature heart disease and stroke are preventable. The demand for transradial closure devices is expanding tremendously as more people obtain knowledge about improving cardiovascular health.
South Asia has emerged as a viable market for transradial closure devices, with steady growth projected in the coming years. The healthcare industry in South Asia is steadily increasing, according to the World Health Organization.
As a result, the market for transradial closure devices in South Asia is expected to expand. The increasing use of transradial closure devices in surgical and diagnostic procedures is expected to propel the South Asia transradial closure devices market forward over the forecast period.
In 2022, South Asia, East Asia, and Oceania together are predicted to account for 20.6% of the global market share. While Latin America and MEA are likely to account for 4.6% and 3% of the global market share respectively in 2022.
Growing Fear of Cardiovascular Disease & Advanced Healthcare Infrastructure Driving Demand for Transradial Closure Devices
The United States is likely to dominate the North America transradial closure devices market. The high prevalence of the heart disease necessitates the use of transradial closure devices, which drives the market's growth in the country.
According to a research published by the Centers for Disease Control and Prevention, "In the United States, heart disease is the top cause of death for men, women, and people of most racial and ethnic groups.
In the United States, one person dies from cardiovascular disease every 36 seconds. Heart disease claims the lives of around 659,000 people in the United States each year, accounting for one out of every four deaths".
Furthermore, the market in the country is aided by modern infrastructure and rising healthcare spending among the populace.
Presence of Improved Healthcare Systems Boosts Demand for Transradial Closure Devices
India is set to be a growing market for the healthcare industry. In terms of revenue and employment, healthcare has become one of India's most important industries.
The Indian healthcare system is expanding rapidly as a result of improved coverage, services, and increased spending by both public and private entities. In addition, the country's well-developed manufacturing activities and healthcare system are expanding the transradial closure devices market forward.
Bands or Straps to Be Leading Transradial Closure Devices Due to their Advanced Features
Transradial closure devices with a band or strap have a success rate in helping radial artery haemostasis following transradial surgery.
This type of transradial closure device has several advantages, including the capacity to selectively compress the radial artery to enable blood flow while maintaining patency, the availability of preferred band lengths for exact fit and best patient comfort, and so on.
In terms of product type, band- or strap-based transradial closure devices currently lead the transradial closure devices market and are projected to continue to do so in the coming years due to increased demand for their unique features.
Efficient & Effective Quality Make Disposable Devices Prominent Selling Product
Disposable devices are the most preferred since they are cost-effective and require no maintenance. Disposable devices are in high demand among a wide range of end users, from hospitals to ambulatory surgical clinics.
Disposable devices are popular because they are efficient for one-time diagnosis and surgical intervention. Disposable devices will be the most prevalent throughout the predicted period, according to FMI.
Rising Heart Illnesses & Growing Awareness of Diagnostics to Fuel Demand for Transradial Closure Devices
Increasing occurrences of cardiovascular illnesses and rising patient awareness are driving the use of transradial closure devices in the diagnostic segment. The diagnostic segment is anticipated to maintain its advantage in the coming years, according to FMI.
Because transradial closure devices are less expensive than transfemoral closure devices, diagnosis centers prefer them for mild to severe cases. Furthermore, the lower hazards associated with the diagnostic method have made it the leading choice in this segment.
High Consumption of Transradial Closure Devices by Independent Catheterization Centers Due to their Specialized Features
Catheterization facilities are specialized hospital rooms where minimally invasive tests and treatments are performed to detect and treat cardiovascular problems.
As the prevalence of cardiovascular disorders rises, the number of independent catheterization centers is increasing to serve the growing patient pool. This segment currently dominates the worldwide transradial closure devices market and is expected to do so over the forecast period.
Patients who require invasive interventional procedures as an alternative to surgery should seek out independent catheterization centers. Furthermore, a large section of the population with cardiovascular illness prefers independent cardiac catheterization laboratories because they are solely focused on the diagnosis and treatment of this disease.
Because the market is so competitive, major competitors are focusing their efforts on introducing cutting-edge technology and equipment.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2030 |
| Historical Data Available for | 2015 to 2021 |
| Market Analysis | USD million for Value, Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, India, Indonesia, Malaysia, Singapore, Australia, New Zealand, Turkey, South Africa, and GCC Countries |
| Key Market Segments Covered | Product, Usage, Application, End User, Region |
| Key Companies Profiled | Merit Medical, Inc.; Abbott Laboratories; Fisher & Paykel Healthcare Corporation Ltd.; Vascular Solution Inc.; Advanced Vascular Dynamics; Comed B.V.; Beijing Demax Medical Technology Co., Ltd. |
| Pricing | Available upon Request |
The global transradial closure devices market is projected to increase from a valuation of USD 225.4 Million in 2022 to USD 381.4 Million through 2030.
According to Future Market Insights (FMI), the transradial closure devices market is predicted to expand at 6.8% CAGR from 2022 to 2030.
Some of the top companies manufacturing transradial closure devices are Merit Medical, Inc., Comed B.V, Advanced Vascular Dynamics, and Abbott Laboratories.
Band- or strap-based transradial closure devices are witnessing high demand.
Disposable transradial closure devices are most preferred across the world.
Since competition is getting tougher, key market players are focusing on launching ultra-modern, compact transradial closure devices to target diverse end users.
Transradial closure devices are finding increasing applications in diagnostics.
The North America transradial closure devices market currently accounts for 38.3% of the global market share.
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Transradial Closure Devices Market
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