Transradial Closure Devices Market

Introduction

According to Future Market Insights (FMI), the demand from hospitals, independent catheterization centers, and healthcare clinics will continue rising. Spurred by this, the global transradial closure devices market is set to grow by 6.5% CAGR during the forecast period from the year 2020 to 2030.

Transradial closure devices utilize the radial artery instead of the femoral artery and hence have the advantage of achieving smaller caliber of the artery while minimizing the risk of major access site bleeding. As a result transradial closure devices are highly preferred by health professionals and patients, alike.

Rising Demand for Advanced Cardiovascular Treatment

Transradial closure devices sales are surging in response to the rising demand for effective treatment for cardiovascular diseases. According to the World Health Organization (WHO), nearly 17.9 million people die every year from cardio vascular diseases, which is 31% of all deaths recorded worldwide.

As the healthcare segments are getting more advanced by being equipped with cutting-age surgical and diagnostic devices, the demand for transradial closure devices is surging rapidly all. Representing a breakthrough in modern interventional cardiology, the transradial closure devices are gaining traction worldwide due to providing easier position for safe calibration with reduced risk and discomfort.

Clinical Studies Encouraging Uptake across Healthcare Facilities

Clinical studies have confirmed that transradial access helps in reducing vascular and bleeding complications. Also the usage of transradial closure devices involves reduced risks in terms of site injury. As transradial access provides better comfort with minimized chances of damage over conventional method, transradial closure devices are gaining preference in healthcare industry.

With the digital advancements, hospitals, diagnostic centers, and other healthcare facilities are beginning to use modern equipment and tools, which in turn is pushing the demand curve of transradial closure devices further upward.

Transradial closure devices offer greater efficiency in terms of safety, comfort, and accuracy are widely required during coronary angiography, angioplasty, and other medical procedures. Clinical studies conducted around the world have continued to favor the use of transradial access.

For instance, the Society for Cardiovascular Angiography and Interventions (SCAI) published an updated expert consensus statement on best practices for transradial intervention and angioplasty. The update discussed at length the increase use of the intervention for coronary procedures.

With the trend unlikely to subside in the coming years, FMI expects the demand for transradial closure devices to surge considerably. 

Key Challenges

Transradial closure devices should be handled with special knowledge, care, and precautions. Despite providing superficial position and ease of compression, radial access complications may arise leading to the access site bleeding and injury. And so, it is very crucial to have sufficient knowledge for handing the entire procedure which may work as a restraining factor against its more widespread adoption.

Also, the COVID-19 pandemic has severely affected the transradial closure devices market due to difficulties in production and distribution process during the extended lock down period. Transradial closure devices are costlier than their conventional counterparts. Besides this, huge expenses are incurred on their maintenance, which might result in their decelerating demand. Furthermore, despite clinical studies emphasizing the benefits of transradial approach many operators continue to use femoral approach because of their familiarity with the process.

Region-Wise Analysis

North America Transradial Closure Devices Market

North America is leading the global market and is expected to maintain the lead throughout the forecast period. Growing cases of various cardio vascular diseases such as coronary heart disease, cardiac arrest, hypertension, and others due to the food habit, lifestyle, and other factors are driving the North America market.

As more people are getting aware about cardiac health, the North America transradial closure devices market is experiencing rise in demand due to increase in its diagnostics usage.

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According to FMI, the U.S is expected to emerge dominant during the forecast period.

Europe Transradial Closure Devices Market

Europe is the second leading transradial closure devices market and is anticipated to sustain its position in the near future. Advancement in key end user industries such as independent catheterization centers, hospitals, specialized clinics, and others is boosting the Europe market.

According to World Health Organization (WHO), cardiovascular disease accounts more than half of all deaths across Europe, while 80% of premature heart disease and stroke is preventable. As more people are gaining knowledge regarding improvement of cardio vascular health, the demand for transradial closure devices is increasing exponentially.

The U.K is set to lead in the Europe transradial closure devices market while the countries such as Germany, Italy, France, and others will continue exhibiting rising demand in the near future.

South Asia Transradial Closure Devices Market

South Asia has emerged as a lucrative transradial closure devices market and is expected to grow steadily in the coming years. Furthermore, the presence of well-developed manufacturing units and healthcare industry in the countries such as India, Bhutan, Nepal, and others are spurring the growth of South Asia transradial closure devices market. According to the World Health Organization (WHO), the healthcare industry in South Asia is growing steadily and is anticipated to reach at over US$ 132 billion by the end of the year 2020.

This in turn is projected to fuel the growth of transradial closure devices market in South Asia.

The rising application of transradial closure devices in surgical intervention and diagnostic procedures is projected to bolster the growth of South Asia transradial closure devices market throughout the forecast period.

Category-wise Insights

Band or Strap Based Transradial Closure Devices to Emerge Dominant

Band or strap based transradial closure devices have high efficiency in assisting haemostasis of the radial artery after a transradial procedure. This type of transradial closure devices have various features such as capability of selective compression of the radial artery to allow blood return and preserve patency, availability of desired band lengths for precise fit and optimal patient comfort, and others.

Presently band or strap based transradial closure devices are leading in the transradial closure devices market in terms of product type and is expected to remain dominant in the coming years due to increase in demand for its exclusive features.

Disposable Device to Propel Growth

In terms of usage, disposable device is in the top position due to being cost-effective and free from maintenance. Disposable devices are highly required by the diverse end users starting from hospitals to ambulatory surgical centers.

Being effective for one time diagnosis and surgical intervention, disposable devices are in high demand. According to FMI, disposable device will be at the top in terms of usage during the forecast period.

Diagnostics Segment to Maintain the Lead

The application of transradial closure devices in diagnostic segment is driven by the increasing cases of cardiovascular diseases and rising patient awareness. According to FMI, diagnostic segment is expected to maintain the lead in the coming years.

Transradial closure devices having lesser cost than the transfemoral ones, is highly preferred by the diagnosis centers in order to diagnose mild to severe cases. Added to this, the reduced risks attached during the diagnostic procedure has made it the first preference in this segment.

Independent Catheterization Centers to Exhibit Hegemony

Catheterization centers is a special hospital room to perform minimal invasive tests and procedures to diagnose and treat cardiovascular diseases. As the incidence of cardiovascular diseases is rising, independent catheterization centers are growing in number to accommodate expanding patient pool. Presently this segment is dominant in the global transradial closure devices market and is anticipated to remain so throughout the forecast period.

Independent catheterization centers are more suitable for the patients needing invasive interventional procedures as an alternative to surgery. Furthermore, independent cardiac catheterization centers are first preference of a major portion of population with cardiovascular disease as those are focused on the diagnosis and treatment of this specific disease.

Competitive Landscape

Since the market is highly competitive, the key market players are emphasizing on launching of cutting-edge technologies and devices. For instance, Beijing Demax Medical Technology Co., Ltd. has launched their new radial artery compression tourniquet with transparent compression plate for easy observation in the current year.

Advanced Vascular Dynamics has launched their new extensive range of transradial closure devices such as Zephyr® Vascular Compression Device, RadAR™ Vascular Compression Device, and others in the current year.

Some of the key market players are-

• 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.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report

Transradial Closure Devices Market Report: Scope

Key Questions Answered by the Report

• At what CAGR is the transradial closure devices market expected to grow?

  According to Future Market Insights (FMI), the transradial closure devices market is anticipated to grow at 6.5% CAGR during the forecast period from year 2020 to 2030.

• Which are the top companies in transradial closure devices market?

  Some of the top companies in global transradial closure devices market are Merit Medical, Inc., Comed B.V, Advanced Vascular Dynamics, Abbott Laboratories, and others.

• Which category of transradial closure devices is highly sought-after?

  Band or strap based transradial closure devices are witnessing high demand. This category of product will continue dominating the global market between 2020 and 2030.

• Which is the preferred usage type in transradial closure devices market?

  Disposable device is the most preferred usage type in the global transradial closure devices market.

• How are companies planning to gain competitive edge in transradial closure devices market?

  Since competition is getting tougher, key market players are focusing on launching ultra-modern, compact transradial closure devices in order to target diverse end users.

• Which is the more preferred application of transradial closure devices?

  Transradial closure devices are finding increasing applications in diagnostics. This also will comprise the leading segment in the global transradial closure devices market through the next decade.

• Which is the largest market for transradial closure devices?

  North America is the largest market for transradial closure devices followed by Europe and South Asia.

Enquiry before Buying

• Is this research conducted by Future Market Insights?

  Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst.

• What research methodology is followed by FMI?

  FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology.

• Who are the respondents for primary research?

  FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

• What are the sources of secondary research?

  FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request. 

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Key Segments

Product Type

• Band/Strap Based
• Knob Based
• Plate Based

Usage

• Disposable Device
• Reusable Device

Application

• Surgical Intervention
• Diagnostics

End User

• Hospitals
• Independent Catheterization Centers
• Ambulatory Surgical Centers
• Specialized Clinics

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• Middle East and Africa
• Japan