The Radial Compression Devices Market size is projected to be valued at US$ 255.5 Mn in 2023 and is expected to rise to US$ 599.9 Mn by 2033. The sales of radial compression devices are expected to grow at a significant CAGR of 8.9% during the forecast period.
The global healthcare sector has had tremendous growth over the past ten years in all sectors, including drug discovery, research and development, the production of new and improved medical equipment, and technological integration. Over the projection period, it is anticipated that rising cardiovascular device prevalence will fuel market expansion for radial compression devices.
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Additionally, benefits of radial access in a percutaneous coronary intervention (PCI) procedure are anticipated to fuel market expansion. Patients can be more mobile in their movements because ofย radial access, which also has a smaller incision and significantly fewer infection risks than transfemoral access.
In some nations, the price of stents has recently declined, which is anticipated to increase the affordability of PCI treatments in the region. The most common side effect associated with the use of radial compression devices is radial artery blockage.
The use of branded radial compression devices, according to market respondents, may result in lower rates of radial occlusion following invasive coronary procedures. The sector will probably grow even more as a result of the affordable surgery. Radial compression devices reduce hospital stays and help patients save money.
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 devicesย are primarily driven by factors such as shorter hospital stays and lower surgical costs.
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- 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.ย will lead the global market and contribute a revenue share of USD 224.6Mn 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 15.9Mn 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.
Product launching is the key strategy adopted by the manufacturers
Companies in the radial compression devices market 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:
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- 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.
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