The global radial compression devices industry is poised for remarkable growth, with projections indicating a surge from US$ 255.5 million in 2023 to a staggering US$ 599.9 million by 2033. The forecast is underpinned by a substantial compound annual growth rate (CAGR) of 8.9% during the projection period.
The burgeoning demand for radial compression devices underscores the industry’s vitality in meeting evolving healthcare needs and advancements. This anticipated growth not only signifies the increasing adoption of these devices but also reflects the industry’s commitment to innovation and efficiency.
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The global healthcare sector has grown rapidly over the last ten years in all domains, including drug discovery, R&D, the production of state-of-the-art medical equipment, and technological integration. Radial compression device market expansion is anticipated to be driven by rising cardiovascular prosthetic devices market demand use throughout the course of the projection year.
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 of 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 devices are primarily driven by factors such as shorter hospital stays and lower surgical costs.
- 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. will lead the global market and contribute a revenue share of US$ 224.6 Million 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 US$ 15.9 Million 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.
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Product launching is the key strategy adopted by the manufacturers:
Companies in the Radial Compression Devices Industry 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:
- 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.
“Increasing use of radial compression devices in percutaneous coronary intervention procedures (PCI), due to rising cardiovascular disorders to drive the demand of radial compression over the Decade,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.
Some of the leading companies operating in the Radial Compression Devices Industry are:
- Terumo Corporation
- Merit Medical Inc.
- Abbott Laboratories
- Vascular Solutions
- ConMed B.V.
- Cardinal Health
- Beijing Demax Medical Technology
- Teleflex Incorporated
- Forge Medical Inc.
- TZ Medical Inc
- Semler Technologies Inc
- Advanced Vascular Dynamics
- MedPlus, Inc.
- Lepu Medical
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Radial Compression Devices Industry by Category:
Product Type:
- Band/Strap based radial compression devices
- Knob-based radial compression devices
- Plate-based radial compression devices
Application:
- Diagnostic intervention
- Surgical intervention
End User:
- Hospitals
- Independent Catheterization Labs
- Ambulatory Surgery Centers
- Specialized Centers
By Usage:
- Disposable
- Reusable
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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