According to The Insight Partners market research study titled ‘Transradial Access Market to 2027 – Global Analysis and Forecasts by Product, Application and End User.’ The Global Transradial Access Market is expected to reach US$ 2,961.79 Mn in 2027 from US$ 1,574.97 Mn in 2018.
According to The Insight Partners market research study titled ‘Transradial Access Market to 2027 – Global Analysis and Forecasts by Product, Application and End User.’ The Global Transradial Access Market is expected to reach US$ 2,961.79 Mn in 2027 from US$ 1,574.97 Mn in 2018. The market is estimated to grow with a CAGR of 7.7% from 2019-2027. The report highlights the trends prevalent in the global transradial access market and the factors driving the market along with those that act as deterrents to its growth.
Europe is the second largest geographic market and is expected to be the second most significant revenue contributor throughout the forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced transradial access in order to increase the efficiency of surgical procedures in the region. The growth is driven by factors such as the rising prevalence of cardiovascular disorders and other lifestyle related disorders along with the rising focus by market players in the European countries.
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The market for transradial access is expected to grow, owing to factors such as rising inclination for interventional procedures using radial artery access, increasing prevalence of obesity & lifestyle diseases and growing use of radial access devices in pediatric patients. However, factors such as product recalls & failures and high costs of vascular access devices are likely to adversely impact the growth of the market in the forecast period.
Transradial Access Market Competitive Landscape and Key Development
The major players operating in the transradial access market include BD, Terumo Corporation, Teleflex Incorporated, Medtronic, Smiths Medical, Ameco Medical, Edward Lifesciences Corporation, Merit Medical Systems, Boston Scientific Corporation, and Nipro Medical Corporation. The market has witnessed various organic as well as inorganic developments during recent years in the transradial access market. During December 2017, Becton, Dickinson & Company completed acquisition of C.R. Bard, Inc. The strong portfolio of Bard and recent innovative pipeline will grow the BD’s opportunities in rising clinical areas, and will enhance the non-US markets for combined company.
Rising Inclination for Interventional Procedures Using Radial Artery Access
Earlier, the majority of coronary procedures were performed with the femoral artery. However, after the development of transradial approach, numerous studies confirmed that this method is related with an important minimization in vascular difficulties, comparable procedure times and radiation exposure to femoral procedures, the ability to perform complex coronary interventions, initial ambulation and patient preference.
Some of the advantages of a transradial approach include instant ambulation, whereas, there is complete bed rest after femoral procedures. The cost of transradial procedure is lower as compared to femoral, needs less post-procedure nursing care, and it has reduced hospital stay and cost.
Radial access for cardiac catheterization and intervention is also preferred in developing nations such as India. The procedure has been rising gradually over the last few years with promising clinical outcomes. India has also shown a similar trend of increasing transradial intervention (TRI) practice and acceptance over the last decade. Thus, owing to the increasing inclination of patients for transradial access procedures for percutaneous coronary intervention (PCI) and other surgeries, the transradial access devices have several opportunities in the market to grow during the forecast period.
Increasing Prevalence of Obesity & Lifestyle Diseases
Obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. The lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes.
Obesity is one of the major problems and the biggest concern in all the communities across the globe. Currently, more than one in two adults and nearly one in six children are obese. Obesity is one of the major issues that affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. The cardiovascular diseases (CVDs) are the disorders of the heart and blood vessels and include cerebrovascular disease, coronary heart disease, rheumatic heart disease and other conditions. As per WHO data published in 2017, states that, in 2016, approximately 17.9 million people died from CVDs, which was 31.0% of all the global deaths. Thus, owing to increasing prevalence of lifestyle related diseases the market for transradial access is likely to propel at a significant rate during the forecast period.
Transradial Access Market: Segmental Overview
Global transradial access market, based on the product, was segmented as, catheter, guidewire, sheaths & sheath introducers, and accessories. In 2018, the catheter segment held a largest market share of 49.5% of the transradial access market, by product. This segment is also expected to dominate the market in 2027 owing to patients’ preference for catheters for surgeries. Moreover, increasing incidences of cardiac diseases, cancer, and rising number of interventional and angiography procedures are expected to fuel the demand of catheters. Furthermore, catheters minimize the complication rates and help in faster recovery leading to increased adoption in surgical procedures.
The global transradial access market by application was led by drug administration segment. In 2018, the drug administration segment held a largest market share of the transradial access market, by application. This segment is also expected to dominate the market in 2027 owing to increase use of transradial access devices for drug administration in treatment of cancer and infectious diseases. Moreover, rising incidences of cardiac diseases and cancer are expected to fuel the demand of the segment.
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