Radial Compression Devices Market

Radial Compression Devices Market Size and Growth Rate (2023-2028)

The worldwide Radial compression devices market was valued at US$ 256.8 million in 2022 and is anticipated to reach nearly US$ 510.7 million by 2028, with a rise in CAGR of 7.4% from 2023 to 2028.

Impact of Covid-19 on the Radial Compression Devices Market:

The pandemic crisis has positively impacted the global healthcare sector, pandemic had opened various opportunities for the healthcare sector. The pandemic situation has significantly impacted the global radial compression devices market. These devices were commonly used in the radial artery catheterization, which is a minimally invasive procedure, the declining number of elective procedures could have resulted in the decreased demand for these devices during the pandemic period. The healthcare providers and medical facilities had to redirect their attention and resources towards the COVID-19 patients, this had impacted the adoption and use of radial compression devices in the non-Covid-19 related procedures. Social isolation, lockdown, and strict restriction led to the disruption of medical devices including radial compression devices. Manufacturers have faced challenges in sourcing raw materials which led to delays in shipping finished products, leading to the temporary shortage. The post-pandemic led to accelerating demand for the radial compression devices market.

MARKET DRVERS:

The Key factor propelling the growth of the global radial compression devices market is the rising prevalence of cardiovascular diseases.

Cardiovascular diseases require diagnostic and interventional procedures to assess and treat the underlying condition, the rising prevalence of cardiovascular diseases drives the need for interventional procedures. The prevalence of cardiovascular disease leads to be higher in older individuals, as the global population continuously rising there is rising the cases of the cardiovascular disease the larger number of the elderly population require cardiac intervention, and there will be a rising need for radial compression devices, thus this factor majorly boosting the growth of the global radial compression devices market.

The major factor boosting the growth of the market is the technological advancement and adoption of digital tools.

Technological innovation involves the integration of technologies into radial compression devices. The advancement in technologies leads to enhanced patient satisfaction and potentially shorter the hospital stays. Automation in the radial compression devices help to achieve consistent and controlled pressure application which help to reduce the risk of complication, the advancement in the radial compression devices includes various feature which helps to improve compatibility with the imaging and navigation system used during the procedures thus this factor fueling the growth of the global radial compression devices market.

The third major factor propelling the growth of the market is the rising geriatric population. The rising geriatric population leads to an increased risk of various diseases such as cardiovascular disease, coronary artery disease, hypertension, and peripheral artery disease, thus these diseases need proper diagnostic and interventional cardiac procedures. The rising population led to an increase the healthcare expenditure, thus many healthcare facilities invest in advanced medical technologies, such as radial compression devices to improve the better patient care and outcome for the elderly population thus this factor majorly boosts the growth of the global radial compression devices market.

The other key factor fueling the growth of the market is the global radial compression devices market the advancement in radial compression devices, the rising prevalence of chronic diseases, rising usage of radial access techniques, these all factors favor the growth of the global radial compression devices market.

MARKET RESTRAINTS:

Some factors negatively impacted the radial compression devices market which causes hinders the growth of the market. One of the major factors limiting the growth of the market is that PCI procedures require larger guide wire catheters, which is impossible with the radial approach, thus this factor restraining the growth of the global radial compression devices market. Radial compression devices are primarily designed for use in radial artery catheterization procedures. Performing radial PCI procedures can require specialized training and expertise. The operator’s preference and comfort level influence the approach, affecting the demand for radial compression devices. There is a high cost associated with the radial compression devices thus this factor hampering the overall growth of the global radial compression devices market.

REPORT COVERAGE:

This research report on the global Portable ultrasound bladder scanner Market has been segmented and sub-segmented based on the Product, Usage, End-user, Application, and Region.

Radial Compression Devices Market- Based on Product Type

• Band/Strap Based
• Knob Based
• Plate Based

Based on product type, the plate-based segment is anticipated to dominate the market during the projected period. This segment held a 31.3% market share in 2022 and is expected to grow at the longest CAGR during the forecast period. Factors such as the rising usage of the plate based for cardiac catheterization procedures to the prevention of bleeding after transradial, majorly boost the growth of the market.

The band-based segment is also expected to grow at the highest CAGR during the projected period. This product is preferred by the healthcare professional due to its effectiveness and safety and also ensuring patient comfort during and after the radial procedures, also there is a rapidly rising adoption of transradial procedures, thus there is rising demand for the band based product, thus this segment also anticipated to dominate the market and earn more market revenue during the forecast period.

Radial Compression Devices Market- Based on Usage

• Disposable Device
• Reusable device

Based on usage type, the disposable device segment is expected to dominate the market at the highest CAGR during the projected period. The driver driving the growth of this segment include the rising prevalence of cardiovascular diseases, also there is rising in the number of surgeries, thus many healthcare professionals prefer disposable devices for carrying out radial access surgeries, thus this factor boost the growth of the market during the forecast period.

The reusable devices segment is also anticipated to dominate the market during the forecast period. The reusable devices are cost-effective, and the advancement in the material and design technology leads to the development of radial compression devices, also reusable devices are preferred by the healthcare professional for infection control and prevention, all factors contributing to the growth of this segment during the forecast period.

Radial Compression Devices Market- Based on Application

• Surgical Intervention
• Diagnostic

Based on the application, the surgical intervention segment held the largest market share in 2022 and is expected to continue to dominate the market during the forecast period. There is rising usage of the hospital for the management and treatment of the infection, and this is expected to dominate the market during the forecast period. Surgical interventions use invasive techniques such as procedures, which offer many benefits such as faster recovery time and reduced risk of complication, thus the rising adoption of minimally invasive surgical intervention majorly boosts the growth of the radial compression devices market.

The diagnostic segment is also expected to dominate the market during the forecast period. Diagnostic imaging techniques are continuously used to diagnose various cardiovascular and peripheral vascular conditions, and the rising prevalence of these conditions increases the demand for the diagnostic. The diagnostic procedures used trans-radial access due to its potential advantages to improve patient comfort and reduced bleeding risk, thus the rising adoption of transradial access drives the demand for radial compression devices and fuels the market growth during the projected period.

Radial Compression Devices Market- Based on End-User

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

Based on end-user, the hospital segment held the largest market share in 2022 and is expected to continue to dominate the market at the highest CAGR during the forecast period. Hospitals are the major center for performing cardiovascular procedures, such as coronary angiography, and angioplasty, and the prevalence of chronic conditions continuously rises, and the demand for radial compression devices in hospitals increases to manage the conditions effectively. Hospitals have many advantages associated with radial compression devices such as faster patient recovery, and improved patient comfort, thus this factor fuels the growth of the market during the projected period.

The Independent catheterization segment is also anticipated to hold the largest market share and grow at a significant CAGR during the forecast period.

Radial Compression Devices Market- Based on Region

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

Based on Region, the North American region held the largest market share in 2022 and is expected to grow at the longest CAGR and dominate the market during the forecast period. The factors such as the development in technology, rising healthcare expenditure, the presence of prominent key players in the market, and the larger pool of patients associated with cardiovascular disease all drive fuel the demand for radial compression devices and are expected to earn more market revenue in this region.

Europe is the second-largest region anticipated to grow at the fastest CAGR during the projected period. The increasing awareness among the end-user, technological advancement, and rising healthcare expenditure, are all factors boosting the growth of the market during the projected period.

The Asia-Pacific region is anticipated to grow at a healthy CAGR during the forecast period. Factors such as the rising incidences of cardiovascular diseases in the countries such as India, china, and Japan are expected to boost the demand for radial compression technologies in this region. There are around 40 million cases of cardiovascular disease in the Asia-pacific region, hence factors that boosted the growth of the market include growing government initiatives, rising healthcare expenditure, and rising prevalence of cardiovascular disease this all factor contribute to the growth of the market in this region.

The Latin America region is anticipated to grow at a significant CAGR during the forecast period. The rising prevalence of diseases, the cost-effectiveness of medically invasive procedures in this region, rising healthcare expenditure, and increasing awareness and education are all factors that boost the growth of the market in this region.

Middle-east and African regions are also anticipated to grow at a steady CAGR in the global radial compression devices market.

KEY MARKET PLAYERS:

The prominent key player in the global Radial Compression devices market are Abbott Laboratories, Comed B.V., Terumo Corporation, Merit Medical, Inc., Vascular Solution Inc., Advanced Vascular Dynamics, and Beijing Demax Medical Technology co., Ltd.

RECENT MARKET DEVELOPMENTS:

• In April 2023, Terumo Europe N.V., a medical device company, announced the start of a new prospective clinical study: the Ultimaster Nagomi sirolimus eluting coronary stent system in complex PCI patients. Ultimaster Nagomi helps in mastering rapid coronary vascular repair in CVD patients.
• In September 2022, At the Transcatheter Cardiovascular Therapeutics (TCT2022) conference, the Cardiovascular Research Foundation's (CRF) annual scientific symposium, and one of the world's premier educational forums specializing in interventional cardiovascular medicine, GE Healthcare presents innovations created to shape the cardiology care of the future.