Transradial Access Market

Global Transradial Access Market Size (2023 to 2028)

Between 2023 and 2028, the global transradial access market is predicted to grow at a CAGR of 8.24% and will be worth USD 3.04 billion by 2028 from USD 2.04 billion in 2023.

Transradial access is a medical technique that assists in accessing the cardiovascular system. Transradial access is gaining much attention worldwide and is being adopted to perform various procedures. Transradial access is widely used in diagnostic angiography, angioplasty, and stenting. The advantages of transradial access, such as reduced hospital stay, patient comfort, and fewer chances for bleeding and vascular complications, promote transradial access. Transradial access is a safe approach and is one of the best alternatives to traditional femoral access, due to which the usage of transradial access has been growing considerably by interventional cardiologists and radiologists for the last several years.

MARKET DRIVERS:

The growing number of patients suffering from CVDs is one of the key factors that propel the transradial access market growth. The number of people diagnosed with various heart diseases is growing significantly worldwide. This growing incidence can be credited to the increasing aging, rapid urbanization, and growing adoption of sedentary lifestyles. The need for minimally invasive diagnostic and therapeutic procedures, such as transradial access, is expected to fuel the growing patient volume of CVDs. WHO says in recent times, CVDs have been one of the leading causes of death worldwide, and over 17 million deaths happened due to CVDs in 2021. An estimated more than 1 billion people are suffering from heart disease worldwide. American Heart Association (AHA) says an estimated 17.9 million people will suffer from cardiovascular diseases in 2021.

The increasing adoption of minimally invasive surgical procedures is another notable factor promoting the growth rate of the transradial access market. Transradial access is a minimally invasive procedure with many other advantages, such as limited hospital stays, quick recovery times, improved patient comfort, and fewer complications. Such factors are promoting the demand levels for transradial access. Owing to technological developments and increasing awareness regarding the advantages associated with transradial access, the trend of minimally invasive surgical procedures is anticipated to grow in the coming days, which is expected to result in the growth of the transradial access market during the forecast period.

In addition, the growing adoption of technological advancements in transradial access and the rising number of initiatives from the governments of various countries in favor of transradial access is expected to boost the market growth.

MARKET RESTRAINTS:

The scarcity of skilled workforce is one of the significant factors limiting the growth of the transradial access market. As a result, the need for transradial access is growing considerably worldwide. However, some countries need more skilled professionals to execute the relevant procedures. Furthermore, high costs associated with the medical equipment used during the transradial access procedures further inhibit the market growth. In addition, some countries do not have favorable reimbursement policies for transradial access, which is expected to impede market growth during the forecast period. Furthermore, poor awareness of the advantages associated with transradial access is expected to inhibit the market's growth rate during the forecast period.

Impact of COVID-19 on the global transradial access market:

The COVID-19 pandemic has mixed impacts on the global transradial access market. Many governments worldwide have taken decisions such as travel bans, stoppage of business activities, lockdowns, and social distancing. Such decisions resulted in a negative impact on the transradial access market. In addition, during the COVID-19 pandemic, priority had been given to attending the COVID-19 patients, and most of the elective procedures were kept on hold, resulting in reduced demand for transradial access procedures. Furthermore, to curb the spread of the virus, many countries have announced lockdowns, due to which manufacturing activities were stopped for a short term, which further led to a reduced supply of transradial access equipment and resulted negatively in market growth. In addition, some companies operating in the transradial access market have shifted their R&D budget to find the vaccine for COVID-19 during the pandemic, negatively affecting the transradial access market. On the other hand, the awareness of minimally invasive surgical procedures has grown significantly among healthcare professionals and patients due to COVID-19, which is expected to drive the transradial access market growth. However, considering the reduced impact of COVID-19, the transradial access market is estimated to recover quickly and showcase a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global transradial access market has been segmented and sub-segmented into product type, application, end-user, and region.

Transradial Access Market – By Product:

• Catheters
• Guidewires
• Sheaths & Sheath Introducers
• Accessories

Based on the product, the catheter segment had the largest share of the global transradial access market in 2022, and the domination of the segment is likely to continue during the forecast period. The growing prevalence of chronic diseases such as cancer, CVDs, diabetes, and others primarily drives the segment's growth. For example, WHO says 17.9 million people died from CVDs in 2019. IDF Says an estimated 537 million adults aged between 20 to 79 years lived with diabetes in 2021. In addition, the increasing number of interventional and angiography procedures is estimated to contribute to segmental growth.

Transradial Access Market – By Application:

• Drug Administration
• Fluid & Nutrition Administration
• Blood Transfusion
• Diagnostics & Testing

Based on application, the drug administration segment is anticipated to showcase the fastest CAGR in the global transradial access market during the forecast period. The growing patient population suffering from infectious diseases is expected to favor the segment's growth rate.

Transradial Access Market – By End-user:

• Hospitals
• Clinics & Ambulatory Care Centers
• Other End Users

Based on end-user, the hospital segment led the transradial access market in 2022. Furthermore, the hospital segment is anticipated to showcase a promising growth rate during the forecast period. This is because hospitals are the most convenient setting to execute transradial access procedures, due to which the segment dominates over the other segments.

Transradial Access Market – By Region:

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

North America occupied the largest share of the worldwide transradial access market in 2022. During the forecast period, the domination of the North American region is expected to continue. The growing patient population from cardiovascular diseases primarily drives the growth of the North American market. According to the data published by the Centers for Disease Prevention and Control (CDC), heart diseases are one of the leading causes of death in the United States. Approximately 697,000 people died of heart disease in the United States in 2020. In addition, the increasing number of people suffering from obesity in North American countries is estimated to boost market growth in North America. For instance, one in every three adults in the United States is obese. Furthermore, increasing adoption of technological developments in the manufacturing of transradial access devices and growing R&D expenditure are propelling the growth rate of the North American market.

The European region is anticipated to hold an outstanding global market share during the forecast period. The increasing patient population suffering from lifestyle diseases such as heart disease, stroke, diabetes, obesity, and chronic obstructive pulmonary disease is majorly driving the European transradial access market. Furthermore, the growing number of chemotherapy procedures across the European region is another major factor fueling the growth rate of the European market. In addition, increasing demand for transradial access from the developing countries of the European region is another significant attribute boosting regional market growth.

The APAC transradial access market is expected to showcase the fastest CAGR during the forecast period. The growing aging population across the APAC countries is driving the market growth in APAC. In addition, the rising patient population suffering from coronary artery disease in the countries of the Asia-Pacific region is estimated to fuel the growth rate of the APAC market. Japan held the leading share of the APAC market in 2022. During the forecast period, countries like India and China are expected to showcase a healthy CAGR.

The Latin American region is anticipated to register a steady CAGR during the forecast period. As a result, the Latin American region accounted for a considerable share of the worldwide market in 2021. Countries such as Brazil, Mexico, and Argentina are expected to hold the largest share of the Latin American market during the forecast period.

The MEA region is projected to hold a moderate global market share in the coming years.

KEY MARKET PLAYERS:

Terumo Corporation, Teleflex Incorporated, Edward Lifesciences Corporation, Merit Medical Systems, Medtronic, Smiths Medical, Ameco Medical, Boston Scientific Corporation, and Nipro Medical Corporation are some prominent companies operating in the global transradial access market profiled in this report.

RECENT DEVELOPMENTS IN THE MARKET:

• In September 2021, Medtronic, one of the major players in the transradial access market, announced the launch of the Rist 079 Radial Access Guide Catheter and Rist Radial Access Selective Catheter. These products also have CE mark approval.
• In February 2020, Cordis Corporation, a medical device manufacturing company, announced the launch of the RAILWAY Sheathless Access System in India.