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Global Radial Compression Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Usage, End User & Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 8034
Pages: 175
Formats: report pdf report excel report power bi report ppt

Radial Compression Devices Market Size (2022 to 2027)

The Global Radial Compression Devices Market size is expected to grow at a CAGR of 7.9% from 2022 to 2027.

Radial compression devices are used to obtain a reduced rate of artery occlusion after invasive coronary procedures. Radial access provides fast mobility to patients. 

MARKET DRIVERS:

Reduced stay in hospitals due to bands' usage will save the patients on hefty hospital bills, which is one of the primary drivers of the market. The increased prevalence of cardiovascular diseases and the rising geriatric population are further propelling the market growth. According to the American Heart Association’s heart disease and stroke statistics, around 92.1 million adults are suffering in U S. from cardiovascular diseases. The band-based devices provide more mobility to the patient as the incision site is smaller, reducing post-operative infection risk. The lower cost of surgery is expected to drive the market further.

The use of radial compression devices reduces hospital stay and helps patients save on hospital bills. It leads to an increase in the usage of radial bands, through which the market develops. Radial access bands provide faster mobility to the patient, and the chances of infection at the site are very much low compared to transfemoral access. A decrease in stents' prices is expected to offer many opportunities for players in the radial compression devices market. The rise in the number of percutaneous coronary interventions has fuelled the demand for radial artery compression devices. The increase in cardiovascular diseases due to increased life expectancy influences the radial compression devices market growth.

MARKET RESTRAINTS:

The radial artery is smaller than the femoral artery, which has a limited radial approach for PCI procedures. It is difficult for caregivers to use if the diameter of the catheter is more than 2 mm. Radial access is not possible if the catheter's diameter is 2.5 mm used. PCI procedures require larger guidewire catheters or more than catheters, which is not possible by radial approach. Such factors restrain the growth of radial compression device markets.

Impact of COVID-19 on the global radial compression devices market:

The SARS-COV-2 has affected all sectors of the economy, including manufacturing and life sciences markets.

The COVID-19 has arrived as a regional pandemic and turned into a global pandemic. The World Health Organization announced the COVID-19 as a pandemic and emergence of healthcare. The surge of the virus led to the nationwide lockdown and a ban on transportation. The radial compression devices market has its supply chain globally, but a ban on transportation disrupted the supply chain. Also, stringent government guidelines of Covid-19 reduced the manufacturing of these devices.

Moreover, the radial compression devices market is predicted to witness significant growth during the forecast period. Increasing cardiovascular diseases and the rising geriatric population during the COVID-19 period influenced radial compression devices market growth. Now that most countries had uplifted the lockdowns, the export and import activities between the countries have increased rapidly and given the scope to the market to perform as usual.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Usage, End User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global radial compression devices market has been segmented and sub-segmented based on the product, usage, end-user, and Region.

Radial Compression devices Market - By Product:

  • Band/ Strap Based Device
  • Knob Based Device
  • Plate Based

The band-based segment is expected to dominate the global radial compression market during the forecast period based on the product. The band-based device segment's market share was valued at USD 260 million, increasing the CAGR of 8.4% during the forecast period. Band-based devices are transparent and assist Hemostasis of the radial artery after a transradial procedure. This type of device is made for all wrist sizes. The factors such as reduced hospital stay and lower cost of surgeries are the major driving factors for band-based devices.

Radial Compression devices Market - By Usage:

  • Disposable 
  • Reusable Devices

Based on the usage, the disposable devices segment accounted for the majority share of the segment. Healthcare professionals prefer these disposable devices because of their beneficial factors, such as easy to use and cost-effective. The disposable devices are used to assist in gaining and maintaining the Hemostasis of the radial. The disposable devices have a soft wristband with a secure hook and loop fastener.

Radial Compression Devices Market - By End-user:

  • Hospitals
  • Independent Catheterization Labs
  • Ambulatory Surgery Centres
  • Specialized Clinics

In terms of end-users, Hospitals accounted for the highest share in the global radial compression devices market in 2019. Hospitals are the preferable choice for disease diagnosis and treatment. Therefore, radial compression markets are expected to increase their shares in the forecast period.

Radial Compression devices Market - By Region:

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

Geographically, the global radial compression devices market was dominated by North America, followed by Latin America. Asia Pacific continues to grow at a high CAGR with a significant share of the market value.

Of these, The Americas will dominate the markets over the forecast period. Factors influencing the growth of radial compression markets in these regions are advanced technology, high-cost healthcare expenditure, leading industry players in the markets, and the massive presence of cardiovascular disease patient population.

The radial compression devices market in Europe is expected to hold the second-largest share in the market over the forecast period. Awareness among the end-users boosting the growth of the market. Besides that, government initiatives, an increase in the geriatric population, and leading players in the market also promote market growth.

The Asia Pacific is predicted to grow rapidly in the radial compression device market during the forecast period. Factors influencing growth in radical compression markets are quickly improving technology, a huge patient pool, and a geriatric population.

The Middle East and Africa are expected to have steady growth in the radial compression devices market over the forecast period.

KEY MARKET PLAYERS:

Major companies dominating the global radial compression devices market profiled in this report are Abbott Laboratories, Comed B.V., Terumo Corporation, Merit Medical, Inc., Vascular Solution Inc., Advanced Vascular Dynamics, and Beijing Demax Medical Technology co., Ltd.

The Radial compressor device market players are focusing on launching new products into the need to expand their portfolios. For example, in August 2019, Merit medical systems Inc. launched the PreludeSync Evo radial compression device.

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