Radial Artery Compression Devices Market projected to expand at a CAGR of ~8% from 2019 to 2027 from pallavi Gavhane's blog

Radial Artery Compression Devices Market: Introduction

According to the report, the global radial artery compression devices market was valued at US$ 108.6 Mn in 2018 and is projected to expand at a CAGR of ~8% from 2019 to 2027. Radial compression devices are compulsorily used after every angiography and angioplasty procedures. Increase in radial approach for percutaneous coronary intervention procedures is likely to be responsible for rise in demand for radial compression devices. Rise in prevalence of coronary heart disease, preference for radial access in percutaneous coronary intervention (PCI) procedures worldwide, and a large number of training initiatives by cath labs are the major factors anticipated to drive the global radial artery compression devices market during the forecast period. North America held a major share of the global radial artery compression devices market in 2018, due to high prevalence and increase in incidence of cardiovascular disease in the U.S. and Canada and wide base of medical device companies in the U.S.

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The radial artery compression devices market in Asia Pacific is expected to expand at a high CAGR of 8.8% from 2019 to 2027. Transformation in the healthcare scenario in Asia Pacific is encouraging healthcare professionals to opt for transradial artery access for coronary angiography and percutaneous coronary intervention (PCI). Thus, adoption of radial artery compression devices for gaining hemostasis is expected to propel the market in Asia Pacific in the near future.

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Launch of Radial Artery Compression Devices to Drive Market

Rise in prevalence of cardiovascular disorders across the world has fueled the demand for radial artery compression devices. According to the American Heart Association estimates, more than 130 million adults are likely to suffer from cardiovascular disorders in the U.S. by 2035. Increase in efforts by independent cath labs for the staff training is ensuring the increased presence of skilled professionals. This, in turn, would increase the use of the radial artery compression devices and favor the market growth. For instance, in 2009, Jesse Brown VA Medical Center in Chicago had taken initiative to promote staff education outside the cath lab on adoption of radial artery compression devices.

Companies operating in the radial artery compression devices market plan to manufacture more improved radial compression devices, which can achieve hemostasis without compromising local nerve structure. Improvement in material design is expected to fuel adoption of these devices. Thus, launch of products with design enhancement is expected to fuel sales of radial artery compression devices. For instance, in August 2019, Merit Medical Systems, Inc. launched PreludeSYNC EVO radial compression device in the market in the U.S. In February 2019, Merit Medical Systems, Inc. announced the availability of PreludeSYNC DISTAL Compression Device in the U.S., Europe, Africa, the Middle East, and Asia Pacific

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Growth Strategies of Key Players

Key players operating in the global radial artery compression devices market include Medtronic plc, Abbott Laboratories, Terumo Corporation, Teleflex Incorporated, Merit Medical Systems, Inc. Forge Medical, Inc., Semler Technologies, Inc. dba Advanced Vascular Dynamics, Medplus, Inc., and TZ Medical, Inc. These companies engage in research & development activities to develop novel products in order to expand product offerings and customer base. In October 2017, Medtronic plc. established an innovation center in Chengdu, Singapore. In July 2018, the U.S. FDA gave the marketing approval for TZ Medical, Inc.’s patented product, Adjustable Radial Cuff (ARC) Hemostasis Device, in the U.S.

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By pallavi Gavhane
Added Jan 14

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