Transradial Access Market Segment Analysis By Product Type
The Catheters segment held the largest share in the Transradial Access Market in 2020 and is estimated to grow at a CAGR of 7.3% during the forecast period 2021-2026. This is owing to the growing prevalence of lifestyle-related diseases like cardiovascular diseases, obesity, and diabetes coupled with the rising incidence of interventional and angiography procedures. A catheter is a soft hollow tube, necessary for people with various health conditions, to drain urine from the bladder. Catheters are utilized extensively in hospitals as well as patients who are under supervision residentially, which is propelling the growth of the market. However, the usage of guidewires is also gaining traction owing to its extensive usage to gain access to the blood vessel using the less complicated invasive technique, which is likely to augment the growth of this segment. Guidewires segment is estimated to register the higher CAGR over the period 2021-2026.
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Transradial Access Market Segment Analysis By Application
The drug administration segment held the largest share in the Transradial Access Market in 2020 and is estimated to grow at a CAGR of 7.0% during the forecast period 2021-2026. This is owing to the growing usage of transradial access devices over other conventional devices especially for the treatment of diseases like cerebrovascular disease, coronary heart disease, rheumatic heart disease, and life-threatening diseases like cancer. Additionally, the growing incidence of chronic diseases worldwide is another factor bolstering the growth of this segment. However, with the growing incidence of consumers focusing on health and wellness, the need to keep track of bodily fluids is becoming a concern, which is likely to bolster the growth of this segment. The fluid and Nutrition Administration segment is estimated to register the higher CAGR over the period 2021-2026.
Transradial Access Market Segment Analysis By Geography
North America dominated the Transradial Access Market with a major share of 37.8% in 2020. This is attributed to the factors like the growing incidence of cardiovascular diseases mainly from obesity and rapidly growing urban lifestyle, a growing number of conferences and workshops, the substantial base of cancer patients, and growth in research and clinical trials for vascular access devices, in the recent past. All these factors are likely to bolster the market growth of transradial devices of all types catering to different applications, in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to a large number of patients suffering from cardiovascular diseases in this region, where the population has been increasing exponentially for decades. Additionally, countries like China and Japan have been progressively evolving on the technology front, which is augmenting the growth of the market in this region.
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Transradial Access Market Drivers
Growing prevalence of cardiovascular diseases due to lifestyle-related diseases are driving the market growth
Over the recent past, the growing incidence of obesity leading to cardiovascular diseases are augmenting the market growth. Obesity coupled with improper diet leads to diabetes among the population. The lack of exercise due to rapid urbanization and busy lifestyle coupled with unhealthy diets, specifically containing trans fatty acids increases the risk for the development of obesity leading to disorders of the heart in the form of coronary heart disease, and rheumatic heart disease, among others. According to the Centers for Disease Control and Prevention (CDC), 1 person dies every 36 seconds in the U.S. from cardiovascular disease and roughly 655,000 Americans died from heart disease in 2020 thats 1 in every 4 deaths. According to European Heart Network, a rough of about 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU) has been recorded in 2020, only from cardiovascular diseases. Hence, the usage of transradial devices in all its types becomes very prominent not only in North America but also across all the major economies. Thus, increasing the growth of the Transradial Access Market during the forecast period 2021-2026.
Rising inclination towards interventional procedures using radial artery access is poised to increase the growth of the market
The growing preference towards interventional procedures with the help of radial artery access is bolstering the market growth. Radial access for cardiac catheterization and intervention is preferred in developing nations. According to a survey by the American Journal of Roentgenology, 8.511.5% of radiologists are interventionalists and they spend 70% or more of their clinical work time performing interventional procedures. Different procedures like radiation exposure to femoral procedures, the potential to conduct complex coronary interventions, initial ambulation, and patient preference is rising. The main advantage of using transradial devices is instant ambulation, which is usually proceeded by complete bed rest post femoral procedures. The cost of transradial when compared to femoral is lower, which needs fewer post procedures for nursing care, and it has reduced hospital stay and cost. Thus, increasing the growth of the Transradial Access Market during the forecast period 2021-2026.
Transradial Access Market Challenges
Higher costs involved in the placement and maintenance of vascular access devices is likely to challenge the market growth
Some of the factors that is set to impede the growth of the Transradial Access Market are the stringent regulatory scenarios, low reimbursements, and high cost of procedures. Transradial devices when arranged and used over a considerable period of time becomes expensive to maintain. According to Medical University of South Carolina (MUSC), Diagnosis-related group (DRG) reimbursements for inpatient and outpatient rates vary from about $10,000 for inpatients and $7,500 for outpatient, which is primarily due to the fact that 60% of the treatments are done using transradial access.
Transradial Access Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Transradial Access Market. In 2020, the Transradial Access Market share is fragmented by the top ten players present in the market. The Transradial Access Market, top 10 companies are:
Ameco Medical
Becton, Dickinson and Company
Boston Scientific Corporation
Edward Lifesciences Corporation
Terumo Corporation
Teleflex Incorporated
Smiths Medical
Nipro Medical Corporation
Merit Medical Systems
Medtronic plc
Recent Developments:
In August 2021, Medtronic plc entered into a definitive agreement with Intersect ENT, a global ear, nose, and throat (ENT) medical technology company, in which Medtronic will acquire all outstanding shares of Intersect ENT for USD 28.25 per share in an all-cash transaction implying an enterprise value of approximately USD 1.1 billion.
In March 2021, Boston Scientific acquired Israeli Medtech Lumeniss surgical portfolio in a GBP 1.07 billion the cash deal, which is its second major acquisition of 2021.
Key Takeaways
North America dominated the Transradial Access Market in 2020 owing to the rising incidence of cardiovascular diseases mainly from obesity and the rapidly growing urban lifestyle. The Transradial Access Market scope for different regions will be provided in the final report.
Growing prevalence of cardiovascular diseases due to lifestyle-related diseases coupled with the rising inclination towards interventional procedures using radial artery access is likely to aid the market growth of the Transradial Access Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Transradial Access Market report.
Higher costs involved in the placement and maintenance of vascular access devices is poised to create hurdles for the Transradial Access Market.
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