Transradial Access Device Market size worth over $2.4bn by 2027
Published Date: March 15, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Transradial Access Devices Market size is set to surpass USD 2.4 billion by 2027, according to a new research report by Global Market Insights, Inc.
Transradial access device market growth is owing to advancement in technologies, novel product launches as well as growing demand for various disease condition across the globe. According to the Center for Disease Control and Prevention (CDC), approximately 18.2 million U.S. adults were suffering from coronary artery disease in 2017. Thus, use of transradial access devices for such disease condition will boost the market expansion. Moreover, regulatory bodies play a key role in managing and ensuring safety parameters of transradial access devices that will further spur the market revenue.
Transradial access approach for neurointerventional procedures in pediatric population will drive the market value
Transradial access approach (TRA) for neurointerventional procedures has recently garnered significant interest as an alternative to traditional transfemoral approach in pediatric and adult patients. For instance, the transradial access approach is safe, effective, and well tolerated in the pediatric and adult population. Similarly, the risk of bleeding and arterial damage is essentially eliminated with the TRA. Thus, usage of transradial access devices for neurointerventional procedures in pediatric population will fuel the market demand. Furthermore, changing lifestyle, dietary habits and other environmental factors will influence the acceptance of cardiac catheterization, thereby augmenting the industry growth.
High cost of transradial access devices may hamper the market size
High cost of transradial access devices could limit the industry expansion in the short run. R&D activities and introduction costs of advanced surgical devices increase the cost of medical devices. This increases overall healthcare costs and could potentially reduce the adoption rate. According to the Fractional Flow Reserve versus Angiography for Multivessel Evaluation (FAME) study, the average cost of percutaneous coronary intervention using guidewires was about USD 14,315. Thus, high cost of percutaneous coronary intervention surgery due to guidewires ultimately escalated the overall healthcare expenditure, thereby hampering the industry revenue. However, decreasing costs owing to manufacturer efforts and favorable policies could reduce the costs in the future. Thus, high costs of transradial access devices will be a market impeding factor in the short run.
Use of smaller needle guidewires during a radial artery catheterization will reduce difficulty in obtaining the access
The guidewire segment held more than 17% of the market share in. Radial artery access can be achieved using 0.018-0.021 guidewire. This smaller needle system allows for better control, and blood flow can be seen immediately, thereby fostering the industry value. Additionally, obtaining access can be a major concern when performing a catheterization via the radial artery. These difficulties may prolong the time to gain access, therefore, prolonging the overall length of the procedure. Use of smaller needle guidewires during a radial artery catheterization will reduce difficulty in obtaining the access.
Browse key industry insights spread across 120 pages with 166 market data tables & 16 figures & charts from the report, “Transradial Access Device Market Size By Product (Catheters, Guidewires, Sheath & Sheath Introducer, Accessories), By Application (Drug Administration, Fluid & Nutrition Administration, Blood Transfusion, Diagnostic & Testing), By End-use (Hospitals & Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Nutritional status and adequate nutrition therapy are crucial factors contributing to the outcome of patients with cardiac surgery
The fluid and nutrition administration segment accounted for USD 454.4 million in 2020. Fluid and nutrition administration is increasingly recognized as a clinically relevant aspect of the intensive care treatment of cardiac surgery patients. Patients undergoing cardiac surgery regularly experience a systemic inflammatory response that contributes to acute and persistent organ injury. Also, with an increasingly older population undergoing complex cardiosurgical procedures, the incidence of comorbidities and malnutrition rises. Therefore, the nutritional status and adequate nutrition therapy are crucial factors contributing to the outcome of patients.
Presence of advanced facilities in ambulatory surgical centers will increase the patient preference
Ambulatory surgical centers segment will showcase around 5.2% growth rate till 2027 led by growing number of patients visiting ambulatory surgical centers for various interventional surgeries. Also, presence of advanced facilities in ambulatory surgical centers coupled with single day cardiovascular surgery will increase the patient preference. Furthermore, high preference for quick recovery due to single-day discharge will augment the segment revenue.
Growing usage of catheters and guidewires for heart disease and related disorders will impel the regional growth
Europe transradial access device market is estimated to reach USD 772.6 million by 2027. Increasing prevalence of chronic diseases such as coronary heart disease and cancer across the European region will foster the market expansion. Also, rising usage of catheters and guidewires for heart disease and related disorders will propel the regional revenue. In addition, growing geriatric population in the region with the consequent incidence rate of cardiovascular disease including coronary heart disease is also a significant contributor of the market demand.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the market include Medtronic, Terumo Corporation, Boston Scientific, AngioDynamics, BD Company and Merit Medical Systems among others. These industry leaders focus on strategies such as innovative product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.