img

Transradial Access Devices Market - By Product (Catheters, Guidewires, Sheath & Sheath Introducer, Accessories), By Application (Drug Administration, Fluid & Nutrition Administration, Blood Transfusion, Diagnostic & Testing), By End-use & Forecast, 2023-2032


Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Transradial Access Devices Market - By Product (Catheters, Guidewires, Sheath & Sheath Introducer, Accessories), By Application (Drug Administration, Fluid & Nutrition Administration, Blood Transfusion, Diagnostic & Testing), By End-use & Forecast, 2023-2032

Transradial Access Devices Market Size

Transradial Access Devices Market size was registered at more than USD 1.5 billion in 2022. The industry is slated to grow at over 6.5% CAGR from 2023 to 2032 as a result of the widespread adoption of unhealthy habits, such as alcohol and smoking, along with sedentary lifestyles.
 

Transradial Access Devices Market

A significant rise in incidences of cardiovascular disease in developed and developing economies is expected to fuel market progress. Moreover, as per the Journal of the American College of Cardiology study, projected rates of cardiovascular risk factors and disease are set to increase substantially in the U.S. by 2060.
 

Furthermore, the mounting geriatric population base across the globe is also bolstering the demand for TRA devices, thereby augmenting market revenues. Heart-related conditions such as congestive heart failure, coronary artery disease, hypertension, atrial fibrillation, etc. are more common in older adults. According to the Population Reference Bureau, the number of persons aged 65 and above is expected to rise from 52 million in 2018 to almost 95 million by 2060.
 

Stringent regulations may restrain industry progression

A strict regulatory framework is a major factor hampering transradial access devices market revenue. In the U.S., guidelines for peripheral, coronary, and neurovascular devices, including guidewires and catheters, are created by the Centre for Devices and Radiological Health (CDRH). The U.S. FDA rules for patient safety push all medical devices to meet certain criteria. Manufacturers lose time and money if approvals are postponed or rejected. However, supportive initiatives toward healthcare system modification are aiding the market outlook.
 

Transradial Access Devices Market Analysis

Transradial Access Devices Market Share, By Product

With respect to the product, the transradial access devices market is divided into catheters, sheath & sheath introducers, guidewires, and accessories. The catheters segment was valued at more than USD 909.5 million in 2022. An upsurge in vascular intervention procedures is set to drive segment size. Additionally, radial-specific catheters allow simultaneous angiography of both right and left coronary arteries by clockwise or anticlockwise rotation. A September 2021 research study states that a catheter system eases anatomies and is a cost-effective access site care compared to conventional coronary interventional procedures.
 

Global Transradial Access Devices Market Share, By Application, 2022 (%)

Segment

Global market share (%), 2022

Drug administration

36.50%

Fluid and nutrition administration

26.30%

Blood transfusion

12.60%

Diagnostics and testing

20%

Others

4.70%

In terms of application, the transradial access devices market is classified into fluid & nutrition administration, diagnostic & testing, blood transfusion, drug administration, and others. diagnostic and testing segment is anticipated to reach over USD 817.5 million in revenue by 2032. The demand for TRA cardiac catheterization is increasing as more adults and children are developing heart disorders, boosting product uptake for improved detection and treatment of the underlying ailment. According to the Centers for Disease Control and Prevention, approximately 1500 people under the age of 25 years die each year of sudden cardiac disorders in the United States.
 

Based on end-use, the TRA devices market is categorized into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment accounted for over 42.5% business share in 2022. The segment revenue share is likely to be stimulated by the increasing use of minimally invasive procedures, the availability of cutting-edge medical facilities, and favorable reimbursement regulations for surgeries carried out in hospital settings. For instance, in October 2022, Emblemhealth, a health insurance company, introduced a new reimbursement policy for billing in hospital facility treatment rooms.
 

Transradial Access Devices Market Size, By Region

The transradial access devices market in the Asia Pacific is primed to expand at an 8.5% CAGR over 2023-2032. This is attributed to the growing geriatric population in countries such as India and China, making it a hotspot for cardiovascular diseases, thereby increasing the demand for coronary interventions in the region and fueling business expansion. According to United Nations ESCAP, there are over 630 million people aged above 60 years in the APAC region, constituting over 60% of the global elderly population.
 

Transradial Access Devices Market Share

  • Terumo Corporation
  • Medtronic
  • Boston Scientific Corporation
  • Becton
  • Dickinson and Company
  • AngioDynamics
  • Merit Medical System, Inc.
  • Edwards Lifesciences Corporation
  • Ameco Medical Industries
  • NIPRO Medical Corporation
  • Smiths Group
  • OSCOR Inc
  • Teleflex Corporation

are some key companies functioning in the transradial access devices industry. These firms majorly engage in extensive R&D programs and acquisitions to stay ahead in the competitive landscape.
 

Impact of the COVID-19 pandemic

The COVID-19 pandemic had a negative impact on the TRA devices market as a result of strict lockdown and the delay of several surgical procedures due to the mounting number of coronavirus cases. However, in the post-pandemic scenario, the backlog of surgeries and increase in the number of cardiovascular ailments due to post-COVID-19 complications in certain patients has accelerated the demand for TRA devices. A recent study based on a UK biobank found that individuals with SARS-CoV-2 had a higher risk of developing cardiovascular illnesses in the initial post-infection period. Nonetheless, declining coronavirus cases are helping the industry regain its pre-pandemic momentum.
 

The transradial access devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments

Click here to Buy Section of this Report


By Product

  • Catheters
  • Guidewires
  • Sheath and sheath introducers
  • Accessories

By Application

  • Drug administration
  • Fluid and nutrition administration
  • Blood transfusion
  • Diagnostics and testing
  • Others

By End-use

  • Hospitals & clinics
  • Ambulatory surgical centers
  • Others

The above information is provided for the following regions and countries

North America

  • U.S.
  • Canada

Europe

  • Germany
  • UK
  • France
  • Italy
  • Spain

Asia Pacific

  • China
  • India
  • Japan
  • Australia

Latin America

  • Brazil
  • Mexico

Middle East & Africa

  • South Africa
  • Saudi Arabia

 

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )