Transradial Access Devices Market Industry Overview, Market Status and Trend, Driving Factor Analysis, Major Players and Forecast 2027
Category: #business  By Ronak Bora  Date: 2021-08-02
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Transradial Access Devices Market Industry Overview, Market Status and Trend, Driving Factor Analysis, Major Players and Forecast 2027

 

Significant rise in coronary artery diseases across the globe as a result of sedentary lifestyle and unhealthy dietary habits among people has instigated the demand for efficient treatment procedures and medical devices tremendously. Transradial access technique, which provides access for performing percutaneous coronary intervention and coronary angiography owing to minimized risk of vascular and bleeding complications and reported survival benefit, is witnessing a huge demand across healthcare segment. This is estimated to provide massive momentum to transradial access devices market over the upcoming years.

According to Global Market Insights, Inc., transradial access devices market size is projected to surpass USD 2.4 billion by 2027.

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Recently, obesity has become a most common and vital public health problem worldwide. Based on the estimates of the World Health Organization, more than 1.9 billion adults globally were found to be overweight. Out of this, over 650 million adults were obese. As per various studies, obesity is largely associated with increased cardiovascular risk and other multiple health conditions like diabetes, hypertension, sleep apnea syndrome, etc. Such factors are leading to the growing prevalence of coronary artery diseases which in turn is fostering the demand for transradial access procedures and devices.

Major players operating in transradial access devices industry such as Terumo Corporation, Medtronic Boston Scientific, BD Company, Merit Medical System, AngioDynamics, etc. are focusing on developing new and advanced products to gain a competitive edge in the market. For instance, in 2017, Medtronic plc announced the launch of three new products including a transradial diagnostic catheter and related devices to facilitate the treatment of coronary artery diseases. Apparently, the product launch helped the company expand its portfolio of coronary products and gain a strong foothold in the market.

Sheath and sheath introducers are gaining massive traction over the past few years owing to their extensive usability in the cardiovascular treatment procedures. With increasing incidences of cardiovascular disorders across the world, product demand is also rising which is fostering the industry growth. For the records, in 2020, sheath and sheath introducers segment had accounted for more than 13.4% market share. Another important factor complementing the market growth is ongoing technological advancements in the industry. Citing an instance, in 2020, Becton, Dickinson and Company, announced the launch of its the Halo One thin walled guiding sheath. According to the company reports, this sheath has been designed to serve as both an introducer sheath and a guiding sheath to be used in venous and peripheral arterial procedures that require percutaneous introduction of intravascular devices.

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Transradial access devices are gaining a significant prominence in the diagnostics vertical owing to the numerous benefits offered by these devices. The benefits mainly include higher strength, visibility, flexibility, etc. On account of heightened product demand, diagnostics and testing segment had recorded an appreciable revenue share of around USD 342.1 million in 2020 and is anticipated to witness notable growth over the forthcoming years.

Ambulatory surgical centers are witnessing higher patient inclination primarily due to shorter duration of stay as these healthcare settings follow the same-day discharge model. In addition, ambulatory surgical centers have proven to offer better recovery time, minimal chances of infection, and affordable costs which makes them highly preferred among patients and as a result they are recording higher number of patient admissions. Considering these factors, the global transradial access devices market from ambulatory surgical centers is projected to record a robust CAGR of 5.2% through 2027.

Japan is one of the largest markets for medical devices as well as transradial access devices owing to higher product demand majorly due to the rising pervasiveness of coronary diseases in the country. Besides, growing geriatric population who are susceptible to coronary disorders has increased the number of patient admissions in the country as studies have shown that as the average human life expectancy increases, the musculoskeletal and immune systems weaken over time. According to the World Bank statistics, around 28% of the population in Japan is aged above 65 years. This is fueling the demand for transradial access devices in the country which is positively impacting the business space. In 2020, Japan had held more than 25.5% market share across Asia Pacific region and is expected to grow exponentially over the following years.

Partial Chapter of the Table of Content:

Chapter 2.  Executive Summary

2.1. Transradial access devices industry 360° synopsis, 2016 - 2027

2.1.1.  Business trends

2.1.2.  Product trends

2.1.3.  Application trends

2.1.4.  End-use trends

2.1.5.  Regional trends

Chapter 3.  Transradial Access Devices Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2016 - 2027

3.3. Industry impact forces

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/transradial-access-devices-market

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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