Global Radial Compression Devices Market, By Product Type (Band/ Strap Based, Knob Based, and Plate Based), By Usage (Disposable Device and Reusable Device), By Application (Surgical Intervention and Diagnostics), By End User (Hospitals, Independent Catheterization Centers, Ambulatory Surgical Centers, and Specialized Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 261.1 Million in 2023 and is expected to exhibit a CAGR of 8.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing usage of radial compression devices in cardiovascular due to several advantages over the femoral artery such as the smaller artery calibre and easier position for safe compression leads to a reduced risk of major access site bleeding. The global market for radial compression devices is expected to grow due to increasing cardiovascular interventions, which offers attractive expansion potential for companies. As a result, key market players are focusing on growth strategies like partnerships to drive the market growth. For instance, in November 2021, USM Healthcare Company, a healthcare manufacturer held a signing ceremony of strategic investment cooperation agreement with Eastbridge Partners – East Asian company with an investment capital of 30 million USD. This is recorded to be a crucial turning point in USM Healthcare's international integration which helps to expand and strengthen company’s research and production capabilities to meet domestic and foreign market.
Global Radial Compression Device Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly, and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others, faced problems regarding transportation of drugs from one place to another.
The COVID-19 pandemic had a significant impact on both the market for radial compression devices as well as the entire global medical device industry. Rising demand for radial compression devices is due to increased use of the radial approach for percutaneous coronary intervention procedures. According to article titled Study on the Safety of the New Radial Artery Hemostasis Device published by Journal of Interventional Cardiology in April 2022, the production and sales of radial compression devices have fallen as a result of the pandemic that led to an adverse impact on all economic sectors including the industrial and life sciences industries.
Global Radial Compression Device Market: Key Developments
In March 2022, Lakewood Ranch Medical Centre, located at Florida U.S. a cardiologist used the Medical Ingenuities PH Band System to perform four radial cases such as bleeding after radial access procedures. Prior to the patient being discharged from the hospital, the PH Band, a revolutionary medical device, is used to close the arteriotomy of a radial artery that was created after a percutaneous coronary intervention (PCI) surgery.
In September 2022, an article published by American college of cardiology, a trial study was done to evaluate rivaroxaban compared with control among individuals who underwent cardiac catheterization by transradial access. Among individuals who underwent coronary angiography or PCI by transradial access, 7 days of rivaroxaban was associated with a reduction in radial artery occlusion at 30 days. Hemorrhagic complications were numerically higher in the rivaroxaban group. Limitations of this trial include open-label design, modest dose of procedural unfractionated heparin, and non-use of patent haemostasis. Validation of this treatment strategy is required before this could be adopted as best practice.
In January 2021, Medtronic plc, a medical device company which had expanded its limited site release of the recently acquired radial artery access portfolio from privately-held RIST Neurovascular Inc., a medical device company which includes the Rist 079 Radial Access Guide Catheter and Rist Radial Access Selective Catheter. Rist 079 Radial Access Guide Catheter is the first catheter that had been specifically designed for neurointerventions using the radial artery pathway in the wrist. This is the first-of-its-kind device that optimizes transition zones for the required navigability and support that is unique to the radial trajectory when compared to the femoral approach.
Browse 27 Market Data Tables and 22 Figures spread through 130 Pages and in-depth TOC on “Global Radial Compression Devices Market, By Product Type (Band/ Strap Based, Knob Based, and Plate Based), By Usage (Disposable Device and Reusable Device), By Application (Surgical Intervention and Diagnostics), By End User (Hospitals, Independent Catheterization Centers, Ambulatory Surgical Centers, and Specialized Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/radial-compression-devices-market-3542
Key Takeaways of the Global Radial Compression Device Market:
- Global radial compression device market is expected to exhibit a CAGR of 8.3% during the forecast period. The countries with emerging economies offer lucrative growth opportunities for players in the global radial compression device market. The spread of disposable and reusable technologies is driven by high public awareness in developed economies such as the U.S. and Europe. However, in developing economies such as Asia Pacific and Latin America, utilization rates of radial compression devices are low due to low patient awareness. Economic development in these areas, along with increased patient disposable income, and increased awareness, is shifting the attention of physicians to molecular testing.
- Among application, the surgical intervention segment is expected dominate the global radial compression device market over the forecast period. For instance, in October 2022, an article published by Multidisciplinary Digital Publishing Institute (MDPI) in the journal of Diagnostics titled as “Comparison of Safety of radial compression Devices: A Multi-Center Trial of Patent Hemostasis following Percutaneous Coronary Intervention from Conventional Radial Access”. The article suggest that the cost-effective and green vial technique is similarly safe and potentially similarly effective as dedicated devices in compressing the radial artery following percutaneous coronary interventions from conventional radial access. The environmentally friendly recycling of heparin vials therefore is a viable option for the compression of the radial artery.
- Among region, North America is expected to be the dominant region in the global Radial Compression Device market, owing to increasing launch of products. For instance, in February 2020, an article on Complex Large-Bore Radial percutaneous coronary intervention: rationale of the COLOR trial study protocol was published by the British Medical Journal. The study aimed to compare the safety and effectiveness of using the radial artery versus the femoral artery as access sites for patients undergoing complex PCI that involved treating complex coronary lesions. The primary outcome of the trial, which similarly employed large-bore guiding catheters, was the prevalence of vascular issues and bleeding at the access site.
- Major players operating in the global radial compression device market include Terumo Corporation, Abbott Laboratories, Vascular Solutions Inc., Semler Technologies, Inc., Comed B.V., Merit Medical Systems Inc., Beijing Demax Medical Technology Co., Ltd., Cardinal Health, and Medtronic, Plc.
