According to a recent study by Future Market Insights (FMI), the global radial compression devices market is expected to witness high growth during the forecast period. The market is expected to grow from US$ 213.7 Mn in 2021 to nearly US$ 504.0 Mn by 2031. This reflects a cumulative CAGR of around 9.0% over the forecast period (2022-2031).
A radial compression device is a band that is placed around the wrist to lessen the risk of radial artery blockage following invasive cardiac operations. This device is used to stop bleeding following an angiography or angioplasty procedure.
In recent years, the global market for radial compression devices has greatly evolved. These have been strengthened by the development of technology that accelerate the time it takes to reach hemostasis, enhance the process, and lower the risk of radial artery occlusion (RAO). RAO concerns have been a major source of worry when accessing the transracial artery for cardiac catheterization, resulting in the development of the radial compression device market.
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For the compression of the radial artery, a variety of contact radial compression devices have been employed, particularly following a transradial procedure in coronary angiography.
|Data Points||Market Insights|
|Market Value 2021||USD 213.7 Mn|
|Market Value 2022||USD 232.5 Mn|
|Market Value 2031||USD 504.0 Mn|
|Market Share of Top 5 Countries||55.8%|
|Key Players||The key players in radial compression devices market are Terumo Corporation, Merit Medical Inc, Abbott Laboratories, Vascular Solutions, ConMed B.V., Cardinal Health, Beijing Demax Medical Technology, Teleflex Incorporated, Forge Medical Inc., TZ Medical Inc, Semler Technologies Inc, and Advanced Vascular Dynamics, MedPlus, Inc.|
Growing number of percutaneous coronary intervention procedures (PCI), acceptance of compression devices for surgical and diagnostic cardiology interventions, new product launches and approvals – leading to greater availability in both established and emerging economies are factors driving the growth of radial compression devices market.
Furthermore, the advantages of radial access in a percutaneous coronary intervention (PCI) procedure are expected to drive the market growth. Radial access allows patients to move more quickly, the incision is smaller, and the chances of infection at the site are much lower than with trans-femoral access.
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Key Takeaways from Radial Compression Device Study
- Band/Strap based products provides rigid wrist support, and improved patient comfort which leads the segment to account for the maximum share of 79.8% in 2021, expanding at 9.7% CAGR during the forecast period.
- Disposable devices accounted for 92.9% of the market share in 2021 indicating highest demand by usage segment due to ease in use and cost effective and being mainly used in gaining and maintaining the hemostasis of the radial.
- With the increasing diagnosis rather than surgical intervention the diagnostic intervention, by application held the largest share of 50.5% in 2021 and is expected to grow with the same trend by 2031.
- Independent catheterization centers are preferred choices with highly favorable settings for diagnosis and treatment and leads it to account for the highest share of around 41.7% of the end user segment.
- North America held the largest share of 40.5% of the global radial compression devices market in 2021 indicating the growth due to geriatric population and growing demand for advanced medical technology in North America.
Who is winning?
The key market players covered by FMI include leading companies of radial compression devices are Terumo Corporation, Merit Medical Inc., Abbott Laboratories, Vascular Solution, Advanced Vascular Dynamics, Conmed B.V., Beijing Demax Medical Technology, Teleflex Incorporated, Forge Medical Inc., TZ Medical Inc., Semler Technologies, MedPlus Inc., Lepu Medical, Cardinal Health, and Vygon.
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Some of the leading manufacturers in the radial compression devices market are working to develop their technologically advanced product in order to improve the efficacy and safety profile for patients. Interventional cardiologists and radiologists in the healthcare industry profit from continuous technological advancements made by few of these players. Furthermore, manufacturers are also focusing on mergers and acquisitions with global expansion objectives, thereby, enhancing their market presence.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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