During the last few years, arterial diseases have gained a huge traction due to the increasing number of patients suffering from various arterial diseases like atherosclerosis. A number of devices are introduced in the market which is used in the treatment of these diseases.
The rising cases of arterial disorders such as atherosclerosis are expected to be the major driver of the market. Obese patients are more prone to the diseases. Increase in the obesity and the diabetic population has boosted the growth of the market. According to the World Health Organization (WHO), worldwide obesity has tripled since 1975. Over 650 million adults of age 18 years and above were found obese around the globe. Furthermore, in 2015, 425 million people were diagnosed with diabetes. Adoption of desk-bound lifestyle, consumption of junk food and physical inactivity are also adding to the patient pool. Also, the consumption of alcohol and tobacco products leads to heart-related problems. Additionally, the transradial access offers many advantages over other methods, such as low cost and lesser complications rate than other access. It is regarded as a safe alternative.
However, the technique requires expertise and the growing trend of product recall & risk of failure are the major challenges for the growth of the market.
The lack of healthcare facilities in the underdeveloped region has created an opportunity for key players to enter the untapped market. Moreover, the government and private players are investing a lot in research & development for advancements in technology for the treatment, which is fueling the growth of the market.
Regionally, the market of transradial access devices is divided into North America, Europe, Asia Pacific and Latin America, Middle East &Africa.
The global transradial access devices market is estimated to be dominated by North America, owing to their advancements in healthcare treatment technology and the high number of the patient pool with cardiac disorders. There are a huge number of people suffering from obesity and diabetes. According to the Centre for Disease Control and Prevention (CDC), 2% of the population age younger than 65 are diagnosed with atrial fibrillation. Additionally, according to the World Health Organization (WHO), in 2015, 30.1 million of Americans were suffering from diabetes. Furthermore, growing healthcare expenditure and growing consumption of alcohol & cigarette smoking in the region is also contributing to the growth of the market. According to the Centers for Disease Control and Prevention (CDC), more than 15 in every 100 U.S adults smoke cigarettes.
The European region holds the second leading position in the market, followed by the Asia Pacific. The growing obese population and rising preference to use radial access devices in pediatric patients are the major drivers of the market in the region. According to the WHO, in the European region, roughly 23% of women and 20% of men were obese in 2008. Moreover, high per capita expenditure on health care and growing trend of medical tourism is fostering the growth of the market.
Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period. The surging cardiac disorders and growing obese population is strengthening the market of the region. Countries such as India and China are among the nations to have maximum obese population. Apart from this, the patient pool of cardiac disorders is rising in the region.
LAMEA region is expected to show slow growth in the market during the forecast period, owing to their underdeveloped economies and lack of medical facilities. Additionally, dyslipidemia is very common in the Arab region that adds to the patient pool. Furthermore, a large part of Africa lacks medical facilities that give the opportunity to market players to invest in the region.
Ameco Medical, Becton, Dickinson and Company, Angiodynamics, Inc., Boston Scientific Corporation, Edward Lifesciences Corporation, Teleflex Incorporated, Merit Medical Systems, Medtronic, Nipro Medical Corporation, Oscor Inc., Smiths Medical, and Terumo Corporation are the key players of the market.
Some of the recent studies have sought to access the utility of ultrasound guidance for transradial arterial access.
Recent progression of transradial access in term of market share has prompted the development of dedicated equipment, like introducers (sheath), wires, coronary diagnostic catheters and guiding catheters for coronary interventions. Careful selection of the material helps to succeed and to minimize the radial artery injury.
Global Market Segmentation:
• By Product
- Guide wires
- Sheath & Sheath Introducers
• By Application
- Drug Administration
- Fluid & Nutrition Administration
- Blood Transfusion
- Diagnostics & Testing
• By End User
- Ambulatory Care Centers
• By region
o North America
- Rest of Europe
o Asia pacific
- South Korea
- Rest of Asia pacific
- Saudi Africa
- South Africa
- Rest of LAMEA