The market for transradial access devices is anticipated to expand at a CAGR of 7.8% between 2024 and 2032, owing to the rising prevalence of unhealthy behaviors, such as alcohol consumption and smoking, and sedentary lifestyles. It is projected that a substantial increase in cardiovascular disease incidences in developed and developing nations will propel market expansion. Moreover, a study published in the Journal of the American College of Cardiology predicts that the frequency of cardiovascular risk factors and disease in the United States would increase considerably by 2060. Moreover, the global expansion in the elderly population is increasing the demand for TRA devices, hence raising market revenues. The prevalence of congestive heart failure, coronary artery disease, hypertension, atrial fibrillation, and other heart-related disorders increases with age. The Population Reference Bureau forecasts that the number of individuals aged 65 and above will increase from 52 million in 2018 to more than 95 million by 2060.
According to WHO data from June 2021, around 33.5 million people worldwide suffer from atrial fibrillation (AFib), the most prevalent form of severe arrhythmia. In addition, according to research published by the British Heart Foundation in July 2021, 7.6 million people in the United Kingdom are affected by heart and circulation conditions. In addition, according to AHA data from 2023, around 244,1 million people were living with IHD worldwide. North Africa, the Middle East, Central, and South Asia, and Eastern Europe had the greatest prevalence rates of IHD in 2020. As the world population ages, it is expected that the number of patients suffering from irregular heart rhythms would rise. This will lead to an increase in transradial access use, which is expected to boost the market's growth. A scientific study published in August 2021 by the AHA indicated that peripheral artery disease (PAD) in the lower limbs affects more than 230 million people globally and is associated with an increased risk of several poor clinical outcomes (including cardiovascular diseases like coronary heart disease and stroke and limb outcomes like amputee status). The increasing prevalence of PAD would ultimately raise the demand for interventional procedures requiring transradial access, hence boosting market growth over the projection period.
The transradial access market is expected to grow in the next years due to reasons such as a growth in the number of heart disease patients experiencing heart attacks, an increase in the usage of radial access procedures in cancer, and technical advancements. Transradial access is utilized to diagnose coronary artery disease, including diagnostic angiography, angioplasty, and percutaneous stent implantation. A transradial access kit consists of sheaths, catheters, guidewires, sheath introducers, and other minute components. The transradial access treatment can identify the blockage in a patient's coronary artery who is suffering from the disease and experiencing pain. This technique can also assist physicians and other healthcare professionals in developing a treatment plan.
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The transradial access devices market is divided into catheters, sheaths and sheath introducers, guidewires, and accessories, based on product. The catheter market segment was worth more than $900 million in 2023. It is projected that a surge in vascular intervention techniques will affect segment size. In addition, radial-specific catheters allow simultaneous angiography of the right and left coronary arteries by clockwise or anticlockwise rotation. A catheter system simplifies anatomy and provides a cost-effective alternative to typical cardiac interventional treatments, according to a September 2021 research report.
By end-user, the market for TRA devices is divided into hospitals and clinics, ambulatory surgery centres, and others. In 2023, hospitals & clinics held approximately 43% of the market. The increasing usage of minimally invasive procedures, the availability of cutting-edge medical facilities, and favourable reimbursement requirements for hospital-based surgical procedures are anticipated to raise the segment's revenue share. In October 2023, for instance, the health insurance company Emblemhealth introduced a new reimbursement policy for hospital treatment room billing.
A restrictive regulatory environment is the biggest obstacle hindering transradial access device market revenue. In the United States, the Centre for Devices and Radiological Health creates standards for peripheral, coronary, and neurovascular devices, such as guidewires and catheters (CDRH). U.S. FDA patient safety standards demand that all medical devices meet particular criteria. When clearances are delayed or denied, manufacturers incur the time and financial costs. Nonetheless, initiatives promoting change in the healthcare system are enhancing market chances.
Sales of catheters are likely to rise during the forecast period. Transradial access (TRA) via the left radial artery is an alternative to conventional transfemoral access for catheter-based treatments that are of increasing importance in all types of arterial and vascular procedures. Cardiac catheterization is a common procedure for diagnosing heart issues. Catheterization is sometimes used to treat heart disease by unblocking arteries with balloon angioplasty and stent insertion.
Cardiac catheterization facilitates the identification of numerous heart problems, such as atherosclerosis, cardiomyopathy, congenital heart disease, heart failure, and heart valve disease. With the rising frequency of cardiovascular illnesses around the world, it is projected that the market for catheters will expand significantly. 4.6% of American adults were diagnosed with coronary heart disease in 2020, according to a CDC update published in February 2023. In addition, as of February 2021, around 1.5 million heart attacks and strokes occur annually in the United States. Moreover, the PAHO estimate for 2021 indicates that cardiovascular diseases are responsible for 40,8 million disability-adjusted life years (DALYs) in the Americas. In addition, the National Center for Chronic Disease Prevention and Health Promotion reported in July 2023 that coronary heart disease is the most prevalent form of heart disease. Additionally, approximately 805,000 Americans suffer heart attacks each year. This worrying circumstance is heightening the public's awareness of the importance of disease management and diagnostics.
The North American market is anticipated to grow at the quickest rate, due to factors such as the increasing prevalence of cardiovascular illnesses, the growing number of conferences and workshops, and the increase in vascular access device research and clinical trials. According to a report published by the CDC in September 2020, cardiovascular disease is the leading cause of death in the United States. Annually, more than 805,000 Americans suffer heart attacks, according to the same source. As the number of deaths attributed to heart disease continues to climb, the proper treatment and diagnosis of cardiac disorders are in constant demand. Due to the fact that transradial access devices aid in the diagnosis of heart illnesses, the market for these devices is expected to expand over the forecast period.
According to CDC data from February 2023, 2.1% of children in the United States will be in fair or poor health in 2020, and 3.3% of children ages 5 to 11 will have missed 11 or more school days in the preceding 12 months due to illness or injury. Moreover, according to the aforementioned statistic, around 20.3% of American children aged 6 to 11 are fat. Due to the fact that obesity is one of the key risk factors for numerous diseases, the burden of pediatric disease is predicted to rise in the country, hence driving growth in the market under study.
Transradial access is expected to benefit from the region's established healthcare industry and rising healthcare expenditures. The NHEA reported in December 2021 that the United States spent $440,000,000,000 on healthcare in 2020. As a result, increased healthcare expenditures are predicted to boost the development of innovative products, such as transradial access devices, which will drive market growth throughout the forecast period. Due to the aforementioned factors in North America, it is predicted that the market would have a rapid pace of expansion during the forecast period.
The Asia-Pacific market for transradial access devices is anticipated to expand at a CAGR of 8.5% between 2024 and 2032. This is owing to the increasing geriatric population in countries like India and China, which has made the region a hotbed for cardiovascular illnesses, hence increasing the need for coronary medicines in the region and fuelling business growth. According to the Economic and Social Commission for Asia and the Pacific (ESCAP) of the United Nations, there are over 630 million people aged 60 and older in the APAC region, representing over 60% of the global elderly population.
Acquisitions that are profitable will boost the transradial access devices market. Transradial access devices market leaders include 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, and Teleflex Corporation. These companies rely largely on substantial R&D initiatives and acquisitions to maintain a competitive edge.
