The transradial access devices market is expected to grow at a CAGR of 7.8% during the forecast period of 2024 to 2032 due to the increased adoption of harmful habits, such as alcohol use and smoking, and sedentary lifestyles. A large increase in cardiovascular disease incidences in developed and developing economies is anticipated to drive market growth. Moreover, according to a study published in the Journal of the American College of Cardiology, the prevalence of cardiovascular risk factors and disease is expected to rise dramatically in the United States by 2060. In addition, the global increase in the senior population is boosting the need for TRA devices, hence boosting market revenues. Congestive heart failure, coronary artery disease, hypertension, atrial fibrillation, and other heart-related diseases are more prevalent in older persons. The Population Reference Bureau projects that the number of people aged 65 and above will increase from 52 million in 2018 to over 95 million by 2060.
Increasing Prevalence Rate of Atrial fibrillation (AFib)
Nearly 33.5 million people worldwide suffer from atrial fibrillation (AFib), the most prevalent kind of severe arrhythmia, according to June 2021 WHO data. In addition, according to a report issued by the British Heart Foundation in July 2021, 7.6 million individuals in the United Kingdom live with heart and circulation illnesses. In addition, according to the AHA data from 2023, roughly 244.1 million people worldwide were living with IHD. In 2020, North Africa, the Middle East, Central, and South Asia, and Eastern Europe had the highest rates of IHD prevalence in the world. The number of patients suffering from heart rhythm abnormalities is projected to increase as the global population ages. This will result in a rise in transradial access uptake, which is anticipated to fuel the market's expansion. A scientific study published by the AHA in August 2021 revealed that peripheral artery disease (PAD) in the lower extremities affects more than 230 million people worldwide and is associated with an increased risk of many adverse clinical outcomes (including cardiovascular diseases like coronary heart disease and stroke and limb outcomes like amputee status). The rising prevalence of PAD would ultimately increase the demand for interventional procedures requiring transradial access, hence increasing the growth of the market over the forecast period.
The transradial access market is anticipated to develop in the next years due to factors such as an increase in the number of heart disease patients leading to heart attacks, an increase in the use of radial access procedures in the field of oncology, and technological improvements. Transradial access is utilized for coronary artery disease diagnosis, which includes diagnostic angiography, angioplasty, and percutaneous stent placement. Kit for transradial access contains sheaths, catheters, guidewires, sheath introducers, and other tiny components. The transradial access treatment can discover the blockage in a patient's cardiac artery who is afflicted with the condition and experiencing pain. This process can also help doctors and healthcare professionals establish the treatment plan.
Increasing Vascular Intervention Operations to Assist Segmented Catheters in Gaining Traction
The transradial access devices market is segmented by product into catheters, sheath & sheath introducers, guidewires, and accessories. In 2023, the catheter segment was worth more than $900 million. A rise in vascular intervention techniques is anticipated to influence segment size. Moreover, radial-specific catheters permit simultaneous angiography of both the right and left coronary arteries by clockwise or anticlockwise rotation. According to a September 2021 research study, a catheter system simplifies anatomy and is a cost-effective alternative to standard cardiac interventional procedures.
The Growing Desire for Minimally Invasive Equipment Will Boost the Growth of Hospitals and Clinics
The market for TRA devices is segmented by end-use into hospitals & clinics, ambulatory surgery centres, and others. In 2023, the hospitals & clinics category held a market share of around 43%. The increasing use of minimally invasive procedures, the availability of cutting-edge medical facilities, and advantageous reimbursement requirements for surgeries performed in hospital settings are projected to increase the segment's revenue share. For example, in October 2023, the health insurance firm Emblemhealth launched a new reimbursement policy for billing in hospital treatment rooms.
Stringent Regulations to Impede Industry Development
A stringent regulatory environment is a primary barrier impeding market revenue for transradial access devices. The Centre for Devices and Radiological Health develops guidelines for peripheral, coronary, and neurovascular devices, including guidewires and catheters, in the United States (CDRH). All medical devices are required by U.S. FDA patient safety regulations to meet specific criteria. Manufacturers incur the time and financial losses when approvals are delayed or denied. However, actions encouraging the transformation of the healthcare system are improving the market prospects.
The Catheters Segment Is Anticipated to Grow During the Forecast Period
Catheter sales are anticipated to increase over the predicted period. Transradial access (TRA) via the left radial artery is an alternative to standard transfemoral access for catheter-based treatments that are gaining importance for all sorts of arterial vascular operations. Cardiac catheterization is a popular diagnostic procedure for heart problems. In some instances, catheterization is used to treat heart disease by unblocking arteries with balloon angioplasty and stent implantation.
Cardiac catheterization aids in the diagnosis of a variety of heart conditions, including atherosclerosis, cardiomyopathy, congenital heart disease, heart failure, and heart valve disease. With the increasing prevalence of cardiovascular disorders around the globe, it is anticipated that the catheter market will experience substantial expansion. According to an update issued by the CDC in February 2023, 4.6% of American adults were diagnosed with coronary heart disease in 2020. In addition, roughly 1.5 million heart attacks and strokes occur annually in the United States as of February 2021. Moreover, according to the PAHO report for 2021, cardiovascular illnesses are responsible for 40,8 million disability-adjusted life years (DALYs) in the Americas. In addition, according to statistics updated in July 2023 by the National Center for Chronic Disease Prevention and Health Promotion, coronary heart disease is the most prevalent kind of heart disease. Moreover, around 805,000 Americans suffer heart attacks annually. This alarming circumstance is increasing public awareness of the significance of disease management and diagnostics.
North America to dominate the Market During the Forecast Period
The North American market is expected to develop at the fastest rate, due to factors such as the rising frequency of cardiovascular diseases, the increasing number of conferences and workshops, and the rise in research and clinical trials for vascular access devices. According to a September 2020 CDC report, cardiovascular disease is the top cause of mortality in the United States. According to the same source, over 805,000 Americans suffer heart attacks annually. As the number of deaths attributable to heart disease continues to rise, there is an ongoing need for the proper treatment and diagnosis of cardiac diseases. Since transradial access devices aid in the diagnosis of cardiac diseases, the market for these devices is anticipated to increase 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 aged 5 to 11 will have missed 11 or more days of school due to illness or injury in the previous 12 months. Also, according to the above-mentioned source, approximately 20.3% of children aged 6 to 11 in the United States are obese. Since obesity is one of the major risk factors for various diseases, the burden of pediatric disease is expected to increase in the country, thereby driving growth in the studied market.
Transradial access is anticipated to benefit from the region's well-established healthcare industry and increased healthcare spending. According to figures issued by the NHEA in December 2021, the United States spent $440,000,000,000 on healthcare in 2020. Consequently, rising healthcare expenditures are anticipated to stimulate the development of innovative products, such as transradial access devices, which will drive market expansion throughout the forecast period.
Asia- Pacific's to Remain as the Fastest Growing Market During the Forecast Period
The transradial access devices market in Asia-Pacific is projected to grow at a CAGR of 8.5% during the forecast period of 2023 and 2031. This is due to the expanding geriatric population in countries such as India and China, which has made the region a hotspot for cardiovascular disorders, hence raising the need for coronary therapies in the region and fueling corporate growth. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), there are over 630 million persons aged 60 and older in the APAC area, constituting over 60% of the world's elderly population.
R&D Investment and Acquisitions to Remain the Dominant Strategy Among the Top Tier Companies
Profitable acquisitions will benefit the transradial access devices industry. 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, Teleflex Corporation are among the leading companies in the transradial access devices industry. To maintain a competitive advantage, these companies rely heavily on substantial R&D initiatives and acquisitions.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Transradial Access Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
