Radial Compression Devices Market to Grow at 8.4% CAGR by 2026
Some of the most intrinsic medical procedures in the world, such as percutaneous coronary intervention (PCI), will continue to be performed through non-surgical approach. With a view to avoid operational implications, medical practitioners from around the world are now opting for radial access to procedures such as PCI. In matured healthcare markets such as the UK, more than 75% of PCI cases are administered through radial access. Demand for radial compression devices in such regions has also increased, particularly due to a paralleled rise in occurrence of radial artery occlusion. Severe complications as such are successfully triggering the demand for procedures that use radial compression devices. Future Market Insights recently published its report on the global market for radial compression devices, which estimates the market to be currently valued at US$ 140 Mn.
According to the report titled “Radial Compression Devices Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” the global radial compression device market will expand at 8.3% and reach US$ 330 Mn by the end of 2026. Adoption of procedures that include the use of radial compression devices is on a rise these procedures help patients in saving their medical spending by assuring a shorter hospital stay. Another leg-up for sales of radial compression devices is their role in increasing life expectancy of patients. Radial compression devices as medical products will continue gaining traction through the forecast period. The demand for band or strap-based radial compression devices is anticipated to remain higher, procuring over 80% of global revenues through 2026. Correspondingly, sales of knob-based radial compression devices is also projected to grow rampantly, registering a 7.3% CAGR during the forecast period.
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Excerpts from the report have established that North America will remain as the largest market for radial compression devices in the years to come. With over 40% revenue share, North America dominates the global radial compression device market, and is also anticipated to register a value CAGR of 9.1%. Likewise, revenues from Western Europe are also expected to exhibit growth at 8.4% CAGR, bringing in more than US$ 70 Mn by 2026-end. Throughout the forecast period, the radial compression device market in Asia-Pacific excluding Japan (APEJ) is also projected to grow robustly, showcasing a value CAGR of above 8%.
The usability of radial compression devices is also a crucial factor that promotes their sales. More than 90% of the global radial compression device revenues will be accounted by global sales of disposable radial compression devices. A key advantage of using such devices in medical procedures is the effectiveness of radial compression in minimising the risks of any post-procedural complications. By reducing bleeding to a greater extent, and by lowering incidence of complication penetration, radial compression devices will keep garnering approval from leading healthcare personnel, institutions, authorities, as well as patients. In 2017 and beyond, hospitals and independent catheterisation labs located across the globe will collectively be recognised as the largest end-users of radial compression devices.
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Key findings of the report also indicate the global radial compression devices market will be equally split into surgical intervention and diagnostic applications, with the latter one registering an uptick in its contribution to global market value. The report reveals that the demand for radial compression devices is also growing on the account of decreasing prices of coronary stents (used in cardiovascular treatments), and surging consolidation of the market through active participation of the world’s leading medical device manufacturers. Some of the key players in the global market for radial compression devices include Terumo Corporation, Merit Medical Inc., Comed BV, Beijing Demax Medical Technology Co. Ltd., Abbot Laboratories, Vascular Solution Inc., and Advanced Vascular Dynamics.
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