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Transradial Closure Devices Market Analysis by Product (Band/Strap, Knob, and Plate Based); by Usage (Disposable Devices, and Reusable Devices); by Application (Surgical Interventions, and Diagnostics); and by End-User (Hospitals, Ambulatory Surgical Centers, Independent Catheterization Centers, and Specialized Clinics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now Report ID: 4346 | Published Date: Feb 14, 2023

Global Transradial Closure Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global transradial closure devices market is estimated to garner a revenue of ~USD 420 million by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 230 million in the year 2022. The growth of the market is primarily attributed to the escalating cases of cardiovascular diseases (CVDs) caused by unhealthy lifestyle choices, anxiety, stress, and other factors. As per the World Health Organization (WHO), 17.9 million people worldwide die from CVDs each year, accounting for 32% of all mortalities. The high prevalence of heart strokes, heart attacks, coronary heart diseases, and other CVD diseases is anticipated to increase the demand for transradial closure devices for radial artery closure in patients with maximum satisfaction and minimum irritation.

Transradial-Closure-Devices-Market-scope.

Transradial closure devices are an advanced medical product that is gaining popularity all over the world owing to their ability to provide a more convenient location for safe calibration while minimizing the risks associated and reducing discomfort for the patients. In addition, the increasing demand for minimally invasive and non-invasive medical procedures, along with the rapid technological breakthrough in large-bore vascular closure devices, are other growth factors that are attributed to creating a positive outlook for market expansion in the upcoming years. Also, massive investments in developing advanced medical products and rising expenditure on healthcare infrastructure development, especially in developing economies, are anticipated to drive market growth in the upcoming years.


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Transradial-Closure-Devices-Market-scope.
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Global Transradial Closure Devices Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~9%

Base Year Market Size (2022)

~ USD 230 Million

Forecast Year Market Size (2035)

~ USD 420 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Transradial Closure Devices Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Worldwide Spike in Coronary Artery Disease (CAD) – Coronary artery disease is one such disease that affects the blood-supplying arteries. It is also referred to as ischemic heart disease (IHD). One or more coronary arteries become blocked or progressively narrow with CAD. The most frequent symptom of this inner condition is angina, which causes chest pain. In most cases, CAD results in a heart attack or other issues such as heart failure or arrhythmia. The surge in the number of people suffering from CAD is expected to escalate the global transradial closure devices market in the forecasted period. It is observed that CAD affected approximately 125 million people (1,658 per 100,000), or approximately 2% of the world's population, until 2020. CAD has claimed the lives of more than 9 million people worldwide. Furthermore, the prevalence of CAD is increasing. The current prevalence rate of 1,658 per 100,000 population is expected to increase to 1,849 by 2030 on a global scale.

  • Growing Prevalence of Strokes – For instance, over 12.4 million new strokes occur each year, with people aged 15 to 48 accounting for more than 16% of all stroke cases in the world.

  • Escalation of Lifestyle Diseases – Owing to their busy lifestyles, people are propelled to eat packaged food and minimize their physical activity. As a result, many diseases such as obesity, thyroid, heart disease, high cholesterol levels, and others, which in turn are anticipated to increase the demand for transradial closure devices in diagnosing and treating such illnesses. It was observed that until 2018, around 78% of the global population was directly affected by lifestyle diseases.

  • Rising Cholesterol Level Among the Global Population – As per the Centers for Disease Control and Prevention (CDC), till 2022, high cholesterol (total blood cholesterol 200 mg/dL) have been affecting approximately 38% of adults in the United States.

  • Worldwide Increasing Healthcare Expenditure - According to data released by the World Bank, global healthcare expenditure increased to 9.83% in 2019 from 9.7% in 2018.

Challenges

  • Inadequate Knowledge of Proper Handling of Devices. Improper handling of transradial closure devices may result in radial artery occlusion. It is the most frequent post-procedural complication of TRA, restricting the use of the same radial artery for future procedures.
  • High Cost of Transradial Closure Devices – The costs of transradial closure devices are considerably high owing to their technology and advanced features. As a result, the population with a middle income is anticipated to push further away from adopting transradial closure devices owing to a lack of funds. This trend is expected to pose a threat to market growth during the assessment period.
  • Insufficiency of Knowledge About the Procedure


Global Transradial Closure Devices Market Segmentation

The global transradial closure devices market is segmented and analyzed for demand and supply by end-user into hospitals, ambulatory surgical centers, independent catheterization centers, and specialized clinics. Out of these segments, the independent catheterization centers segment is estimated to significantly grow over the forecast period on the back of rising occurrences of cardiovascular diseases, along with the advancement in the medical imaging and visualization systems, people’s preference for an alternative to surgery, and the advantage of minimally invasive tests and treatments offered by independent catheterization centers. All these, factors are leading people to prefer catheterization centers to treat CVDs-related health issues. For instance, a report of 2022 stated that more than 1,00,000 cardiac catheterization processes are conducted in the United States each year. On the other hand, the hospital segment is also expected to hold a significant share of the market owing to the large patient pool visiting hospitals daily and the surgical procedures occurring in hospital settings. In addition, government support to improve hospital infrastructure along with favorable reimbursement policies propels the population to adopt transradial closure devices from hospitals, thus expanding the segment size. 

The global transradial closure devices market is also segmented and analyzed for demand and supply by product into band/strap-based, knob-based, and plate-based. Out of these three segments, the band/strap-based segment is attributed to garner the highest segment share by 2035. The easy availability and ease to handle of band/strap-based transradial closure devices are considered to be the major factor in segment growth. Also, band/strap-based transradial closure devices have several advantages, such as the captivity to selectively compress the radial artery to enable blood flow while maintaining patency, the availability of preferred band lengths for an exact fit and enhanced patient comfort, and others, that make it an ideal medical product during surgical procedures.

Our in-depth analysis of the global transradial closure devices market includes the following segments:

                   By Product

  • Band/Strap Based
  • Knob Based
  • Plate Based

                 By Usage

  • Disposable Devices
  • Reusable Devices

                By Application

  • Surgical Interventions
  • Diagnostics

               By End-User

  • Hospitals
  • Ambulatory Surgical Centers
  • Independent Catheterization Centers
  • Specialized Clinics

 


Global Transradial Closure Devices Market Regional Synopsis

regional-synopsis

The North America transradial closure devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 backed by the high prevalence of heart disease in the region along with the increasing geriatric population, and accessibility of advanced healthcare facilities. According to the Centers for Disease Control and Prevention, cardiovascular disease claims one life in the United States every 34 seconds. Moreover, in 2020, approximately 697,000 people in the United States died from heart disease, accounting for 1 out of every 5 deaths. Also, the rising cases of chronic diseases, along with the increased number of patients diagnosed with cardiovascular diseases are anticipated to increase the utilization rate of transradial closure devices for performing surgeries such as coronary artery bypass grafts during the analysis period. Further, the presence of a strong healthcare network in the region, along with the availability of supportive policies by the regulatory bodies that promote the market players to opt for the development of advanced vascular closure devices to reduce the pain of patients and eliminate the associated risks, are also anticipated to contribute to the market’s growth in the region. In addition, the region's expanding healthcare industry and rising commercialization of medical products are also anticipated to boost market growth during the forecast period.

Furthermore, it is anticipated that the transradial closure device market in Europe will rank second, with a proportion of about 35% by the end of 2035. The market is benefiting from developments in key end-use sectors like hospitals, specialty clinics, independent catheterization centers, and others.  According to the WHO, cardiovascular disease is responsible for more than half of all deaths in Europe, and 80 percent of premature heart disease and stroke can be avoided. Additionally, as more people become aware of ways to improve cardiovascular health, there is a huge increase in demand for transradial closure devices.


Additionally, it is anticipated that by the end of 2035, the South Asia area will hold a satisfactory share of the market share among all other regions.  With consistent development in recent years, South Asia has emerged as a viable market for transradial devices. According to the World Health Organization, South Asia's healthcare sector is gradually expanding. Over the course of the forecast period, the South Asian transradial closure devices market is anticipated to grow owing to the growing use of these devices in surgical and diagnostic operations.

Transradial-Closure-Devices-Market-regional
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Top Featured Companies Dominating the Global Transradial Closure Devices Market

top-features-companies
    • Medtronic plc

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Teleflex Incorporated
    • Merit Medical Systems, Inc.
    • Abbott Laboratories
    • Fisher & Paykel Healthcare Corporation Limited
    • Beijing Demax Medical Technology Co., Ltd.
    • Semler Technologies, Inc.
    • Endocor GmbH
    • Morris Innovative, Inc.
    • Transluminal Technologies, LLC 

     


In-the-news

In The News

  • Medtronic plc announced the completion of the acquisition of Affera, Inc. With this acquisition, the company expands its cardiac ablation portfolio with the first integrated cardiac mapping and navigation platform that encompasses fully integrated diagnostics, focal pulsed fields, and radiofrequency ablation solutions.

  • Teleflex Incorporated stated it has received Health Canada approval for its MANTA Vascular Closure Device - the first commercially available biomechanical closure device specifically designed for large bore femoral arterial access sites


preview-analysis

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Radhika Gupta, Shivam Bhutani


Key Questions Answered in the Report

1) What are the major factors driving the growth of the transradial closure devices market?

Ans: Worldwide spike in coronary artery disease (CAD), growing prevalence of strokes, escalation of lifestyle diseases, and raising cholesterol levels are some major factors driving the growth of the market in the forecast period.

2) What would be the CAGR of transradial closure devices market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the transradial closure devices market growth?

Ans: Inadequate knowledge of proper handling of devices, high cost of transradial closure devices, and insufficiency of knowledge about the procedure are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of transradial closure devices market in future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the transradial closure devices market?

Ans: The major players in the market are Medtronic plc, Teleflex Incorporated, Merit Medical Systems, Inc., Abbott Laboratories, Fisher & Paykel Healthcare Corporation Limited, Beijing Demax Medical Technology Co., Ltd., Semler Technologies, Inc., Endocor GmbH, Morris Innovative, Inc., Transluminal Technologies, LLC, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the transradial closure devices market?

Ans: The market is segmented by product, usage, application, end-user, and by region.

8) Which segment captures the largest market size in end-user segment in the transradial closure devices market?

Ans: The independent catheterization centers segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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