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HEALTHCARE & PHARMACEUTICAL

Transradial Closure Devices Market Analysis by Product (Band/Strap Based, Knob Based, 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 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 30th, 2022: 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.

  • May 18th, 2022: Teleflex Incorporated has 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.

Global Transradial Closure Devices Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Transradial Closure Devices Market Forecast Chart

The global transradial closure devices market is estimated to garner a notable revenue by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated a significant revenue in the year 2021. The growth of the market is primarily attributed to the escalating cases of cardiovascular diseases (CVDs) carried 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.

Transradial Closure Devices Market Overview ChartGet more information on this report: Request Sample PDF

Patients prefer transradial access (RA) since it has fewer complications. Smaller incision is implied in transradial access. Therefore, radial access allows patients to come back on a normal routine life quickly. Moreover, radial access has a lower risk of infection at the site than transfemoral access, making it popular among a wide range of end users, from hospitals to specialized clinics. The number for procedures like angiography, angioplasty, percutaneous coronary intervention (PCI), and others has been rising as the prevalence of cardiovascular disorders has increased. As a result, the demand for global transradial closure devices is estimated to constantly increase over the forecast period. For instance, in the United States, doctors perform over 1 million angioplasties each year.

Global Transradial Closure Devices Market: Growth Drivers and Challenges

Growth Drivers

  • Worldwide Spike in Coronary Artery Disease (CAD) - Coronary Artery Disease (CAD) is one such disease that affects the blood supplying arteries. It also referred as Ischemic heart disease (IHD). One or more of 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 heart attack or other issues like heart failure or arrhythmia. 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 populations is expected to increase to 1,849 by 2030 on 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.
  • Escalation of Lifestyle Diseases – It was observed that until 2018, around 78% of the global population was directly affected by lifestyle diseases.
  • Raising Cholesterol Level – As per the Center for Disease Control and Prevention (CDC), by 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
  • High Cost of Transradial Closure Devices
  • Insufficiency of Knowledge About the Procedure

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 which, independent catheterization centers segment is estimated to significantly grow over the forecast period on the back of rising occurrences of cardiovascular diseases, peoples’ preference for an alternative to surgery, and advantage of minimally invasive tests and treatments offered by independent catheterization centers. These all factors are leading the people to prefer catheterization centers to treat CVDs related health issues. For instance, more than 1,005,000 cardiac catheterization processes are conducted in the United States each year.

Major Macro-Economic Indicators Impacting the Market Growth

Transradial Closure Devices Market Growth ChartAccording to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Transradial Closure Devices Market Regional Synopsis

Regionally, the global transradial closure devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the increasing geriatric population, accessibility of advanced healthcare facilities, and high prevalence of heart disease in the region. 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.

Transradial Closure Devices Market Share ChartGet more information on this report: Request Sample PDF

The global transradial closure devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

Top Featured Companies Dominating the Global Transradial Closure Devices Market

  • Merit Medical Systems, Inc.

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

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