The radial compression devices market size is projected to be valued at USD 255.5 Million in 2023 and is expected to rise to USD 599.9 Million by 2033. The sales of radial compression devices are expected to grow at a significant CAGR of 8.9% during the forecast period. Various factors propelling the demand for radial compression devices are:
The majority of diseases worldwide are still caused by cardiac problems. Modern interventional cardiology has advanced with the development of radial artery access for cardiovascular diagnosis and intervention.
Almost all countries outside of high-income countries continue to see an increase in the burden of CVD, and, even more concerning, the age-standardized rate of CVD has begun to rise in several places where it was previously declining in high-income countries.
Increased efforts by independent cath labs to train staff are ensuring a major presence of trained individuals. As a result, the use of radial artery compression devices would increase, favoring the market growth.
Companies in the radial artery compression devices market intend to produce more improved radial compression devices capable of achieving hemostasis without risking local nerve structure.
Adoption of these devices is expected to increase as material design improves. Thus, the introduction of products with improved design is expected to boost sales of radial artery compression devices.
In industrialized countries, especially in adult populations, the cardiovascular disease had a high prevalence. Interventional cardiologists and radiologists benefit from ongoing technological advancements made by a few key players in the healthcare industry.
| Attributes | Details |
|---|---|
| Radial Compression Devices Market CAGR | 8.9 % |
| Radial Compression Devices Market Valuation (2023) | USD 255.5 Million |
| Radial Compression Devices Market Valuation (2033) | USD 599.9 Million |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 8.29% |
| H1,2022 Projected (P) | 9.02% |
| H1,2022 Outlook (O) | 8.92% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | (-) 10 ↓ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | (+) 63 ↑ |
The variation between the Basis Point Share (BPS) values observed within the radial compression devices market in H1, 2022 to outlook over H1, 2022 projected reflects a decline of 10 BPS units as per Future Market Insights. The market is highly influenced owing to FDA-delayed product approvals and innovation factors.
Factors that affect the market dynamics are related to using the primitive method for treatment and the limitations of the radial compression device method which curbs the overall growth. Moreover, the post-procedural complications associated with these devices further add to the limitations, responsible for the observed reduction in the BPS values.
However, a positive BPS growth in H1-2022 over H1-2021 by 63 BPS is demonstrated by the market. The reasons for the surge in the market is due to rise in the adoption of percutaneous coronary intervention, the growing geriatric population, and rapid socio-economic progress which influenced lifestyle changes. Additionally, major players focus on organic expansion by strengthening their product portfolio and attaining regulatory approvals.
Market to witness an absolute dollar growth of USD 344.4 Million between comparison period
Sales of radial compression devices grew at a CAGR of 7.5% between 2017 and 2022.
The growing adoption of radial artery compression devices in percutaneous coronary intervention (PCI) procedures and lower procedure complications leading to shorter hospital stays are expected to drive sales of radial compression devices.
Moreover, the Cath Labs are focusing on incorporating staff training programs for pre and post-cardiac catheterization procedures. For instance, Jesse Brown VA Medical Center in Chicago has taken the initiative to promote staff education outside the Cath lab on the adoption of radial compression devices.
The training session also includes step-by-step procedures to apply and remove radial compression devices after percutaneous surgical intervention to stop bleeding. Such initiatives to train the medical staff create a positive impetus for the market's growth.
With the healthcare field continually evolving due to the pandemic to find newer technologies to treat cardiac ailments effectively, the radial compression devices market is sure to experience a boost in the future.
Also, the rise in adoption together with the rapid growth of the latest technology in emerging economies is anticipated to boost the growth of the market over the forecast period.
Considering this, FMI expects global radial compression devices to grow at a CAGR of 8.9% through 2033.
Principal Consultant
Companies operating in the radial compression devices market are actively seeking to strengthen their position through new product launches and approvals, by established as well as emerging market players. The product launch and acquisition accelerate the manufacturer’s strategy to capitalize on the market share and capture a significant share of the market.
With the major players focusing on organic expansion by strengthening their product portfolio, this market is set to experience a great impact and is expected to increase sales of radial compression devices.
TR Band Radial Compression Devices (Terumo Corporation), The PreludeSYNC (Merit Medical), and Radial 360 (Cordis, Cardinal Health) are some of the commercially available products by the leading manufacturers operating in this marketplace.
Over the last few decades, there has been a dramatic increase in the use of radial artery compression devices, notably for left cardiac catheterization. Currently, research indicates that radial artery compression devices play an important role in increasing patient safety and comfort. Furthermore, radial bands are rapidly being employed for interventional and diagnostic cardiac procedures around the world.
Radial compression devices hold around 1.9% of the USD 11.0 billion Percutaneous Coronary Intervention (PCI) devices market in 2021. There has been significant development and introduction of post-procedural devices which has lowered complications rate, resulting in reduced hospital stays.
With the major players focusing on organic expansion by strengthening their product portfolio, this market is set to experience a great impact and is expected to increase sales of radial compression devices.
TR Band Radial Compression Devices (Terumo Corporation), The PreludeSYNC (Merit Medical), and Radial 360 (Cordis, Cardinal Health) are some of the commercially available products by the leading manufacturers operating in this marketplace.
From 2019 to 2027, the Asia Pacific radial artery compression devices market is expected to grow at an 8.8% CAGR. Trans radial artery access for coronary angiography and percutaneous coronary intervention is becoming more popular in the Asia Pacific due to changes in the healthcare landscape (PCI). As a result, the use of radial artery compression devices to achieve hemostasis is expected to drive the market in Asia Pacific in the near future.
Throughout the forecast period, the market for radial compression devices in China is expected to grow at a 10.0% CAGR in East Asia. Rapid socioeconomic progress has had a significant impact on the Chinese lifestyle. As a result of lifestyle changes, urbanization, and an aging population, the risk of cardiovascular disorders has increased in the country.
In China, one out of every five adults suffers from cardiovascular disease (Source: World Health Organization). Due to the high prevalence of CVDs, diagnostic cardiovascular procedures are expected to increase, which will boost sales of radial compression devices in this region.
| China Market Size (USD million/billion) by End of Forecast Period (2033) | USD 33.3 Million |
|---|---|
| China Market Absolute Dollar Growth (USD million/billion) | USD 20.5 Million |
| CAGR % 2017 to 2022 | 8.1% |
| CAGR % 2023 to End of Forecast (2033) | 10.0% |
Radial compression device demand in India is expected to grow at an impressive 8.4% CAGR during the forecast period. The increase in research and development activities in India, as well as rapid growth in medical device technology and increasing adoption of these medical devices, is responsible for the market's growth in India.
| India Market Size (USD million/billion) by End of Forecast Period (2033) | USD 23.9 Million |
|---|---|
| India Market Absolute Dollar Growth (USD million/billion) | USD 13.5 Million |
| CAGR % 2017 to 2022 | 8.1% |
| CAGR % 2023 to End of Forecast (2033) | 8.7% |
Geographically, the USA is expected to dominate the radial artery compression devices market due to the presence of a large patient population suffering from cardiovascular disorders, increasing adoption of advanced medical device technology, high healthcare expenditure, and the presence of major players in the region.
Since radial artery compression devices are frequently used to achieve hemostasis in elderly patients, the growing geriatric population is expected to drive the arterial compression devices market over the forecast period.
| The USA Market Size (USD million/billion) by End of Forecast Period (2033) | USD 224.6 Million |
|---|---|
| The USA Market Absolute Dollar Growth (USD million/billion) | USD 139.1 Million |
| CAGR % 2017 to 2022 | 9.3% |
| CAGR % 2023 to End of Forecast (2033) | 10.1% |
The United Kingdom witnessed a growth of USD 15.9 million over the last decade and a CAGR of 9.4%. In the United Kingdom, radial access is used for more than 75% of percutaneous coronary intervention (PCI, formerly known as angioplasty with stent).
The parallel rise in radial artery occlusion may be contributing to the growing demands for radial compression. Experts also note a desire to embrace procedures and started trying innovative devices that contribute to better patient experiences, lower medical costs, and shorter hospital stays.
| The United Kingdom Market Size (USD million/billion) by End of Forecast Period (2033) | USD 26.7 Million |
|---|---|
| The United Kingdom Market Absolute Dollar Growth (USD million/billion) | USD 15.9 Million |
| CAGR % 2017 to 2022 | 8.6% |
| CAGR % 2023 to End of Forecast (2033) | 9.4% |
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Band/strap-based devices had the highest market share of 79.8% in 2021, expanding at a 9.6% CAGR during the forecast period. The rigid wrist support provided by band/strap-based devices versus knob-based and plate-based devices, improved patient comfort, and ease of band/strap application is some of the factors that have created a demand for these products among hospitals, independent cardiac catheterization labs, specialty clinics, and ambulatory surgical centers, which are the primary end users of these devices.
| Top Product | Band/ Strap Based |
|---|---|
| CAGR % 2017 to 2022 | 8.1% |
| CAGR % 2023 to End of Forecast (2033) | 9.6% |
Disposable devices accounted for 92.9% of the market in 2021, indicating the highest demand by usage segment due to ease of use and cost-effectiveness, and are primarily used in achieving and maintaining radial hemostasis. The time to achieve hemostasis with disposable radial artery compression devices is slightly shorter, which is likely to propel the disposable segment. The use of pneumatic compression can reduce the incidence of radial artery occlusion (RAO), which is expected to propel the segment during the forecast period.
| Top Usage Type | Disposable Devices |
|---|---|
| CAGR % 2017 to 2022 | 8.3% |
| CAGR % 2023 to End of Forecast (2033) | 9.0% |
Independent catheterization centers and hospitals account for more than 77% of the market by end-user in 2021, and this trend is expected to continue throughout the forecast period (2022 to 2031). For diagnosis and treatment, hospitals and independent catheterization centers are preferred options and highly favorable settings. These and other factors contribute to the growth of this end-user segment.
Product launching is the key strategy adopted by the manufacturers
Companies in the radial compression devices market are actively attempting to strengthen their positions through new product launches and approvals by both established and emerging market players. The product launch and acquisition speed up the manufacturer's strategy to capitalize on market share and capture a sizable market share. Among the most recent examples are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The USA, Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Application, Product, Usage, End Use, Region |
| Key Companies Profiled | Terumo Corporation; Merit Medical Inc.; Abbott Laboratories; Vascular Solutions; ConMed B.V.; Cardinal Health; Beijing Demax Medical Technology; Teleflex Incorporated; Forge Medical Inc.; TZ Medical Inc; Semler Technologies Inc; Advanced Vascular Dynamics; MedPlus, Inc.; Lepu Medical |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 255.5 million in 2023.
Terumo Corporation and Abbott Laboratories are the top market players.
The market registered a CAGR of 7.5% from 2017 to 2022.
Rising prevalence of cardiovascular devices to boost the market growth.
The hospitals segment is likely to remain preferred through 2033.
1. Executive Summary | Radial Compression Devices Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Band/ Strap Based 5.2. Knob Based 5.3. Plate Based 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Usage Type 6.1. Disposable Device 6.2. Reusable Device 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Application 7.1. Surgical Intervention 7.2. Diagnostics 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End User 8.1. Hospitals 8.2. Independent Catheterization Centers 8.3. Ambulatory Surgical Centers 8.4. Specialized Clinics 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. APEJ 9.6. Japan 9.7. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. APEJ Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Terumo Corporation 19.2. Merit Medical Inc. 19.3. Abbott Laboratories 19.4. ConMed B.V. 19.5. Cardinal Health 19.6. Beijing Demax Medical Technology 19.7. Teleflex Incorporated 19.8. Forge Medical Inc. 19.9. TZ Medical Inc 19.10. Semler Technologies Inc 19.11. Advanced Vascular Dynamics 19.12. MedPlus, Inc. 19.13. Lepu Medical 20. Assumptions & Acronyms Used 21. Research Methodology
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Radial Compression Devices Market
