Transradial access devices are widely used in coronary procedures to lower complications. Peripheral lesions can also be treated by transradial access devices. Transradial access devices are used for peripheral artery diseases such as atherosclerosis diseases of extra cranial carotid and vertebral, abdominal mesenteric, and renal as well as extremity arteries. The global Transradial Access Devices Market is driven by increase in adoption of interventional procedures with radial artery access devices, rise in prevalence of lifestyle diseases, surge in prevalence of obesity, increase in cardiovascular diseases, rise in awareness, and surge in demand for cardiovascular interventional procedures. However, stringent regulatory scenario, low reimbursement, and high cost of procedures are projected to restrain the global transradial access devices market.
The global transradial access devices market can be segmented based on product type, application, end-user, and region. In terms of product type, the global market can be classified into catheters, guidewires, sheaths and sheath introducers, and accessories. The catheters segment is expected to dominate the global transradial access devices market. Increase in number of non-invasive procedures due to rise in lifestyle disorders and surge in demand for interventional procedures which has fueled the demand for catheters.
Based on application, the global transradial access devices market can be categorized into drug administration, fluid and nutrition administration, blood transfusion, and diagnostics and testing. The drug administration segment is anticipated to expand at a faster rate due to increased applications of transradial access devices for drug administration used in the treatment of infections and cancer. In terms of end-user, the global market can be divided into hospitals, specialty clinics, and ambulatory surgical centers. The hospitals segment is expected to account for major market share due to large number of transradial procedures carried out in hospitals.
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In terms of region, the global transradial access devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to dominate the global transradial access devices market in terms of revenue from 2018 to 2026. Increase in incidence of chronic diseases and technological advancements in treatment options for diseases are the major factors contributing to the growth of the global transradial access devices market in North America and Europe. According to the American College of Cardiology, CVDs account for nearly 30% deaths across the globe every year and the total cost of CVD treatment is estimated at US$ 1,044 Bn by 2030. Nearly 790,000 individuals experience heart attack in the U.S. each year.
Increase in incidence of cancer, cardiovascular diseases, infectious diseases, and lifestyle disorders in Asia Pacific present significant opportunities in the global transradial access devices market. Ischemic heart disease and stroke are the predominant causes of CVDs and responsible for over 80% deaths across the globe. The Global Burden of Disease study estimate of age-standardized CVD death rate of 272 per 100 000 population in India is higher than the global average of 235 per 100 000 population. The transradial access devices market in Asia Pacific is driven by the growing health care industry in countries such as India, technological advancement in Japan, and favorable reimbursement policies in Australia. Latin America and Middle East & Africa are emerging markets for transradial access devices due to increase in government intervention into health care and rise in awareness among the population.