NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global transradial access devices market size is forecasted to reach $24.1 billion by 2023, the cost-benefit associated with transradial artery access, increasing preference of radial artery access for interventional procedures, increasing prevalence of chronic diseases, increasing number of chemotherapy procedures, growing use of radial access devices in geriatric as well as high risk patients, and rising healthcare expenditure are the key factors driving the growth of the transradial access market.
On the basis of product, the transradial access devices market has been categorized into catheters, guidewires, sheaths and sheath introducers, and accessories. Of these, the fastest growth during the forecast period is expected from catheters, with 9.0% CAGR. This is mainly attributed to the adoption of miniaturized diagnostic catheters such as 4F and 5F catheters.
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Among all applications of transradial access devices, drug administration is expected to be the fastest growing category, with CAGR of 8.9% during the forecast period. This can be attributed to the increased use of vascular access devices over others. On the basis of end user, hospitals have been the dominant category, with a share of 76.4% in 2017. This can be ascribed to the large patient base being treated with transradial access approach and the increasing number of procedures being conducted in cath labs in hospitals.
The U.S., Japan, and Canada are the top three developed countries that are expected to lead the global transradial access devices market in terms of growth during the forecast period. On the other hand, among developing countries, China and India are expected to show robust growth in demand for these devices in the coming years. The growing healthcare infrastructure and increasing awareness among healthcare providers regarding advanced medical devices is fueling the growth of the market in these developing economies.
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The players in the transradial access devices market are launching new and innovative products and receiving regulatory approvals for their products to enhance their product portfolio. For instance, in March 2017, Teleflex Incorporated announced the 510(k) clearances by the USFDA of the Twin-Pass Torque Dual Access Catheter and Spectre Guidewire. The Twin-Pass Torque Dual Access Catheter was commercially launched in the U.S. and other countries, whereas Spectre Guidewire was commercially launched in the U.S.
Furthermore, in May 2016, Boston Scientific Corporation received the USFDA approval of navigation-enabled ablation catheters, IntellaNav XP and IntellaNav MiFi XP, for the treatment of type I atrial flutter.
Similarly, in February 2016, Nipro North America announced the launch of Cronus HP high-pressure, 0.035" over-the-wire percutaneous transluminal angioplasty (PTA) balloon catheter. The catheter was meant for PTA through femoral, iliac, popliteal, and renal arteries, for the treatment of obstructive lesions in arteriovenous dialysis fistulae.
Some of the other key players operating in the transradial access devices industry include Terumo Corporation; Becton, Dickinson and Company; Medtronic plc; Smiths Group plc; Edwards Lifesciences Corporation; AngioDynamics Inc.; and Merit Medical Systems Inc.
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