Selbyville, Delaware, March 15, 2021 (GLOBE NEWSWIRE) --
According to latest report “Transradial Access Device Market by Product (Catheters, Guidewires, Sheath & Sheath Introducer, Accessories), Application (Drug Administration, Fluid & Nutrition Administration, Blood Transfusion, Diagnostic & Testing), End-use (Hospitals & Clinics, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of transradial access devices will cross $2.4 billion by 2027. The increasing prevalence of coronary artery diseases is primarily driving the market growth.
In recent times, one of the most common and important public health problems is obesity. As per the World Health Organization, over 1.9 billion adults were recorded to be overweight. This included over 650 million obese adults. Obesity is largely studied to be associated with increased cardiovascular risk while also leading to multiple health conditions such as hypertension, diabetes and sleep apnea syndrome, among others. As per the World Obesity Organization, if the current trend continues, over 1 billion adults are anticipated to be affected by obesity and nearly 200 million being severely affected by obesity by the end of 2025. These are poised to cause an increasing prevalence of coronary artery diseases leading to the market expansion.
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The sheath and sheath introducers segment accounted for 13.4% of the transradial access device market share in 2020. The segment is set to gain traction during the forecast period as several manufacturers introduce products in this segment. Also, with the increasing number of cardiovascular surgeries, the segment is projected to create lucrative opportunities over the coming years.
The diagnostics and testing segment in the transradial access device market exceeded for USD 342.1 million in 2020. Transradial access is noted to gain prominence as an alternative approach for diagnostic angiography. Benefits of vascular access devices such as strength, flexibility and visibility, among others, largely influence their growth in the diagnostics segment.
The transradial access device market for ambulatory surgical centers are predicted to witness 5.2% growth rate till 2027 led by the same-day discharge model associated with the ambulatory surgical centers. As they have also proven better recovery time, reduced costs and minimal chances of infection, the patients are expected to highly prefer ambulatory surgical centers over hospital admissions in the coming years.
In 2020, Japan transradial access device market accounted for over 25.5% of the market share in Asia Pacific region. One of the significant rationales for this is the country’s increasing geriatric population. According to the World Bank, about 28% of the country’s population is over the age of 65. This leads to an increasing patient admission with coronary diseases. As the average human life expectancy increases, the immune system and musculoskeletal system are studied to weaken over time. This is estimated to cause an increasing demand for transradial access devices in the country.
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Few notable players operating in the market include Medtronic, Terumo Corporation, Boston Scientific, AngioDynamics, BD Company and Merit Medical System among others. The industry participants are noted to adopt numerous strategies to strengthen their respective market positions while remaining competitive in the market.
Table of Contents (ToC) of the report:
Chapter 3. Transradial Access Device Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2027
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Porter's analysis
3.7. Competitive landscape, 2019
3.8. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/transradial-access-devices-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.