Radial Artery Compression Devices Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 214.30 Million |
| Market Size (2029) | USD 303.10 Million |
| CAGR (2024 - 2029) | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Radial Artery Compression Devices Market Analysis
The Radial Artery Compression Devices Market size is estimated at USD 214.30 million in 2024, and is expected to reach USD 303.10 million by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).
Radial artery compression devices achieve hemostasis (stop bleeding) and maintain pressure at the radial artery puncture site following diagnostic or interventional procedures performed through radial artery access. These devices are specifically designed to provide controlled compression and ensure the seal of the radial artery. An increase in the number of surgeries and innovative product launches are some factors that drive the market.
- Cardiovascular diseases, like peripheral artery disease, are global health concerns. For instance, as per the data published by the National Center for Chronic Disease Prevention and Health Promotion in November 2023, globally, an estimated 523 million were living with cardiovascular diseases (CVD) in 2022, and this is expected to increase over the coming years due to the various lifestyle changes such as smoking, alcohol consumption, etc. Thus, the rising burden of cardiovascular disease cases is expected to drive the demand for radial artery compression devices as the device helps reduce bleeding complications associated with radial artery access procedures during cardiovascular interventions.
- Furthermore, as the demand for radial artery compression devices continues to rise, companies are adopting different strategies, such as new product development and geographical expansion, by setting up manufacturing facilities to cater to the increasing requirements of patients worldwide. For instance, in February 2024, Terumo Medical Corporation opened a new manufacturing facility in Caguas, Puerto Rico, to expand production to meet the growing demand for the company's Angio-Seal vascular closure device. The expansion of the manufacturing facility boosts product volume, increasing the number of devices available in the market. This is expected to meet the growing requirement of the devices and drive the market.
- Therefore, the continuous increase in cardiovascular disease cases and the expansion of various manufacturing facilities of market products are projected to drive the market's growth over the coming years. However, variability in reimbursement policies across countries and potential complications at the body's access site, like hematoma, are some factors expected to hinder the market's growth during the forecast period.
Radial Artery Compression Devices Market Trends
Surgical Intervention Application is Expected to Have Significant Growth
- Radial artery compression devices are primarily associated with cardiac catheterization procedures. As the procedures of cardiac catheterization increase, the utilization of radial artery compression devices is expected to increase in surgical intervention, which is likely to boost the segment's growth over the forecast period.
- Chronic diseases like heart disease continue to be some of the significant causes of morbidity globally. For instance, as per the data published by the British Heart Foundation in March 2024, in the United Kingdom, around 7.6 million individuals suffered from heart disease in 2022. This shows the high burden of heart disease, which increases the demand for cardiac catheterization, thereby increasing the demand for radial artery compression devices.
- The surgical intervention segment's growth is expected to be driven by the rising number of elderly individuals worldwide, who are more susceptible to cardiac diseases and need surgical intervention. This increases the use of radial artery compression devices in the surgical intervention. According to the data published by the United Nations World Population Prospects 2022, the global geriatric population is rapidly increasing. In 2022, over 771.0 million individuals aged 65 years or older lived worldwide, accounting for approximately 9.3% of the global population. The report also predicts that by 2050, the population aged 65 years or older is likely to reach approximately 1.5 billion, representing around 16.0% of the global population. Thus, the increasing aging population with cardiovascular disease is one of the major factors that is expected to witness significant growth in the surgical intervention segment in the upcoming years.
North America is Expected to Hold Significant Market Share
- North America is expected to have a significant share of the market owing to factors such as increasing cases of cardiovascular surgeries, developed healthcare infrastructure, new product launches, and the presence of established players in the region.
- The United States is projected to dominate the market in the region due to the increasing number of cardiovascular surgeries nationwide. For instance, an article published by the Current Cardiology Reviews in May 2023 stated that trans-radial cardiac catheterization (TRA) witnessed a significant rise in the United States during the last few years.
- The number of heart transplants in the United States is also increasing. For instance, the University of Rochester Medical Center Rochester stated in January 2024 that the Strong Memorial Hospital had 40 life-saving heart transplantation surgeries in 2023, an 82% increase over the previous year (2022). Additionally, the data released by Cedars-Sinai in January 2022 revealed that coronary artery bypass graft surgery (CABG), alternatively referred to as coronary artery bypass or bypass surgery, remains the prevailing cardiac surgical procedure in the United States. Additionally, over 300,000 individuals in the United States undergo successful bypass surgery annually. Hence, radial compression devices play an important role in effective cardiac surgeries.
- Furthermore, new product launches by the key companies from the region are expected to boost the market. For instance, in March 2022, Medical Ingenuities conducted commercial cases with a transformational radial hemostasis band system, PH Band, to achieve patent hemostasis at Lakewood Ranch Medical Center, United States. All cases were successful and demonstrated the unique benefits of the PH Band compared to other radial bands. Hence, owing to the increasing burden of cardiovascular disease that requires surgical intervention and the adoption of advanced radial compression devices, the market studied is anticipated to grow significantly in North America.
Radial Artery Compression Devices Industry Overview
The radial artery compression devices market is fragmented due to the presence of several companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies holding market shares. Some of the key market players include Terumo Corporation, Abbott, Teleflex Incorporated, Lepu Medical Technology (Beijing) Co. Ltd, and TZ Medical Inc.
Radial Artery Compression Devices Market Leaders
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TERUMO CORPORATION
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Abbott
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Teleflex Incorporated
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Lepu Medical Technology(Beijing)Co.,Ltd.
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TZ Medical, Inc.
*Disclaimer: Major Players sorted in no particular order
Radial Artery Compression Devices Market News
- June 2023: TZ Medical introduced Roc Band, a new radial hemostasis band designed to preserve patency. The device provides improved hemostasis and optimized patient recovery times.
- November 2022: Merit Medical Sytems launched PreludeSYNC EZ Radial Compression Device in the United States. A unique cinch-style wristband supports controlled and precise two-handed placement, helping to achieve access site patent hemostasis.
Radial Artery Compression Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevelance of Cardiovascular Diseases
4.2.2 Growing Preference for Radial Artery Access
4.3 Market Restraints
4.3.1 Variability in Reimbursement Policies
4.3.2 Potential Complications at the Access Site
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product
5.1.1 Band/Strap Based
5.1.2 Knob-based
5.1.3 Plate-based
5.2 By Usage
5.2.1 Replaceable Device
5.2.2 Resuable Device
5.3 By Application
5.3.1 Surgical Intervention
5.3.2 Diagnostics
5.4 By End User
5.4.1 Hospitals
5.4.2 Ambulatory Surgical Centers
5.4.3 Other End Users
5.5 By Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East and Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East and Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Terumo Corporation
6.1.2 Abbott
6.1.3 Teleflex Incorporated
6.1.4 Semler Technologies Inc.
6.1.5 VYGON
6.1.6 Merit Medical Systems
6.1.7 Beijing Demax Medical Technology
6.1.8 Forge Medical
6.1.9 TZ Medical, Inc.
6.1.10 Lepu Medical Technology (Beijing) Co. Ltd
6.1.11 Advin Health Care
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Radial Artery Compression Devices Industry Segmentation
As per the report's scope, a radial artery compression device is designed to assist in hemostasis of the radial artery after specific medical procedures, particularly cardiac catheterization or coronary angiography. The device reduces bleeding complications and provides functionality and consistent performance after surgical procedures.
The radial artery compression devices market is segmented into products, usage, applications, end-user, and geography. By product type, the market is segmented into band/strap-based, knob-based, and plate-based. By usage, the market is segmented into replaceable devices and reusable devices. By application, the market is segmented into surgical intervention and diagnostics. By end-user, the market is segmented into hospitals, ambulatory surgical centers, and others (research institutes and cath labs, among others). By Geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Product | |
| Band/Strap Based | |
| Knob-based | |
| Plate-based |
| By Usage | |
| Replaceable Device | |
| Resuable Device |
| By Application | |
| Surgical Intervention | |
| Diagnostics |
| By End User | |
| Hospitals | |
| Ambulatory Surgical Centers | |
| Other End Users |
| By Geography | ||||||||
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Radial Artery Compression Devices Market Research FAQs
How big is the Radial Artery Compression Devices Market?
The Radial Artery Compression Devices Market size is expected to reach USD 214.30 million in 2024 and grow at a CAGR of 7.20% to reach USD 303.10 million by 2029.
What is the current Radial Artery Compression Devices Market size?
In 2024, the Radial Artery Compression Devices Market size is expected to reach USD 214.30 million.
Who are the key players in Radial Artery Compression Devices Market?
TERUMO CORPORATION, Abbott, Teleflex Incorporated, Lepu Medical Technology(Beijing)Co.,Ltd. and TZ Medical, Inc. are the major companies operating in the Radial Artery Compression Devices Market.
Which is the fastest growing region in Radial Artery Compression Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Radial Artery Compression Devices Market?
In 2024, the North America accounts for the largest market share in Radial Artery Compression Devices Market.
What years does this Radial Artery Compression Devices Market cover, and what was the market size in 2023?
In 2023, the Radial Artery Compression Devices Market size was estimated at USD 198.87 million. The report covers the Radial Artery Compression Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Radial Artery Compression Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Radial Artery Compression Devices Industry Report
Statistics for the 2024 Radial Artery Compression Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Radial Artery Compression Devices analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
