Artery Compression Devices Market: Overview
Hemostasis is a process that keeps blood within the damaged blood vessel, which gradually stops bleeding. Artery compensation devices are commonly utilized to perform hemostasis. Presently, artery catheterization is a widely used method of disease management. Radial arteries is the most preferred location for catheterization, due to the comparative ease of use and less complications. Overall catheterization is frequently associated with severe complications such as excessive bleeding, hematoma, and vascular occlusion. Compression devices are extensively utilized to control complications. Artery compression devices consists of unilateral valve, tubing, compression balloons, and adjustable belt. In this device, the unilateral valve is used to control air flow by connecting it to compression balloons on one side and pneumatic system on the other side. Hemostasis is achieved with the help of pneumatic pressure that is generated by compression balloons. The plastic belt is used to appropriately position the compression device over the target area.
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Artery Compression Devices Market: Key Trends
The global artery compression devices market is expected to expand at a rapid pace in the near future. Moreover, increase in demand and better efficacy are key factors that are likely to fuel the demand for the device. Previously, traditional hemostasis is attained by taping and physical compression, which is time-consuming and labor-intensive procedure. Traditional devices may create severe complications. Currently, different types of users frequently utilize artery compression devices, as they are comparatively safer, has high patient compliance, enable quick recovery, and are cost-effective. All these factors contribute to the rapid expansion of the global artery compression devices market. Increase in geriatric population, technological advancements, and rise in chronic diseases are other key factors that are anticipated to boost the global artery compression devices market. For instance, according to China National Committee report on ageing, approximately 190 million people were above 65 years of age in 2015, and this figure is expected to reach approximately 500 million by the end of 2050. The geriatric population is more prone to chronic diseases, such as kidney diseases, arthritis, and cardiovascular diseases, which is likely to propel the market in the near future. However, stringent regulatory compliance by each governing body of different countries is expected hinder the market.
Artery Compression Devices Market: Segmentation
The global artery compression devices market can be segmented based on usage, product type, and end-user. Based on usage, the global artery compression devices market can be bifurcated into reusable and disposable devices. Based on product type, the global artery compression devices market can be divided into knob-based devices, plate-based devices, band/strap based devices, and others. In terms of end-user, the global artery compression devices market can be classified into hospitals, ambulatory surgical centers, clinics, and others.
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Artery Compression Devices Market: Regional Anlaysis
Based on region, the global artery compression devices market can be divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is anticipated to hold a leading share of the global artery compression devices market, primarily due to technological advancements, better reimbursement scenario, and rapid rate of adoption of new technologies in the region as compared to that in other regions. Europe and Asia Pacific are expected to follow North America in terms of share of the global artery compression devices market. Presence of key players, rapid increase in geriatric population, unmet needs, and government initiatives are estimated to boost the global artery compression devices market For instance, in Asia Pacific, governments of India and China are undertaking numerous awareness programs that are intended toward prevention and treatment of cardiovascular disorders. This, in turn, is projected to propel the market in Asia Pacific at a substantial CAGR in the next few years.
Artery Compression Devices Market: Key Players
Prominent players operating in the global artery compression devices market are Merit Medical Systems, BenQ Materials Corporation, Medtronic plc, and Terumo Europe NV.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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