Global Radial Compression Devices Market: Snapshot
Numerous contact radial compressions devices have been used for the compression of the radial artery, especially after a transradial procedure in coronary angiography. The global radial compression devices market has made considerable advances in the past few years. These have been notably underpinned by the advent of technologies that lessen the hemostatis time, improve the process, and reduce the radial artery occlusion (RAO) risk. RAO risks have been significant concerns in causing complications while accessing transracial artery for cardiac catheterization, thus propelling the evolution of the radial compression devices market.
Transradial band devices have emerged as a popular type of contact radial compression devices as they are effective in preserving radial artery patency. Band-based devices are expected to spawn into hundreds of millions of dollars in revenue by 2027-end. Growing numbers of angiography and angioplasty procedures has been the key driver for the demand for contact radial compression devices. Other key product types in the radial compression devices market are knob-based and plate-based devices.
Get an Idea about the Offerings of Our Radial Compression Devices Market Report from this Brochure
Global Radial Compression Devices Market: Notable Developments
Several players in the radial compression devices market are focusing on improvising the technologies to improve the efficacy and safety profile for patient populations. Continuous technological improvements by a few of these players are benefitting interventional cardiologists and radiologists in the healthcare industry.
Recently, Merit Medical, a key manufacturer of single-use cardiovascular devices, has in August 2019 announced the launch of its radial compression devices PreludeSync Evo in the U.S. The device is to be used in catheterization procedures to achieve hemostatis at arterial percutaneous access site. The sterile device promises to help better visualization of the puncture site, and also improves patient comfort, contends the manufacturer.
Some of the other companies intending to unveil new technologies in the contact radial compression devices are:
- Comed B.V.
- Beijing Demax Medical Technology co., Ltd.
- Advanced Vascular Dynamics
- Vascular Solution Inc.
- Abbott Laboratories
- Terumo Corporation
Global Radial Compression Devices Market: Growth Dynamics
The morbidity of cardiovascular diseases is one of the key drivers for the growth of the radial compression devices market. Cardiovascular disease had shown marked prevalence in industrialized nations, especially in adult populations. Over the years, numerous developing regions of the world has seen rise in mortality and morbidity due to the prevalence of this chronic disease. This has driven percutaneous coronary angiography procedures in recent years, thereby spurring the application of contact radial compression devices in developed as well as developing countries.
The global radial compression devices market has seen lucrative avenues on account of the development of technologies that reduce the risk of radial artery occlusion. These devices have been useful in shortening hospital stay for patients and in preventing rehospitalisation. A few studies in recent years have evaluated the risk of hemorrhagic complications in the use of contact radial compression devices and found no significant link. The results of such studies are favorable to the steady expansion of the radial compression devices market.
Stuck in a Neck-to-Neck Competition with other Brands? Request a Custom Report on “Radial Compression Devices Market”
Growing sales of knob-based devices over the past few years have contributed to sizable revenue generation in the radial compression devices market. Rising numbers of radial coronary angiography procedures in a number of developing economies is also boosting the demands.
Global Radial Compression Devices Market: Regional Analysis
On the regional front, North America and Latin America have been key lucrative medical device manufacturers in the radial compression devices market. This is in large part due to the extensive demands for band-based radial compression devices. On the other hand, growing demands for safer coronary angiography procedures will augment the prospects of developing regions. A notable case in point is Asia Pacific which is anticipated to emerge as a key market.
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.
2. Insights and Tools
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.
3. Actionable Results
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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.