Transradial Access Market Worth 2.18 Billion USD by 2022
the market is projected to reach USD 2.18 Billion by 2022 from USD 1.52 Billion in 2017, at a CAGR of 7.5% during the forecast period.
Northbrook, IL -- (SBWire) -- 03/15/2018 --According to a new market research report "Transradial Access Market by Product (Catheters, Guidewires, Sheath and Sheath Introducers), Application (Administration of Medicine and Administration of fluids), End User (Hospitals, Clinics & Ambulatory Centres) - Global Forecast 2022", published by MarketsandMarkets™, the market is projected to reach USD 2.18 Billion by 2022 from USD 1.52 Billion in 2017, at a CAGR of 7.5% during the forecast period. Growth in this market can primarily be attributed to factors such as increasing preference for interventional procedures using radial artery access, growing prevalence of lifestyle diseases, increasing number of chemotherapy procedures, rising prevalence of obesity, and growing use of radial access devices in pediatric patients.
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Catheters to account for the largest product segment in the Transradial Access Devices Market in 2017
A typical transradial access device kit consists of various small components such as catheters, guidewires, sheaths and sheath introducers, and accessories (needles and cannulas). Of all these product segments, catheters accounted for the largest share of the Transradial Access Devices Market in 2017. The increasing number of interventional and angiography procedures worldwide is a major factor driving the growth of this segment. Additionally, the increasing incidence of lifestyle-related diseases such as CVD, obesity, and diabetes is also expected to support market growth during the forecast period.
By application, the drug administration segment is expected to dominate the market during the forecast period
On the basis of application, the Transradial Access Devices Market is segmented into drug administration, fluid and nutrition administration, blood transfusion, and diagnostics & testing. The drug administration segment commanded the largest share of the Transradial Access Devices Market in 2017 and is expected to do so during the forecast period as well. The large share of this segment can be attributed to the high usage of vascular access devices for drug administration, particularly for the treatment of infections and cancer.
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Hospitals expected to be the largest end users of transradial access devices during the forecast period
The Transradial Access Devices Market is categorized into three end-user segments, namely, hospitals, clinics and ambulatory care centers, and other end users. Hospitals accounted for the largest share of the Transradial Access Devices Market in 2017. The large share and high growth rate of this segment is mainly attributed to the large number of transradial procedures undertaken in hospital settings.
North America to dominate the market in 2017
North America is expected to hold the largest share of the market. This region is also expected to register the highest CAGR during the forecast period. Growth in this regional segment can be attributed to the increasing number of cancer patients, growing prevalence of CVDs, increase in research and clinical trials for vascular access devices, and rising number of conferences and workshops creating awareness in this region.
Becton, Dickinson and Company (US) and Terumo Corporation (Japan) dominated the Transradial Access Devices Market in 2016. The other players in the market are Teleflex Incorporated (US), Smiths Group Plc (UK), Edward Lifesciences Corporation (US), Medtronic (Ireland), Merit Medical System, Inc. (US), Boston Scientific (US), NIPRO Medical Corporation (US), AngioDynamics (US), Ameco Medical Industries (Egypt), and OSCOR Inc. (US).
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