The cost-benefit associated with transradial artery access, increasing preference of radial artery access for interventional procedures, increasing prevalence of chronic diseases, increasing number of chemotherapy procedures, growing use of radial access devices in geriatric as well as high risk patients, and rising healthcare expenditure are the key factors driving the growth of the transradial access market.
Among all applications of transradial access devices, drug administration is expected to be the fastest growing category, with CAGR of 8.9% during the forecast period. This can be attributed to the increased use of vascular access devices over others. On the basis of end user, hospitals have been the dominant category, with a share of 76.4% in 2017. This can be ascribed to the large patient base being treated with transradial access approach and the increasing number of procedures being conducted in cath labs in hospitals.
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The U.S., Japan, and Canada are the top three developed countries that are expected to lead the global transradial access devices market in terms of growth during the forecast period. On the other hand, among developing countries, China and India are expected to show robust growth in demand for these devices in the coming years. The growing healthcare infrastructure and increasing awareness among healthcare providers regarding advanced medical devices is fueling the growth of the market in these developing economies.
Similarly, in February 2016, Nipro North America announced the launch of Cronus HP high-pressure, 0.035″ over-the-wire percutaneous transluminal angioplasty (PTA) balloon catheter. The catheter was meant for PTA through femoral, iliac, popliteal, and renal arteries, for the treatment of obstructive lesions in arteriovenous dialysis fistulae.
Some of the other key players operating in the transradial access devices industry include Terumo Corporation; Becton, Dickinson and Company; Medtronic plc; Smiths Group plc; Edwards Lifesciences Corporation; AngioDynamics Inc.; and Merit Medical Systems Inc.