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Transradial Access Devices Market Size

Report ID: GMI4987
Published Date: Jan 2023
Report Format: PDF

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Transradial Access Devices Market Size

Transradial Access Devices Market size was registered at more than USD 1.5 billion in 2022. The industry is slated to grow at over 6.5% CAGR from 2023 to 2032 as a result of the widespread adoption of unhealthy habits, such as alcohol and smoking, along with sedentary lifestyles.

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A significant rise in incidences of cardiovascular disease in developed and developing economies is expected to fuel market progress. Moreover, as per the Journal of the American College of Cardiology study, projected rates of cardiovascular risk factors and disease are set to increase substantially in the U.S. by 2060.

Furthermore, the mounting geriatric population base across the globe is also bolstering the demand for TRA devices, thereby augmenting market revenues. Heart-related conditions such as congestive heart failure, coronary artery disease, hypertension, atrial fibrillation, etc. are more common in older adults. According to the Population Reference Bureau, the number of persons aged 65 and above is expected to rise from 52 million in 2018 to almost 95 million by 2060.

Transradial Access Devices Market Report Attributes
Report Attribute	Details
Base Year:	2022
Transradial Access Devices Market Size in 2022:	USD 1.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.5%
2032 Value Projection:	USD 3.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	120
Tables, Charts & Figures:	177
Segments covered:	Product, Application, End-use, and Region
Growth Drivers:	Increasing prevalence of cardiovascular disease in developed and developing economies Growing geriatric population base globally Rising preference for interventional procedures using radial artery access Growing use of radial access devices in pediatric patients
Pitfalls & Challenges:	Stringent regulatory framework High cost and maintenance of vascular access devices Dearth of cardiothoracic surgeons in developing nations

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Stringent regulations may restrain industry progression

A strict regulatory framework is a major factor hampering transradial access devices market revenue. In the U.S., guidelines for peripheral, coronary, and neurovascular devices, including guidewires and catheters, are created by the Centre for Devices and Radiological Health (CDRH). The U.S. FDA rules for patient safety push all medical devices to meet certain criteria. Manufacturers lose time and money if approvals are postponed or rejected. However, supportive initiatives toward healthcare system modification are aiding the market outlook.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for transradial access devices was valued at more than USD 1.5 billion in 2022 and is poised to expand at over 6.5% CAGR between 2023 and 2032 attributed to unhealthy habits, such as alcohol and smoking, along with sedentary lifestyles.

Diagnostics & testing segment is anticipated to reach over USD 817.5 million by the end of 2032 as a result of more adults and children developing heart disorders, which is boosting product adoption for the diagnosis and treatment of underlying ailments.

Catheters segment was worth more than USD 909.5 million in 2022 due to the upsurge in vascular intervention procedures globally and its ability of simultaneous angiography of both right and left coronary arteries.

Asia Pacific transradial access devices market is primed to expand at an 8.5% CAGR over 2023-2032 on account of the rising geriatric population in countries such as India and China attracting cardiovascular diseases with them.