Global Transradial Access Market Platelet Market - Segmented by Product, Application, End-User and Geography - Growth, Trends, and Forecast (2018 - 2023)
The transradial access devices market is projected to grow at a CAGR of 7.5% during the forecast period. Transradial access is required for a catherization procedure performed to diagnose and treat arterial diseases such as peripheral artery disease and coronary artery disease, among others.
Growing Prevalence of Cardiovascular Diseases Due to Lifestyle-related Diseases
There are many indications for which this procedure is used. This procedure might be needed if a patient is having chest pain, the procedure can show whether the heart’s arteries have become blocked because of coronary artery disease. It also helps healthcare providers to determine a treatment plan. This test is called coronary angiography. If a patient has a known blockage in a coronary artery, cardiac catheterization may be administered using a technique called coronary angioplasty. A balloon is attached to the tip of the catheter. When the balloon is in place, it is inflated and presses the plaque to the side of the blood vessel, increasing blood flow through the artery. These applications will ensure that the market for transradial access grows steadily over the forecast period. Other factors that will drive the growth of this market include increasing preference for interventional procedures using radial artery access and growing use of radial access devices in pediatric patients.
Lack of Trained Professionals
The supply of cardiothoracic surgeons is declining. Heart disease is the number one killer of men and women in America, and two out of every three Americans over the age of 65 have some form of heart disease. Demand for cardiac surgeons is only going to rise as the Medicare-age population is increasing faster than the supply of cardiac surgeons. To make matters worse, many of the fully-trained, practicing cardiac surgeons are expected to retire over the next decade. Without an increase in the supply of cardiac surgeons in the future, there can be dire consequences. There are a couple of factors that have led to the decline in cardiac surgeons: a lack of interest from residents in training for the field and the advancement of minimally invasive techniques. This will act as a restraint for the market, along with other factors, such as high costs involved in the placement and maintenance of vascular access devices.
North America to Grow with Maximum CAGR
The North American market is likely to grow with the highest growth rate, owing to factors such as growing prevalence of CVDs, rising number of conferences and workshops, the large number of cancer patients, and increase in research and clinical trials for vascular access devices. APAC is also expected to show substantial increase in CAGR, since there is a huge population suffering from cardiovascular diseases.
Key Developments in the Market: