Market Trends of Transradial Access Industry
This section covers the major market trends shaping the Transradial Access Market according to our research experts:
Catheters Segment is Expected to Witness Growth Over the Forecast Period
The catheter segment is expected to witness growth over the forecast period. Transradial access (TRA) via the left radial artery is an alternative to traditional transfemoral access for catheter-based procedures that are becoming increasingly relevant in all types of arterial vascular interventions. Cardiac catheterization is a common procedure that can help diagnose heart disease. In some cases, catheterization is also used to treat heart disease by opening blocked arteries with balloon angioplasty and stent placement.
Cardiac catheterization helps in the diagnosis of multiple heart diseases, including atherosclerosis, cardiomyopathy, congenital heart disease, heart failure, and heart valve disease. With the growing burden of cardiovascular diseases all over the world, the catheter segment is expected to witness significant growth. As per a February 2022 published update by the CDC, in 2020, the percentage of adults diagnosed with coronary heart disease was 4.6% in the United States. In addition, as of February 2021, approximately 1.5 million heart attacks and strokes occur every year in the United States. Moreover, as per the 2021 PAHO, cardiovascular diseases account for 40.8 million disability-adjusted life years (DALYs) in the Americas. In addition, according to the National Center for Chronic Disease Prevention and Health Promotion data updated in July 2022, coronary heart disease is the most common type of heart disease. Moreover, about 805,000 people in the United States have a heart attack every year. This concerning situation is raising public awareness about disease management and the importance of diagnostics.
Thus, the abovementioned factors are expected to drive catheter segment growth over the forecast period.
North America Dominates the Market and is Expected to Follow the Same Trend for Few More Years
The North American market is likely to grow with the highest growth rate, owing to factors such as the growing prevalence of CVDs, a rising number of conferences and workshops, and an increase in research and clinical trials for vascular access devices.
According to an article published by the CDC in September 2020, heart disease is the leading cause of death in the United States. The same source also reports that every year about 805,000 Americans have a heart attack. As the number of deaths due to heart diseases is increasing, there is a continuous need for the proper treatment and diagnosis of cardiac diseases, since transradial access devices help in the diagnosis and are hence expected to show growth over the forecast period.
According to the CDC updates from February 2022, about 2.1% of children in the United States are in fair or poor health conditions in 2020, and about 3.3% of children aged 5 to 11 in 2020 missed 11 or more days of school in the last 12 months due to some form of illness or injury. Also, as per the above-mentioned source, in the United States, approximately 20.3% of children aged 6 to 11 have obesity, and as obesity is one of the major risk factors for different diseases, the burden of pediatric disease is expected to increase in the country, which would drive growth in the market studied.
The region's transradial access market is expected to benefit from the well-established healthcare industry and rising healthcare expenditure. For instance, according to NHEA data released in December 2021, the United States spent USD 440,000 million on healthcare in 2020. Thus, rising healthcare costs are expected to spur the development of new products such as transradial access devices, which are expected to drive market growth over the forecast period.
Thus, the market is expected to witness a high growth rate over the forecast period due to the factors mentioned above in the North American region.
