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The global transradial access devices market is expected to grow at a 7.4% CAGR during 2021-2027 owing to the rising prevalence of chronic diseases & lifestyle disorders, a growing number of chemotherapy procedures, cost-benefit related to transradial artery access, rising number of radial artery access for interventional procedures, increased adoption of radial access devices in geriatric and high-risk patients, and escalating healthcare expenditure are the key factors driving the growth of the transradial access devices market.
Over a transfemoral intervention, the transradial access strategy has the advantages of low cost and favorable clinical outcomes, and it is projected to reduce rising healthcare costs, which are a major concern in developing countries.
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COVID-19 Pandemic:
Catheters and guidewires are vital medical equipment that is utilized in life-saving surgeries. As a result, the COVID-19 situation is unlikely to have a significant influence on the manufacture of similar devices. However, due to worldwide lockdowns, the supply of guidewires and catheters may be disrupted logistically. This could result in temporary shortages and, as a result, an increase in product prices.
Market Coverage and Segmentation:
The catheter segment dominates the transradial access devices market, owing to rising acceptance of interventional and angiography procedures for cardiac disorders in both developed and developing nations as well increased prominence of lifestyle-related diseases like obesity, diabetes, etc. Furthermore, an increase in the number of surgical procedures will drive the need for transradial treatments, boosting market demand.
Regional Analysis:
North America contributes to the largest share in the transradial access device market owing to the rising frequency of CVDs, rising cases of life-threatening diseases like HIV/AIDS which require frequent diagnosis, an increase in the number of conferences and workshops, the huge number of cancer patients, and an increase in research and clinical trials for vascular access devices.
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Recent News:
In January 2022, Smiths Medical was acquired from Smiths Group plc by ICU Medical Inc., which announced the completion of the acquisition. Syringe and ambulatory infusion devices, vascular access, and vital care items are all part of Smiths Medical’s business. The combined companies establish a prominent infusion therapy company with expected pro forma combined revenues of roughly $2.5 billion when combined with ICU Medical’s existing businesses.
In September 2021, Medtronic plc, a global leader in medical technology, announced its radial artery access portfolio, which includes the RistTM 079 Radial Access Guide Catheter and the RistTM Radial Access Selective Catheter, has obtained CE Mark clearance.
Key Players:
The prominent players in the transradial access device industry include Becton, Dickinson and Company, Merit Medical Systems, Terumo Corporation, Teleflex Incorporated, Boston Scientific Corporation, Ameco Medical, Smiths Medical (Acquired by ICU Medical Inc.), Nipro Medical Corporation, Medtronic PLC, Angiodynamics, Inc, Edward Lifesciences Corporation, and Oscor Inc.
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