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Radial artery compression devices market are designed to assist the hemostasis of the radial artery after a transradial procedure. Transradial procedure known as transradial cardiac catheterization is a procedure done on a patient to diagnose and treat a heart condition. In addition, it is known as angiography or transradial cardiac cath. During the procedure, a healthcare provider inserts a thin tube called a catheter through the radial artery of the hand. In this procedure, the radial artery compression devices offer visual control of the catheter and the selective compression of the radial artery to allow blood return and preserve patency. Patency refers to the vein not being blocked or obstructed during the process.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
With COVID-19, the supply chain of the material required to manufacture radial artery compression devices has been disrupted in many countries. In addition, the market growth of radial artery compression devices is declining, as the manufacturers of these devices have slowed down their production due to the pandemic. Therefore, COVID 19 is expected to have a significant impact on the radial artery compression devices market.
Top Impacting Factors
Increasing number of cardiovascular diseases all across the world is the major factor that has driven the growth of the radial artery compression devices market in recent years.
Various risk factors that can potentially cause many cardiovascular diseases include smoking, obesity, diabetes, and an unhealthy lifestyle. With an increase in the number of people with such factors, the market of radial artery compression devices has propelled.
Radial artery compression devices are used after angioplasty procedures and angiography. Therefore, an increase in the radial approach taken by healthcare professionals for percutaneous coronary intervention procedures has boosted the growth of the radial artery compression devices market.
However, high cost associated with radial artery compression devices is one of the factors that impede the growth of the market.
Key Market Trends
North America is expected to dominate the radial artery compression devices market due to the presence of a huge number of patients suffering from cardiovascular diseases and increase in the adoption of advanced technology in the region in the field of medical devices.
Asia-Pacific region is projected to show a high growth rate in the radial artery compression devices market during the forecast period, owing to the increasing in the elderly population who are often at the risk of developing cardiovascular disease.
key companies operating in the market are focusing on manufacturing improved radial artery compression devices that can help achieve hemostasis without compromising and altering the local nerve structure.
In 2018, the knob-based devices segment of the radial artery compression devices market held the major market share. This is attributed to the fact that knob-based radial artery compression devices enable the healthcare professionals to easily bring the device's pressure to the level that goes well with the patient's hemorrhage condition.
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Questions Answered in the Radial Artery Compression Devices Report
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