Transradial Closure Devices Market size was valued at USD 251.85 Million in 2023 and is set to exceed USD 819.46 Million by the end of 2036, registering over 9.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of transradial closure devices is evaluated at USD 273.38 Million. The growth of the market is primarily attributed to the escalating cases of cardiovascular diseases (CVDs) caused by unhealthy lifestyle choices, anxiety, stress, and other factors. As per the World Health Organization (WHO), 17.9 million people worldwide die from CVDs each year, accounting for 32% of all mortalities. The high prevalence of heart strokes, heart attacks, coronary heart diseases, and other CVD diseases is anticipated to increase the demand for transradial closure devices for radial artery closure in patients with maximum satisfaction and minimum irritation.
Transradial closure devices are an advanced medical product that is gaining popularity all over the world owing to their ability to provide a more convenient location for safe calibration while minimizing the risks associated and reducing discomfort for the patients. In addition, the increasing demand for minimally invasive and non-invasive medical procedures, along with the rapid technological breakthrough in large-bore vascular closure devices, are other growth factors that are attributed to creating a positive outlook for market expansion in the upcoming years. Also, massive investments in developing advanced medical products and rising expenditure on healthcare infrastructure development, especially in developing economies, are anticipated to drive market growth in the upcoming years.
Growth Drivers
Worldwide Spike in Coronary Artery Disease (CAD) – Coronary artery disease is one such disease that affects the blood-supplying arteries. It is also referred to as ischemic heart disease (IHD). One or more coronary arteries become blocked or progressively narrow with CAD. The most frequent symptom of this inner condition is angina, which causes chest pain. In most cases, CAD results in a heart attack or other issues such as heart failure or arrhythmia. The surge in the number of people suffering from CAD is expected to escalate the global transradial closure devices market in the forecasted period. It is observed that CAD affected approximately 125 million people (1,658 per 100,000), or approximately 2% of the world's population, until 2020. CAD has claimed the lives of more than 9 million people worldwide. Furthermore, the prevalence of CAD is increasing. The current prevalence rate of 1,658 per 100,000 population is expected to increase to 1,849 by 2030 on a global scale.
Growing Prevalence of Strokes – For instance, over 12.4 million new strokes occur each year, with people aged 15 to 48 accounting for more than 16% of all stroke cases in the world.
Escalation of Lifestyle Diseases – Owing to their busy lifestyles, people are propelled to eat packaged food and minimize their physical activity. As a result, many diseases such as obesity, thyroid, heart disease, high cholesterol levels, and others, which in turn are anticipated to increase the demand for transradial closure devices in diagnosing and treating such illnesses. It was observed that until 2018, around 78% of the global population was directly affected by lifestyle diseases.
Rising Cholesterol Level Among the Global Population – As per the Centers for Disease Control and Prevention (CDC), till 2022, high cholesterol (total blood cholesterol 200 mg/dL) have been affecting approximately 38% of adults in the United States.
Worldwide Increasing Healthcare Expenditure - According to data released by the World Bank, global healthcare expenditure increased to 9.83% in 2019 from 9.7% in 2018.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.5% |
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Base Year Market Size (2023) |
USD 251.85 Million |
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Forecast Year Market Size (2036) |
USD 819.46 Million |
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Regional Scope |
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End-user (Hospitals, Ambulatory Surgical Centers, Independent Catheterization Centers, Specialized Clinics)
The global transradial closure devices market is segmented and analyzed for demand and supply by end-user into hospitals, ambulatory surgical centers, independent catheterization centers, and specialized clinics. Out of these segments, the independent catheterization centers segment is estimated to significantly grow over the forecast period on the back of rising occurrences of cardiovascular diseases, along with the advancement in the medical imaging and visualization systems, people’s preference for an alternative to surgery, and the advantage of minimally invasive tests and treatments offered by independent catheterization centers. All these, factors are leading people to prefer catheterization centers to treat CVDs-related health issues. For instance, a report of 2022 stated that more than 1,00,000 cardiac catheterization processes are conducted in the United States each year. On the other hand, the hospital segment is also expected to hold a significant share of the market owing to the large patient pool visiting hospitals daily and the surgical procedures occurring in hospital settings. In addition, government support to improve hospital infrastructure along with favorable reimbursement policies propels the population to adopt transradial closure devices from hospitals, thus expanding the segment size.
Product (Band/Strap, Knob, Plate Based)
The global transradial closure devices market is also segmented and analyzed for demand and supply by product into band/strap-based, knob-based, and plate-based. Out of these three segments, the band/strap-based segment is attributed to garner the highest segment share by 2036. The easy availability and ease to handle of band/strap-based transradial closure devices are considered to be the major factor in segment growth. Also, band/strap-based transradial closure devices have several advantages, such as the captivity to selectively compress the radial artery to enable blood flow while maintaining patency, the availability of preferred band lengths for an exact fit and enhanced patient comfort, and others, that make it an ideal medical product during surgical procedures.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Usage |
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By Application |
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By End-User |
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North American Market Forecast
The North America transradial closure devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036 backed by the high prevalence of heart disease in the region along with the increasing geriatric population, and accessibility of advanced healthcare facilities. According to the Centers for Disease Control and Prevention, cardiovascular disease claims one life in the United States every 34 seconds. Moreover, in 2020, approximately 697,000 people in the United States died from heart disease, accounting for 1 out of every 5 deaths. Also, the rising cases of chronic diseases, along with the increased number of patients diagnosed with cardiovascular diseases are anticipated to increase the utilization rate of transradial closure devices for performing surgeries such as coronary artery bypass grafts during the analysis period. Further, the presence of a strong healthcare network in the region, along with the availability of supportive policies by the regulatory bodies that promote the market players to opt for the development of advanced vascular closure devices to reduce the pain of patients and eliminate the associated risks, are also anticipated to contribute to the market’s growth in the region. In addition, the region's expanding healthcare industry and rising commercialization of medical products are also anticipated to boost market growth during the forecast period.
Europe Market Forecast
Furthermore, it is anticipated that the transradial closure device market in Europe will rank second, with a proportion of about 35% by the end of 2036. The market is benefiting from developments in key end-use sectors like hospitals, specialty clinics, independent catheterization centers, and others. According to the WHO, cardiovascular disease is responsible for more than half of all deaths in Europe, and 80 percent of premature heart disease and stroke can be avoided. Additionally, as more people become aware of ways to improve cardiovascular health, there is a huge increase in demand for transradial closure devices.
APAC Market Statistics
Additionally, it is anticipated that by the end of 2036, the South Asia area will hold a satisfactory share of the market share among all other regions. With consistent development in recent years, South Asia has emerged as a viable market for transradial devices. According to the World Health Organization, South Asia's healthcare sector is gradually expanding. Over the course of the forecast period, the South Asian transradial closure devices market is anticipated to grow owing to the growing use of these devices in surgical and diagnostic operations.
Medtronic plc
Medtronic plc announced the completion of the acquisition of Affera, Inc. With this acquisition, the company expands its cardiac ablation portfolio with the first integrated cardiac mapping and navigation platform that encompasses fully integrated diagnostics, focal pulsed fields, and radiofrequency ablation solutions.
Teleflex Incorporated stated it has received Health Canada approval for its MANTA Vascular Closure Device - the first commercially available biomechanical closure device specifically designed for large bore femoral arterial access sites
Author Credits: Radhika Pawar
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