Transradial Closure Devices Market Trends

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

• Inadequate Knowledge of Proper Handling of Devices. Improper handling of transradial closure devices may result in radial artery occlusion. It is the most frequent post-procedural complication of TRA, restricting the use of the same radial artery for future procedures.
• High Cost of Transradial Closure Devices – The costs of transradial closure devices are considerably high owing to their technology and advanced features. As a result, the population with a middle income is anticipated to push further away from adopting transradial closure devices owing to a lack of funds. This trend is expected to pose a threat to market growth during the assessment period.
• Insufficiency of Knowledge About the Procedure