Transradial Access Market Top Leading Key Players and growth strategies
Growth in the transradial access market can primarily be attributed to factors such as increasing preference for interventional procedures using radial artery access, growing prevalence of lifestyle diseases, increasing number of chemotherapy procedures, rising prevalence of obesity, and growing use of radial access devices in pediatric patients.
According to research report the global transradial access devices market size is projected to reach USD 2.18 Billion by 2022 from USD 1.52 Billion in 2017, at a CAGR of 7.5% during the forecast period.
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- Catheters to account for the largest product segment in the transradial access devices market in 2017
- By application, the drug administration segment is expected to dominate the market during the forecast period
- Hospitals expected to be the largest end users of transradial access devices during the forecast period
Becton, Dickinson and Company (US) is the leading player in the global transradial access devices market. The company develops, manufactures, and sells a broad range of medical supplies, devices, laboratory equipment, and diagnostic products. BD’s products are used by healthcare institutions, life science researchers, clinical laboratories, and the pharmaceutical industry. The company operates through two business segments - BD Medical and BD Life Sciences. The BD Medical segment offers products through four business units, namely, Diabetes Care, Medication and Procedural Solutions, Medication Management Solutions, and Pharmaceutical Systems. The Medication and Procedural Solutions business unit of the company offers vascular access devices, including intravenous catheters for medication delivery including safety-engineered and auto-disable devices. The company operates through a network of offices in more than 50 countries across North America, Europe, Asia Pacific, Eastern Europe, Latin America and the Middle East and Africa.
The company focuses on expanding its market presence by adopting growth strategies, such as acquisitions, and product launches. For instance, BD acquired two companies (C R Bard and CareFusion) in last 2 years. The company also focuses on enhancing its RD capabilities, BD invested USD 774 million in RD activities in 2017. Thus, with its robust product portfolio and efforts to develop innovative products by investing in RD, the company is likely to maintain its leadership position in this market.
Terumo Corporation (Japan) develops and manufactures medical devices, supplies, and accessories. The company offers its products through three divisions, namely, Cardiac and Vascular, General Hospital, and Blood Management. The Cardiac and Vascular division specializes in two therapeutic areas – endovascular intervention and cardiovascular surgery. The company offers vascular access devices through its endovascular intervention therapeutic area. Terumo has a geographic presence in over 160 countries, with 82 sales offices and 24 production facilities across the globe. As of March 2017, the company had about 30 production sites in key geographies such as the US, the UK, Belgium, Vietnam, Philippines, China, India, Japan, and Costa Rica.
Terumo combines innovative research and development with a deep market understanding to create a pipeline of industry-leading devices that are used in advanced coronary and peripheral endovascular treatments. The company consistently invests a significant share of its revenue in RD, for example it invested 6.0%, 6.3%, and 6.6% of its total revenue in RD activities in 2014, 2015 and 2016 respectively. In terms of value, that amounted to USD 0.28 billion in 2016, such investments enhance the company’s RD capabilities and provide it with a competitive edge. With its excellent balance sheet and asset quality, the company is expected to witness a higher growth rate during the forecast period.
The other players in the market are Teleflex Incorporated (US), Smiths Group Plc (UK), Edward Lifesciences Corporation (US), Medtronic (Ireland), Merit Medical System, Inc. (US), Boston Scientific (US), NIPRO Medical Corporation (US), AngioDynamics (US), Ameco Medical Industries (Egypt), and OSCOR Inc. (US).
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North America is expected to hold the largest share of the market. This region is also expected to register the highest CAGR during the forecast period. Growth in this regional segment can be attributed to the increasing number of cancer patients, growing prevalence of CVDs, increase in research and clinical trials for vascular access devices, and rising number of conferences and workshops creating awareness in this region.
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