Radial Artery Compression Devices Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by Usage and, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

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.
 

Key Benefits of the Report

• This study presents the analytical depiction of the radial artery compression devices industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the radial artery compression devices market share.
• The current market is quantitatively analyzed to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Radial Artery Compression Devices Report

• Which are the leading players active in the radial artery compression devices market?
• How is each segment of the market expected to grow during the forecast period?
• What are the adoption trends for the radial artery compression devices market in emerging economies and established economies across the world?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps in the market?
• What are the impacts of COVID-19 on the industry?
• What are radial artery compression devices?
• What are the current and predicted trends of the market?