The global cardiac surgery devices market is set to experience steady growth over the next decade. Currently valued at USD 1.7 billion in 2022, the market is projected to expand at a compound annual growth rate (CAGR) of 3.6% from 2022 to 2032, reaching approximately USD 2.4 billion by 2032. This growth is driven by the rising prevalence of cardiovascular diseases worldwide.
In 2021, perfusion disposables led the market in terms of product type, accounting for about 59.1% of the demand share. Cardiac surgery devices are crucial for open heart procedures aimed at repairing structural defects in the cardiovascular system. These procedures include coronary artery bypass grafting, correction of congenital heart defects, abdominal aortic aneurysm repair, ventricular remodeling, and the implantation of cardiac assist devices. Additionally, heart-lung machines, essential for performing cardiopulmonary bypass, are commonly used during cardiothoracic surgeries.
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By encouraging the use of perfusion disposables, the market for cardiac surgical instruments is anticipated to gain from the rising popularity of heart-lung machine tables. Cardiovascular disease is the leading cause of death in the United States, contributing to over one-third of all deaths worldwide and 17 percent of US healthcare costs. According to American Heart Association forecasts, by 2030, 40% of Americans will suffer from cardiovascular sickness, with a direct cost of over $820 billion.
Well-developed Medical Infrastructure Makes North America Keep its Crown
North America has a world-class medical infrastructure coupled with a population that is rapidly ageing and suffering from cardiopulmonary disorders.
This combination all but ensures that the region is larger than both Western Europe and APEJ combined in the year 2017 with a value of just under US$ 555 Million.
North America is on track to witness a CAGR of 4.1% for the period 2017 to 2027 that should see the market in the region touch US$ 830 Million by end 2027.
Most new developments are centred in North America and its high acceptance of modern technology make it an extremely lucrative region in the global cardiac surgery devices market.
Minimally Invasive Surgery Gaining Traction in Cardiac Surgery Devices Market
Coronary artery bypass grafting is anticipated to be the largest contributor in the cardiac surgery devices market by procedure in 2017 and it is unlikely to cede this position anytime soon.
However, modern advancements in cardiopulmonary bypass techniques, surgical approaches and incisions have made minimally invasive surgery increasingly popular in recent times.
Minimally invasive surgery has the advantage of reduced surgical trauma and decreased pain and this is anticipated to propel the cardiac surgery devices market in the long term.
In terms of CAGR these two segments hold the top position in the global cardiac surgery devices market, with coronary artery bypass grafting recording a value CAGR of 3.5% and minimally invasive surgery registering a 4.1% CAGR in terms of revenue during the forecast period.
Focus on Hospitals over Ambulatory Surgical Centres in the Cardiac Surgery Devices Market
The hospitals segment is larger than the ambulatory surgical centres segment by end user in the cardiac surgery devices market and this trend is predicted to continue for the foreseeable future.
An attractiveness index of 1.1 and a market opportunity of almost US$ 1.2 Bn by 2027 end should make all major companies actively target the hospitals end user segment in the cardiac surgery devices market.
Company Dashboard:
The companies actively involved in the global cardiac surgery devices market that have been profiled in the report include Biotronik, Braile Biomedica, Cook Medical Inc., Estech, Abiomed, Smith Medical, MicroPort Scientific Corporation, Edwards Lifesciences Corporation, Angiodynamics, Teleflex Incorporated, C. R. Bard, Inc, B. Braun Melsungen AG, Getinge-Maquet Germany Holding GmbH, Terumo Corporation, LivaNova PLC, Lepu Medical technology Co ltd., Boston Scientific Corporation, Medtronic, and Abbott Laboratories.
Important takeaways:
The increasing preference for minimally invasive surgical procedures is one of the recent trends seen in the cardiac surgery devices market.
In the last decade, minimally invasive cardiothoracic surgery has grown by leaps and bounds mainly because of the reduced pain and surgical trauma after this procedure.
Even though coronary artery bypass grafting is much larger at present, key stakeholders are advised to focus on minimally invasive procedures as patients will almost certainly prefer this form of treatment.
In addition to this, the beating heart surgery system type could see widespread adoption in the days ahead.
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Key Segments:
By Product:
- Heart Lung Machine
- Breathing Heart Surgery Systems
- Stabilisers
- Positioners
- Catheters
- Ablation Catheter
- Drainage Catheter
- Perfusion Disposables
- Oxygenators
- Centrifugal Pumps
- Cardioplegia Delivery System
By End User:
- Hospitals
- Ambulatory Surgical Centres
By Procedure:
- Coronary Artery Bypass Grafting
- On pump CABG
- Off pump CABG
- Minimally Invasive Surgery
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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