Cardiac Surgical Devices Market Overview:
Global Cardiac Surgical Devices Market accounted for $1,700 million in 2016, and is estimated to reach $2,124 million by 2023, growing at a CAGR of 3.2% during the analysis period (2017-2023). There is a high prevalence of cardiac diseases worldwide, hence an increase in the number of cardiac surgeries. Products such as beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable are used for cardiac surgery.
The key factors that drive the growth of cardiac surgical devices market include rise in incidence & prevalence of cardiovascular diseases. In addition, the rise in healthcare expenditure and healthcare insurance are expected to fuel the market growth during the analysis period. However, shortage of experienced healthcare professionals and lack of awareness among the population restrict the growth.
Cardiac Surgical Devices Market Segmentation
Based on product type, the global cardiac surgical devices market is categorized into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. Perfusion disposables held the highest market share and is expected to grow with the highest growth rate during the forecast period. The growth of the perfusion disposable market is fueled by the growth in use of perfusion disposables during cardiac surgical procedure for transferring the blood to different parts of the body. On the basis of application cardiac arrhythmia held the highest market share owing to the high prevalence of cardiac arrhythmia.
Top Investment Pocket
Geographically, the global cardiac surgical devices market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share of the market in 2016, followed by Europe. On the other hand, Asia is anticipated to be the fastest-growing regional segment during the analysis period. The key factors that drive the growth of this market include increase in pool of patient population, rise in prevalence of cardiovascular diseases, and rise in government investments for development of better healthcare facilities and R&D. Asia-Pacific is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies and improving healthcare infrastructure.
India Cardiac Surgical Devices Market ($Million), 2016-2023
Growth in Incidence of Cardiac Diseases
Majority of the deaths, worldwide, are due to cardiac diseases; accounting for 17.3 million deaths per year, and projected to grow more than 23.6 million by 2030. American Heart Association (AHA) estimated that approximately 31% of total deaths globally in 2013, were because of cardiac diseases. Around 80% of those cardiac deaths were from low and middle income countries. These factors majorly drive the growth of the cardiac surgery devices market.
In addition, rise in incidences of diabetes, atherosclerosis, strokes, hypertension, and other chronic disorders that arise due to change in lifestyle habits (such as unhealthy dietary habits, lack of physical activity, and smoking) are also expected to boost the growth of the market, as the aforementioned factors lead to disorders of the circulatory system.
Large Pool of Geriatric Population
The global geriatric population has increased significantly and is vulnerable to various cardiac disorders, such as stroke, cardiac arrest, cardiomyopathy, and arrhythmias. For instance, according to the estimates of American Heart Association (2015), approximately 43.7 million suffered from cardiovascular disorders and above the age of 60 years in the U.S. alone. In addition, 69.1% of men and 97.9% of women, aged between 60 and 79 years, had cardiac disorders in 2015, in the U.S. Similarly, about two-thirds of deaths are from cardiac diseases in the people aged 75 and above. Emerging countries have high number of elderly population throughout the world. For instance, according to the estimates of Central Intelligence Agency (CIA) in 2016, approximately 27.3% of population were above 65 years. Therefore, the escalation in rate of the geriatric population is expected to raise the demand for surgical procedures, thereby driving the cardiac surgery devices market.
Major companies operating in this market adopt product launch as their key development strategy. Companies profiled in this market include, Edwards Life Science Corporation, Medtronic Inc., Getinge Group, Atrion Corporation, Abbott Laboratories, Sorin S.P.A., Terumo Medical Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc.
Other players (the profiles of these players are not covered in the report) in the value chain include C. R. Bard, Inc., Trinity Biotech, Abiomed, Inc., Cardinal Health, CyberHeart Incorporated, MedWaves Incorporated, and Transmedics, Inc.
Key Market Benefits:
- The study provides an in-depth analysis of the cardiac surgical devices market with current trends and future estimations to elucidate the imminent investment pockets
- The report provides a quantitative analysis from 2016 to 2023 to enable the stakeholders capitalize on prevailing market opportunities
- Extensive analysis by product and application helps understand various trends and prevailing opportunities in the respective market
- Comprehensive analysis of all geographical regions is provided, which determines the main opportunities in these geographies
- Key market players are profiled and their strategies are analyzed thoroughly, which predict the competitive outlook of the market
Cardiac Surgical Devices Market Key Segment:
By Product Type
- Beating Heart Surgery Systems
- Cardiopulmonary Bypass Equipment
- Cardiac Ablation Devices
- Perfusion Disposables
- Congenital Heart Defects
- Cardiac Arrhythmia
- Coronary Heart Disease
- Congestive Heart Failure
- Other Applications
By Age Group
- New-born (0-30 days)
- Infant (31 days-1 year)
- Children (1-18 years)
- Adult (18+ years)
- North America
- Latin America
- Middle East