Cardiac Surgical Devices Market Expected to Reach $3.1 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cardiac Surgical Devices Market," The cardiac surgical devices market was valued at $2.2 billion in 2020, and is estimated to reach $3.1 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.

Cardiac surgical devices are used for the process of cardiac surgery or surgery of cardiac vessels that is performed to treat the complications of heart diseases such as valvular heart disease and congenital heart diseases. Cardiac surgical devices include stents and instruments for cardiovascular and thoracic procedures.  Cardiac surgical devices can be manual and robotic. The robotic surgical procedures result in internal injuries and have potential risk for cancer thus, manual surgeries are well opted, creating a lucrative demand for cardiac surgical devices.  

Major factors that impact the cardiac surgical devices market growth include surgeries under various fields, like open heart surgery, heart transplant, cardiac valve procedures, and coronary artery bypass graft surgery. In addition, increase in the number of patients suffering from cardiovascular diseases, owing to various factors such as obesity, diabetes, and an ageing population drives the growth of cardiac surgical devices market. However, lack of experienced healthcare professionals and lack of awareness for cardiac health procedures are some reasonable restraints that hinder the growth during cardiac surgical devices market forecast. Furthermore, government initiatives for better healthcare facilities and awareness programs in Asia-Pacific region are expected to provide lucrative growth opportunities for the market.

Coronavirus is a large family of severely acute respiratory syndrome (SARS) viruses that causes diseases ranging from common cold to severe respiratory diseases. The COVID-19 outbreak negatively impacted growth of the global cardiac surgical devices industry. Implementation of lockdown delayed the surgical procedure up to six months thereby, having a minimal negative impact on the market.

The global cardiac surgical devices market is segmented on the basis of product type, application, and age group. According to product, it is fragmented into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. Depending on application, it is categorized into congenital heart defects, cardiac arrhythmia, coronary heart disease, and congestive heart failure. As per the age group, it is categorised into new-born population (0-30 days), infant population (31 days-1 year), children population (1-18 years), and adult population (18+ years). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Depending on product type, the perfusion disposable segment dominated the cardiac surgical devices market size in 2020, and is anticipated to continue this trend in the forecast, owing to the increase in prevalence of coronary artery bypass grafting and heart valve replacement surgeries.

Depending on application, the cardiac arrhythmia segment dominated the global cardiac surgical devices market share in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in life expectancy and atrial fibrillation.

According to age group, the adult segment dominated the market in 2020, and is anticipated to continue this trend during cardiac surgical devices market analysis, owing to surge in lifestyle disorders.

Region wise, North America accounted for the largest share in the cardiac surgical devices market in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to the growth in incidences of arrhythmia and heart failure accompanied with the rise in geriatric population and increased patient awareness about the availability of cardiac surgery options. In addition, the high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are anticipated to bring in new growth opportunities for the key players in this market. However, Asia-Pacific is projected to grow at the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.

KEY FINDINGS OF THE STUDY 

• Depending on product, the perfusion disposables held largest share in the global cardiac surgical devices industry in 2020.
• According to application, the cardiac arrhythmia held largest market share in 2020 and is expected to remain dominant throughout the forecast period. 
• As per age group, the adult population held largest market share in 2020 and is anticipated to continue this trend during the forecast period.
• Region wise, North America is expected to experience growth at the highest rate in cardiac surgical devices market size, registering a CAGR of 2.9% during the forecast period.