The global Cardiac Surgery Devices Market is estimated to be valued at US$ 1.7 billion by the end of 2022 and to grow at a CAGR of 3.6% during the forecast period. (2022 to 2032). Due to the increased frequency of cardiovascular illnesses, market sales are estimated to reach US$ 2.4 billion by 2032. In terms of product type, perfusion disposables led the market in 2021 with a demand share of around 59.1%.
Because of the various technical advancements in the sector and the creation of cardiac surgical equipment based on patient needs, the market for the same is expected to grow gradually over the next few years. The growing prevalence of heart diseases has increased demand for cardiac surgical equipment.
According to a WHO report, cardiovascular disease is the leading cause of mortality worldwide. This is encouraging for the cardiac surgical device industry. Again, many healthcare organisations are focusing on growing their facilities, goods, and services, which is fueling the target market’s expansion.
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Promising investments and initiatives by the government coupled with the launch of upgraded and innovative product lines from manufacturers is expected to augment the sales of cardiac surgery devices at the international level. Governments, particularly in developing countries, are assisting start-ups and MNCs to ensure the growth of the healthcare device sector.
Thus, a rise in government funding for the healthcare sector in countries like Japan, India, and China will foster an environment of growth for the target market at large. Again, a rise in chronic diseases and traumatic injuries in these nations will fuel the growth of the cardiac surgery device market during the assessment period.
“A surge in the market release of the target product coupled with the incorporation of cutting-edge technology into the same will propel the market growth of the cardiac surgery devices over the forecast period,” says an FMI analyst.
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Key Takeaways:
- The expense of cardiac surgery devices along with a strict and extended approval period hinders the growth of the target market.
- The cardiac surgery devices market in Germany will grow at a 4.9% CAGR during the forecast period.
- In the South Asian market, India’s cardiac surgery devices market will grow at a 2.7% CAGR.
- The perfusion disposables segment will account for over 3/5th of the total market sales.
- The coronary bypass grafting segment will hold about 61.6% of the global market sales.
- Hospital segment will contribute the most to the target market during 2022-2032.
Competitive Landscape
- Abbott Laboratories
- Medtronic Plc.
- Boston Scientific Corporation
- Lepu Medical Technology Co ltd
- LivaNova PLC
- Terumo Corporation
- Getinge-Maquet Germany Holding GmbH
- B. Braun Melsungen AG
- C. R. Bard, Inc
- Teleflex Incorporated
- Angiodynamics
- Edwards Lifesciences Corporation
- MicroPort Scientific Corporation,
- Smith Medical
- Abiomed, Inc
- Estech
- Cook Medical Inc
- Braile Biomedica
- Biotronik Inc.
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Key Market Segments Covered in Cardiac Surgery Devices Market Research
By Product:
- Heart Lung Machine
- Breathing Heart Surgery Systems
- Stabilizers
- Positioners
- Catheters
- Ablation Catheter
- Drainage Catheter
- Perfusion Disposables
- Oxygenators
- Centrifugal Pumps
- Cardioplegia Delivery System
By Procedure:
- Coronary Artery Bypass Grafting
- On Pump CABG
- Off-Pump CABG
- Minimally Invasive Surgery
By End User:
- Hospitals
- Ambulatory Surgical Centres
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