The global cardiac surgery devices market is expected to enjoy a valuation of USD 1.7 Billion by the end of 2022 and further expand at a CAGR of 3.6% during the forecast period (2022 to 2032). Sales in the market are expected to reach a valuation of ~USD 2.4 Billion by 2032 on the back of the rising prevalence of cardiovascular diseases. In terms of product type, the perfusion disposables led the market with a demand share of about 59.1%% in 2021.
Cardiac surgery devices are devices used during an open heart procedure to repair structural defects in the cardiovascular system, such as coronary artery bypass grafting, congenital heart defects, abdominal aortic aneurysm repair, ventricular remodeling, and implantation of cardiac assist devices. Devices such as heart-lung machines are used during cardiothoracic surgery and are most commonly used to perform a cardiopulmonary bypass.
| Attributes | Key Insights |
|---|---|
| Cardiac Surgery Devices Market Value 2021 | USD 1.6 Billion |
| Estimated Market Size 2022 | USD 1.7 Billion |
| Projected Market Value 2032 | USD 2.4 Billion |
| CAGR 2022 to 2032 | 3.6% |
| Market Share of Top 5 Countries | 57.6% |
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As per Future Market Insights (FMI), the demand in the global cardiac surgery devices market grew at a CAGR of 3.2% from 2012 to 2021. Sales in the market are poised to expand owing to the rising demand for coronary artery treatment and rising technological advancements in the healthcare industry.
The cardiac surgery devices market was approximately 1% of the global medical device market valued at USD 457 Billion in 2021. Devices for cardiac surgery are being developed as per patients' needs and on the back of technological advancements in the industry. Hence, key players in the cardiac surgery devices market are launching cutting-edge technologies and designs to strengthen their position in the industry.
Furthermore, there is an increased demand for cardiac surgical equipment due to the rising incidence of cardiovascular diseases, especially among the older population. For instance, it is anticipated that by 2060, 98 million Americans aged 65 and older will be more than a fourfold increase from the current 46 million. The World Health Organization (WHO) report states that cardiovascular disease is the top cause of death worldwide. About 17.9 million deaths globally in 2019 were attributed to cardiovascular illnesses, i.e., 32% of all fatalities.
Further, demand for effective cardiac surgery devices, accessories, and surgical procedures will be fuelled as leading healthcare companies are expanding their cardiovascular devices product portfolio. These companies are also likely to form alliances and acquire companies to generate efficient product advancements that are safe and effective. On the back of these aforementioned factors, the global cardiac surgery devices market is expected to grow at a CAGR of 3.6% during the forecast period from 2022 to 2032.
Favorable Government Investments and Product Launches to be the Key Strategy for Growth
Government authorities in developing countries have been promoting start-up businesses and MNCs to help the healthcare and medical device industries grow commercially. To strengthen their position, leading firms in the medical device industry are collaborating with the government. Hence, with increasing government funding and initiatives in countries such as India, China, and Japan, the cardiac surgery devices market is expected to flourish over the upcoming decade.
Furthermore, the increasing prevalence of chronic diseases and rising traumatic injuries in developing economies is expected to propel growth over the forecast period. Moreover, manufacturers are consistently improving their product portfolio by developing novel and efficient products. Hence, the advent of technologically advanced devices and increased product launches will drive the cardiac surgery devices market.
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Stringent Regulations and High Cost of Cardiac Surgery Devices to Impede the Growth
The demand for cardiac surgery devices is likely to be restrained due to high pricing and cost-cutting for cardiac surgery device manufacturers. The pricing pressure due to government regulations and competitive pricing on healthcare device manufacturers might create challenges for incumbents and start-ups in developing economies.
Moreover, the cardiac surgery devices market can be negatively affected due to strict and extended approval processes by regulatory authorities such as the FDA and others. Cardiac surgery instruments such as heart-lung machines and heat exchangers are known as class II medical equipment in the USA. FDA.
Therefore, these instruments undergo a special test for their compatibility, performance, sterility, and shelf life. Thus, these devices need to obtain regulatory approval, which is an expensive and lengthy process. This is expected to impede the overall growth in the cardiac surgery devices market.
Rising Cases of Obesity and Cardiovascular Diseases to Boost the Sales
The USA dominated the North American cardiac surgery devices market with a total share of about 86.2% in 2021. Demand in the market is predicted to rise on the back of rising cardiovascular diseases in the country. With the growing prevalence of obesity in the USA a significant share of the population suffers from cardiovascular diseases.
Among these, a considerable percentage of the population undergoes cardiac surgery, as per the study. Backed by this, the demand for advanced cardiac surgery devices is expected to increase over the forecast period.
Additionally, another key factor such as rising healthcare costs is contributing to the USA. cardiac surgery devices market. For instance, in the USA heart disease is the leading cause of death for both genders and for individuals of the majority of racial and ethnic groups. The deaths caused by heart disorders were almost 697,000 people in 2020, according to the report by the Centers for Disease Control and Prevention.
Cost-Effective Treatment Rates in India to Propel Cardiac Surgery Devices Sales
India is set to exhibit growth at a CAGR of nearly 2.7% in the South Asia cardiac surgery devices market during the forecast period. An increasing number of patients undergoing cardiac surgeries is expected to positively affect sales in India. Due to the rising incidence of cardiac conditions, treatment rates are also surging. This is expected to improve the growth in the cardiac surgery devices market.
As per the study in BMJ Journals, approximately 60,000 open heart surgeries are performed annually in India. Therefore, the increasing number of heart bypass surgeries, heart valve surgeries, and heart transplant surgeries are propelling the market for cardiac surgery devices in India.
In India, the cost of surgeries and treatments is comparatively less than in other countries like USA and Europe. Thus, the increasing popularity of medical tourism in India is propelling growth in the market.
Growing Medical Tourism in Germany to Aid the Growth in Cardiac Surgery Devices Market
Germany held approximately a 4.1% share in the global cardiac surgery devices market in 2021 and is projected to display a growth rate of 4.9 % during the forecast period.
The developing healthcare infrastructure and increasing medical tourism in Germany are the key factors propelling the demand for cardiac surgery devices. Germany is one of the countries leading the medical tourism field due to the high international standards and technological advancements such as robotic surgery.
Further, hospitals in Germany are adopting high-quality medical equipment to treat different heart surgeries. Therefore, the technological advancements in cardiac surgery devices are driving growth in Germany.
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Over 3/5th of Cardiac Surgery Devices, Sales are to be Contributed by Perfusion Disposables
In terms of product type, perfusion disposables held a share of approximately 59.1% in 2021. Growth in the segment is expected to surge as cases of valvular degeneration in the geriatric population rise. Additionally, the extensively developed healthcare industry and advancements in cardiac surgery devices are also accelerating the growth in the segment.
Rising Incidence of Coronary Heart Diseases to Propel the Adoption in the Market
Based on the procedure, the coronary artery bypass grafting segment accounted for 61.6% of the sales in the global cardiac surgery devices market. The frequency of cardiovascular conditions like coronary heart disease (CHD), peripheral vascular disease, etc. is increasing globally. Hence, the use of coronary artery bypass grafting surgical procedures is expected to surge to treat cardiovascular disorders.
In terms of end users, the hospital's segment held the highest market share of around 60.1% in 2021. In hospitals, the adoption of cardiac treatment and surgeries is benefiting the market growth. The hospitals are improving the quality of treatment and customer service with cost reduction. The hospitals are ahead of the curve in identifying favorable avenues to improve healthcare delivery.
In the cardiac surgery devices market, manufacturers are adopting different strategies to raise their sales and gain revenue. Leading firms are implementing activities like advanced product launches and acquisitions to expand their product portfolio. A few of these strategies undertaken by cardiac surgery devices manufacturers are:
| Attribute | Details |
|---|---|
| Estimated Market Size 2022 | USD 1.7 Billion |
| Projected Market Value 2032 | USD 2.4 Billion |
| CAGR 2022 to 2032 | 3.6% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2012 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, United Kingdom, Germany, Italy, Russia, Spain, France, BENELUX, Nordic Countries, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, GCC Countries, and South Africa |
| Key Market Segments Covered | Product, Procedure, End User, and Region |
| Key Companies Profiled | 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. |
The global cardiac surgery devices market is worth USD 1.6 Billion in 2021.
The cardiac surgery devices market is expected to reach USD 2.Billion by the end of 2032, with sales expected to register a 3.6% CAGR over the forecast period (2022 to 2032).
Rising cases of heart diseases, increasing demand for large coronary artery treatment, and strategic collaborations among key players are the key trends shaping the cardiac surgery devices industry.
The USA., Japan, Canada, China, and Germany are the top five countries driving the demand for cardiac surgery devices.
The North American cardiac surgery devices market registered a market share of around 40.2 % in the year 2021.
The Japan cardiac surgery devices market is expected to register a growth rate of 2.7% CAGR in the forecast period.
The USA, Japan, and China are the key producers in the cardiac surgery devices market.
The India cardiac surgery devices market is worth USD 56.4 Million in 2021.
The United Kingdom cardiac surgery devices market is to grow with a growth rate of 55 over the forecast period.
1. Executive Summary | Cardiac Surgery Devices Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. Global Market Demand (in Value or Size in USD Million) Analysis 2012 to 2021 and Forecast, 2022 to 2032 7. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Product 7.1. Heart Lung Machine 7.2. Breathing Heart Surgery Systems 7.2.1. Stabilizers 7.2.2. Positioners 7.3. Catheters 7.3.1. Ablation Catheter 7.3.2. Drainage Catheter 7.4. Perfusion Disposables 7.4.1. Oxygenators 7.4.2. Centrifugal Pumps 7.4.3. Cardioplegia Delivery System 8. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Procedure 8.1. Coronary Artery Bypass Grafting 8.1.1. On Pump CABG 8.1.2. Off Pump CABG 8.2. Minimally Invasive Surgery 9. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By End User 9.1. Hospitals 9.2. Ambulatory Surgical Centers 10. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia 10.6. Oceania 10.7. Middle East and Africa (MEA) 11. North America Market Analysis 2012 to 2021 and Forecast 2022 to 2032 12. Latin America Market Analysis 2012 to 2021 and Forecast 2022 to 2032 13. Europe Market Analysis 2012 to 2021 and Forecast 2022 to 2032 14. East Asia Market Analysis 2012 to 2021 and Forecast 2022 to 2032 15. South Asia Market Analysis 2012 to 2021 and Forecast 2022 to 2032 16. Oceania Market 2012 to 2021 and Forecast 2022-2032 17. Middle East and Africa (MEA) Market Analysis 2012 to 2021 and Forecast 2022 to 2032 18. Market Structure Analysis 19. Competition Analysis 19.1. Abbott Laboratories 19.2. Medtronic Plc. 19.3. Boston Scientific Corporation 19.4. Lepu Medical Technology Co ltd 19.5. LivaNova PLC 19.6. Terumo Corporation 19.7. Getinge-Maquet Germany Holding GmbH 19.8. B. Braun Melsungen AG 19.9. C. R. Bard, Inc 19.10. Teleflex Incorporated 19.11. Angiodynamics 19.12. Edwards Lifesciences Corporation 19.13. MicroPort Scientific Corporation 19.14. Smith Medical 19.15. Abiomed, Inc 19.16. Estech 19.17. Cook Medical Inc 19.18. Braile Biomedica 20. Assumptions and Acronyms Used 21. Research Methodology
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Cardiac Surgery Devices Market
