Cardiac Surgery Instruments Market to Exceed Valuation of USD 2.2...

Cardiac Surgery Instruments Market to Exceed Valuation of USD 2.2 Billion by 2032

Posted 2024-01-22 06:55:09

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Market Overview In 2022, the global market size for cardiac surgery instruments reached USD 1.3 billion, with expectations to reach USD 2.2 billion by 2032, displaying a revenue compound annual growth rate (CAGR) of 5.6% during the forecast period. Key drivers of this growth include the increasing prevalence of cardiovascular diseases, the aging global population, and a surge in healthcare spending. Technological advancements in healthcare, coupled with a rising demand for minimally invasive procedures, further contribute to the market's revenue expansion.

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Factors Propelling Market Growth The growing incidence of cardiovascular diseases, attributed to sedentary lifestyles, poor dietary habits, and heightened risk factors like obesity, hypertension, and diabetes, is a significant contributor to market revenue. Cardiovascular diseases rank among the leading causes of global mortality, driving the demand for cardiac surgery equipment. Additionally, the elderly population's susceptibility to heart-related ailments and the subsequent need for medical interventions are fueling market growth.

A notable trend in recent years is the increasing popularity of minimally invasive surgeries due to benefits such as shorter hospital stays, quicker recovery, and reduced postoperative discomfort. This trend, alongside technological advancements like robotic-assisted procedures, supports the market's revenue growth.

Healthcare spending on a global scale is rising, driven by the imperative to address the burden of non-communicable diseases like cardiovascular conditions. The demand for high-quality healthcare services, especially in the realm of heart surgical devices, is on the upswing.

Shift Towards Value-Based Care The market is witnessing a shift towards value-based care, emphasizing the delivery of high-quality healthcare at reasonable costs. This transition underscores the high demand for innovative yet affordable cardiac surgery equipment that can enhance patient outcomes while curbing healthcare expenses.

Challenges and Constraints Despite the positive trajectory, challenges such as the high cost of cardiac surgical tools, lack of reimbursement rules, and the availability of alternative therapies pose potential obstacles to market revenue growth. Additionally, a shortage of qualified personnel to operate this equipment is a limiting factor.

Government Regulations Various regulatory bodies play a pivotal role in overseeing the cardiac surgery instruments market. The U.S. Food and Drug Administration (FDA), the Centers for Medicare & Medicaid Services (CMS), the American College of Cardiology, the International Organization for Standardization (ISO), and the National Institutes of Health (NIH) are actively involved in establishing guidelines, standards, and funding initiatives related to cardiac surgery instruments.

Key Takeaways

Product Type Outlook:

Forceps dominated the market share in 2021, driven by increased demand in procedures like coronary artery bypass grafting, valve repair, and atrial septal defect repair.
Scissors, the second-largest category, is expected to maintain its position, fueled by the rising incidence of cardiovascular disorders and surgical operations.
The clamps segment is projected to experience the fastest revenue growth, driven by strong demand in operations like coronary artery bypass grafting and valve repair.
Needles play a crucial role in various surgical operations, contributing to revenue growth.
Retractors, used to keep incision sites open, are witnessing increased demand due to the global rise in cardiovascular diseases.
Other instruments, including scalpels, forceps holders, and needle holders, contribute to revenue growth in cardiac surgery.

Application Outlook:

Coronary artery bypass grafting led in revenue share in 2021, attributed to its effectiveness in treating severe coronary artery disease.
Heart valve surgery is expected to grow at the fastest rate, driven by the increasing prevalence of heart valve diseases and advancements in surgical methods.
Pediatric surgery is anticipated to witness significant growth due to the rising incidence of congenital heart abnormalities and technological advancements.
Other cardiac surgery techniques, such as heart transplants and cardiac ablations, are predicted to expand due to the rising incidence of heart diseases and demand for minimally invasive procedures.

Regional Outlook:

North America is predicted to have the largest market share, driven by prominent companies, high healthcare spending, and a growing elderly population.
Europe is expected to experience moderate growth, supported by the large geriatric population, high prevalence of cardiovascular disorders, and improved surgical equipment.

Competitive Landscape: The global cardiac surgery instruments market is highly competitive and fragmented, with major players employing strategies such as mergers & acquisitions, strategic agreements & contracts, and the development of more effective products. Key players include BD, Medtronic, Edwards Lifesciences, Getinge, LivaNova, Stryker, Conmed, Maquet Holding, Teleflex, Cardinal Health, and Aspen Surgical.

Strategic Developments:

In 2021, Medtronic launched the Hugo robotic-assisted surgery system, designed to facilitate complex cardiac procedures.
BD acquired Velano Vascular in 2021, expanding its product offerings in the vascular access market, including cardiac surgery instruments.
Edwards Lifesciences acquired Mitralign in 2020, aiming to enhance its product portfolio in the cardiac surgery instruments market.
Stryker Corporation acquired Wright Medical Group in 2020, expanding its product offerings in orthopedics and cardiac surgery instruments.
Teleflex Incorporated acquired Hemostasis, LLC in 2020, strengthening its position in the cardiac surgery instruments market.

New Product Launches:

In 2022, Medtronic launched the MyCareLink Heart mobile app to help patients manage their cardiac devices remotely.
BD introduced the WavelinQ 4F EndoAVF System in 2021, offering a minimally invasive solution for creating arteriovenous fistulas.
Teleflex Incorporated launched the Arrow ErgoPack System in 2021, a comprehensive kit for vascular access procedures during cardiac surgery.
LivaNova PLC introduced the Perceval Plus Aortic Heart Valve in 2021, featuring a sutureless design for aortic valve replacement.
In 2020, Medtronic launched the Valiant Navion Thoracic Stent Graft System, a minimally invasive solution for treating thoracic aortic aneurysms.

Market Segmentation:

The report covers historical data and forecasts revenue growth globally, regionally, and at the country level from 2019 to 2032.
Segmentation is based on product type, application, and region.

Market Report Scope:

Market size valued at USD 1.3 billion in 2022, with a CAGR of 5.6% from 2022 to 2032.
Revenue forecast for 2032 is USD 2.2 billion.
Parameters include historical data (2020-2021), forecast period (2022-2032), quantitative units in USD billion, and CAGR from 2022 to 2032.
Report coverage includes revenue forecast, company ranking, competitive landscape, growth factors, and trends.
Segments covered include Product Type Outlook, Application Outlook, and Regional Outlook.

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