Cardiac surgical instruments are used during open-heart surgery to repair damaged heart valves, arteries, or chamber walls. Instruments used in cardiac surgery includes occlusion devices, perfusion systems, cardiotomy vacuum systems, cardiac ablation devices etc. These devices ensure improved blood circulation, repair defective heart valves and damaged arteries. The rising number of cardiac conditions such as coronary artery disease, valvular heart disease and congenital heart disease is propelling the demand for cardiac surgery instruments.

The Global Cardiac Surgery Instruments Market is estimated to be valued at US$ 1.70 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Cardiac Surgery Instruments are Medtronic, Murray Surgical , SternMed GmbH, CARDIC INSTRUMENTS, Edwards Lifesciences Corporation., Abbott, Boston Scientific Corporation, LivaNova, Inc., Terumo Corporation, Getinge, Artivion, Inc., MicroPort Scientific Corporation, B. Braun SE, and Stryker.

The key opportunities in the cardiac surgery instruments market include increasing number of cardiac surgery procedures, advancement in minimally invasive surgeries and growing awareness about heart diseases. The rising disposable income allows people to opt for expensive surgeries driving the market growth.

Technological advancement in cardiac surgery instruments such as incorporation of robotics has boosted the adoption of minimally invasive surgeries. Miniaturized surgical instruments and robotically controlled catheter-based ablation devices have reduced surgical risks, recovery time and pain. The development of instruments with better ergonomic designs to reduce fatigue of surgeons will further accelerate the market growth.

Market drivers

Rising geriatric population worldwide is a major market driver. The incidence of coronary artery disease and valve disorders increases significantly with age thereby increasing the demand for cardiac surgery. According to estimates, by 2050 over 16% of world's population will be aged more than 65. The growing burden of cardiac conditions in the elderly population will propel the cardiac surgery instruments market during the forecast period.

Current challenges in Cardiac Surgery Instrument Market:
The cardiac surgery instrument market is facing challenges due to increasing preference for minimally invasive surgeries. With advancements in technology, there is rise in adoption of minimally invasive surgical procedures which do not require open-heart surgery. This reduces need for certain cardiac surgery instruments such as cross-clamps and cannulae. Further, reimbursement uncertainties pose a challenge as differing coverage policies across regions and countries affect sales of high-cost cardiac surgery instruments. Stringent regulatory approvals also hold up launch of new products in the market.

SWOT Analysis
Strength: Advanced product offerings with continual innovations allow companies to establish strong brand presence. Diversified product portfolio helps address various cardiac procedures.
Weakness: High dependency on limited number of key players increases supply chain risks. Significant R&D investments and long product development cycles burden profits.
Opportunity: Rising global burden of cardiovascular diseases drives demand. Emerging markets yet to be fully tapped represent new avenues for growth.
Threats: Threat from replacement therapies and alternate interventional procedures that may render certain instruments obsolete. Price erosion due to intense competition squeezes margins.

In terms of value, the cardiac surgery instruments market is currently concentrated in North America and Europe owing to advanced healthcare infrastructure and widespread insurance coverage in these regions. However, the Asia Pacific region is poised to witness the fastest growth during the forecast period supported by improving access to healthcare along with rising medical tourism. China, India, and other Southeast Asian countries are likely to be at the forefront of this high growth.

The European cardiac surgery instruments market presently accounts for a sizeable share and remains one of the most lucrative regional markets. This can be attributed to factors such as rising prevalence of cardiovascular disorders, favorable reimbursement policies, and heavy focus on research and development activities by industry players to introduce innovative products.