The global cardiac surgical devices market was estimated at US$ 2.2 billion in 2020, and is projected to reach US$ 3.1 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.
The global cardiac surgical devices market was estimated at US$ 2.2 billion in 2020, and is projected to reach US$ 3.1 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.
Cardiac surgery is the process performed to cure the heart tissue defects such as replacing the diseased heart valves (if blocked), grafting, or replacement of heart tissues in case of damage. There are two major types of heart surgeries performed—closed and open. Cardiac surgical device is used to treat heart complications, including valvar and congenital heart diseases. They are utilized in the diagnosis and treatment of heart illnesses and heart-related disorders all across the world. Cardiovascular disease or CVD is one of the most common cause of pain in medical applications across the globe. Furthermore, these devices aid in healing of structural problems in the circulatory system of heart, including damaged or clogged valves and arteries. Furthermore, with diseases, such as stroke and ischemic heart disease(IHD) contributing significantly to death and disability, cardiovascular surgical devices and their implications in heart-related therapy have surged in recent years.
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Increase in prevalence of cardiac diseases, diabetes, and lifestyle disorders are some important factors which drives the cardiac surgical devices market growth. In addition, surge in the geriatric population with rising co-morbidities, increase in sedentary lifestyles, rise in excessive cigarette use, and increase in the number of people suffering from obesity further fuel growth of the market. However, high cost of procedures associated with cardiac surgeries and injuries caused in the latter stage hinders the growth of cardiac surgical devices market forecast. Conversely, increase in life expectancy and sudden treatment of cardiac injuries are expected to offer cardiac surgical devices market opportunity during the forecast period.
The outbreak of COVID-19 disrupted workflow in healthcare sector across the globe. The COVID-19 outbreak negatively impacted the growth of global cardiac surgical devices industry. The implementation of lockdown delayed the heart surgeries, for instance the data by NCBI declares 37% decrease in surgical cases during the pandemic which hinder the growth of cardiac surgical devices industry during pandemic.
The COVID-19 pandemic impacted the healthcare systems across the globe and increased the need for advanced hospitals. Many hospitals across the globe, including diagnostic centers were restructured to increase the hospital capacity for patients diagnosed with COVID-19. This cancelled many non-essential surgical procedures and quality of care declined toward patients other than COVID-19. This significantly hampered the growth of the global cardiac surgical market.
Cardiac Surgical Devices Market Segmentation
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.
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Segment Review
Based on product, it is bifurcated into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. The perfusion disposable segment dominated the cardiac surgical devices market share in 2020, and is anticipated to continue this trend in the forecast period, owing to increase in prevalence of coronary artery bypass grafting and heart valve replacement surgeries.
By application, it is segmented into congenital heart defects, cardiac arrhythmia, coronary heart disease, and congestive heart failure The cardiac arrhythmia segment dominated the global cardiac surgical devices market size in 2020, and is anticipated to continue this trend during the forecast period, owing to increasing life expectancy and atrial fibrillation.
As per the age group, it is divided into new-born population (0-30 days), infant population (31 days-1 year), children population (1-18 years), and adult population (18+ years). The adult segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in prevalence of coronary artery diseases, initiatives taken by governments for development of medical infrastructure, rise in awareness regarding treatment & management of disease, and surge in sedentary life style.
Region wise, North America dominated the cardiac surgical devices market size, in terms of revenue among other regions in 2020, owing to rise in cardiac surgeries and emergency ambulatory in North America.
On the other hand, Asia-Pacific was the third-largest contributor in the cardiac surgical devices market share in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in diabetes, rise in healthcare facilities, and technological advancements.
The key players operating in the market include Edwards Life Science, Medtronic Inc., MAQUET GmbH & Co. KG, Quest Medical, Inc., Abbott Vascular, LivaNova PLC, Terumo Cardiovascular Systems Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiac surgical devices market analysis from 2020 to 2030 to identify the prevailing cardiac surgical devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cardiac surgical devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cardiac surgical devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- By Product Type
- Beating Heart Surgery Systems
- Cardiopulmonary Bypass Equipment
- Cardiac Ablation Devices
- Perfusion Disposable
- By Application
- Congenital Heart Defects
- Cardiac Arrhythmia
- Coronary Heart Disease
- Congestive Heart Failure
- Others
- By Age Group
- New-born Population
- Infant Population
- Children Population
- Adult Population
- By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Italy
- Spain
- Rest of Europe
- Germany
- France
- U.K.
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- North America
Key Market Players
- ABBOTT LABORATORIES
- ANGIODYNAMICS, INC.
- ATRION CORPORATION
- BOSTON SCIENTIFIC CORPORATION
- COOK GROUP
- EDWARD LIFESCIENCES CORPORATION
- GETINGE AB
- MEDTRONIC PLC
- TERUMO CORPORATION
- LIVANOVA, PLC
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