PUBLISHER: Acute Market Reports | PRODUCT CODE: 1561022
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1561022
Coronary artery bypass graft (CABG) is a surgical procedure aiming to improve blood flow to the heart. It involves grafting a vein or artery from another part of the body and rerouting it around the blocked or narrowed section of the coronary artery. The demand for CABG has been steadily on the rise, owing to its proven efficacy in treating severe coronary artery diseases. The coronary artery bypass graft market is estimated to grow at a CAGR of 2.5% from 2024 to 2032.
Driver: Aging Population & Rise in Cardiac Diseases
One of the most formidable drivers of the CABG market is the burgeoning global aging population. As per World Health Organization reports, the proportion of the world's population over 60 years will nearly double, from 12% to 22%, between 2015 and 2050. The aging process inherently makes the human body more susceptible to various ailments, with heart diseases topping the list. A study published in the Journal of the American College of Cardiology highlighted that coronary heart disease (CHD) remains a leading cause of morbidity in elderly patients. With age, the heart and blood vessels endure several changes, making the arteries harder and narrower due to the buildup of fatty deposits, leading to atherosclerosis. These narrowing arteries increase the risk of heart attack and the need for CABG. Moreover, lifestyle changes, including unhealthy eating habits and decreased physical activity, further escalate cardiac disease risk across all age groups.
Opportunity: Technological Advancements in Minimally Invasive Procedures
The medical industry has observed a seismic shift toward minimally invasive procedures, and CABG hasn't been an exception. Techniques like endoscopic vessel harvesting (EVH) offer patients a smaller incision, leading to less pain, faster recovery, and reduced hospital stays. According to an article in the Annals of Cardiothoracic Surgery, minimally invasive direct coronary artery bypass grafting has been demonstrated to be associated with a reduced length of hospital stay, blood loss, and transfusion requirements compared to traditional CABG. These advancements not only improve patient outcomes but also reduce overall healthcare costs, making them increasingly attractive to both healthcare providers and patients.
Restraint: Availability of Alternative Therapies
The rise of non-surgical alternatives like angioplasty, stenting, and drug therapies is proving to be a restraint for the CABG market. Angioplasty, for instance, is a less invasive procedure that uses a balloon-tipped catheter to enlarge a blocked artery. Following this, a stent might be placed to keep the artery open. Several studies, like one published in the New England Journal of Medicine, suggest that angioplasty, especially when combined with stenting, could be as effective as CABG for many patients with multiple artery disease, with the advantage of being less invasive.
Challenge: Post-operative Complications and Risks
Though CABG has been lifesaving for many, it doesn't come without challenges. Post-operative complications remain a significant concern. Potential complications like bleeding, heart rhythm irregularities, infections at the surgical site, or even memory loss and cognitive issues can sometimes overshadow the benefits. A publication in the European Journal of Cardio-Thoracic Surgery discussed that neurocognitive disorders after CABG have been recognized for decades and range from transient, subtle deficits to more severe conditions like stroke. These complications, coupled with a long recovery time, often make patients and healthcare providers think twice before opting for CABG, especially if the patient has other existing health conditions.
Technology Segmentation
In 2023, the CABG market saw the dominance of On-pump CABG in revenue terms. This procedure involves performing the graft while the heart is stopped and requires a heart-lung machine to function as the heart and lungs during the operation. Its efficacy and comprehensive application have made it the conventional method. However, the Off-pump CABG, also known as beating-heart surgery, has been registering the highest CAGR. Surgeons operate on the heart while it's still beating in this procedure, eliminating the need for the heart-lung machine. This method reduces the risks of complications that may arise from using the machine, leading to its popularity, especially in patients with specific conditions. There are also other technologies like minimally invasive direct CABG gaining traction, though their market share remains relatively small.
Procedure Segmentation
In terms of procedures, Double CABG surgery reigned supreme in revenue generation in 2023. This procedure involves bypassing two blocked coronary arteries and has been widely adopted due to the rising prevalence of multiple artery diseases. On the other hand, Triple CABG surgery, which involves bypassing three blocked arteries, is expected to grow at the highest CAGR from 2024 to 2032. The increasing complexities of cardiac diseases and advancements in surgical techniques contribute to this trend. While Single and Quadruple CABG surgeries also hold significant market shares, their growth rates are relatively moderate. Other methods like Hybrid CABG, combining surgery with angioplasty, are emerging, providing more options to healthcare providers and patients.
Geographic Segment
In the geographical expanse, North America, particularly the United States, took the lion's share of the market revenue in 2023, attributed to the high prevalence of coronary artery diseases, advanced healthcare infrastructure, and substantial medical spending. However, Asia-Pacific is anticipated to experience the highest CAGR from 2024 to 2032. This growth is fueled by increasing healthcare investments, growing awareness of cardiac diseases, and a large aging population, particularly in countries like China and India. Europe, with its advanced healthcare systems, continues to maintain a significant market share, with growth mainly driven by Eastern European nations.
Competitive Trends
The CABG market is highly competitive, with numerous players vying for dominance. As of 2023, key players included Medtronic, Terumo Corporation, Guidant Group, Maquet Holding B.V. & Co. K.G., Vitalitec International, Inc., Novadaq Technologies Inc., Karl Storz GmbH & Co. K.G., Edwards Lifesciences, Genesee Biomedical Inc., and Sorin Group. Their strategies predominantly revolved around R&D investments, mergers, acquisitions, and global expansions. For instance, Medtronic's portfolio of advanced cardiac surgical instruments and devices placed it as a market leader. Companies are also focusing on patient education and post-operative care solutions to differentiate themselves. The next decade is expected to witness companies leaning into AI and robotics, offering precision and reduced recovery times to further their market presence.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Coronary Artery Bypass Graft (CABG) market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Coronary Artery Bypass Graft (CABG) market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Technology
Procedure
End User
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Coronary Artery Bypass Graft (CABG) market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Coronary Artery Bypass Graft (CABG) market?
Which is the largest regional market for Coronary Artery Bypass Graft (CABG) market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Coronary Artery Bypass Graft (CABG) market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Coronary Artery Bypass Graft (CABG) market worldwide?
FIG. 10Market Positioning of Key Coronary Artery Bypass Graft (CABG) Market Players, 2023
FIG. 11Global Coronary Artery Bypass Graft (CABG) Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032