Global Cardiac Surgery Devices Market - 2023-2030

Overview

Global Cardiac Surgery Devices Market reached US$ 2.1 billion in 2022 and is expected to reach US$ 3.2 billion by 2030 growing with a CAGR of 3.4% during the forecast period 2023-2030.

Cardiac surgery devices are used in the treatment of many cardiovascular diseases including congenital heart disease, arrhythmias, and heart valve disease. Cardiac surgery devices aid in the healing of structural problems in the circulatory system of the heart including damaged or clogged valves and arteries.

The global cardiac surgery devices market has witnessed significant growth in recent years due to the usage of cardiac and vascular surgery devices such as pacemakers, implantable cardioverter defibrillators (ICDs), heart valves, balloon catheters, and stents as they play a key role in managing and treating cardiovascular diseases.

Furthermore, significant growth drivers such as increasing technological advancements, product launches, and favorable reimbursement policies give rise to future market growth. Significant key players like Medtronic plc, Terumo Corporation, LivaNova Plc., Abbott Laboratories, Murray Surgical Limited, Boston Scientific Corporation, and others are actively operating in the market.

Dynamics

Technological Advancements in Cardiac Surgery Devices

Cardiac surgery devices are used to treat many cardiovascular diseases such as ischemic heart disease, rheumatic heart disease, congestive heart failure, and valvular heart disease. The major technological advancements by major companies help to drive market growth. These effective advancements help to transform research discoveries into new treatments and improve care for millions of people with heart diseases.

For instance, in May 2023, Robocath launched a robot system for heart surgery called R-One+, for coronary angioplasties at the EuroPCR 2023 conference. The platform allows the cardiologist to control devices from the control command unit which can be positioned in the catheterization laboratory.

Additionally, in December 2022, Abbott Laboratories launched its latest-generation transcatheter aortic valve implantation (TAVI) system, Navitor, by making the minimally invasive device available for people with severe aortic stenosis who are at high or extreme surgical risk. Hence, due to the above factors, the market is expected to boost over the forecast period.

Favorable Reimbursement Policies are Boosting the Cardiac Surgery Device Market

Reimbursement policies often consider factors such as the complexity of the procedure, the type of catheter used, and the associated healthcare resources utilized during the procedure. Reimbursement policies play a crucial role in the cardiac surgery device market as they determine the level of coverage and financial reimbursement provided to healthcare providers for performing cardiac catheterization procedures.

For instance, according to Shockwave Medical July 2022, since the launch of Coronary IVL in early 2021, Shockwave has made deep and significant progress on reimbursement. They have reimbursement in the outpatient, ASC, and inpatient settings. In addition, an opportunity for physician reimbursement via Coronary Category III CPT code.

Complications for Cardiac Catheterization Will Hamper the Growth of the Market

Cardiac catheterization involves the insertion of a catheter into blood vessels, which can potentially cause vessel damage. This can include vessel perforation, dissection (tearing of the vessel wall), or rupture. Vessel damage can result in bleeding, hematoma formation, or even require surgical repair.

According to CardioVascular Group, April 2023, the most common risk associated with cardiac catheterization is bleeding. During the procedure, a small incision is made to insert the catheter, and this can lead to bleeding. Heart rhythm abnormalities called arrhythmias can happen during or after cardiac catheterization. These can result from changes in blood flow during the procedure or from the catheter rubbing against the heart muscle.

Segment Analysis

The global cardiac surgery devices market is segmented based on product, procedure, application, end users, and region.

Catheters from the Product Segment Accounted for Approximately 47.2% of the Global Cardiac Surgery Devices Market Share

The catheterization procedure is typically carried out in patients by using various catheters with certain congenital heart defects, such as transposition of the great arteries or pulmonary atresia, where there is an abnormal communication or inadequate blood flow between the atria. The demand for catheters is driven by the increasing incidence of cardiovascular diseases.

For instance, in May 2023, Abbott Laboratories received the approval of the U.S. Food and Drug Administration (FDA) for the company's TactiFlex Ablation Catheter which is sensor-enabled and the world's first ablation catheter with a flexible tip and contact force technology.

Additionally, in May 2022, Medtronic Plc. received approval from the U.S. Food and Drug Administration (FDA) for the IN.PACT 018 Paclitaxel-Coated Percutaneous Transluminal Angioplasty (PTA) Balloon Catheter, a drug-coated balloon (DCB), indicated for the interventional treatment of peripheral arterial disease (PAD) in the superficial femoral and popliteal arteries.

Geographical Penetration

North America Accounted for Approximately 38.5% of the Market Share in 2022

North America has maintained a significant proportion of the cardiac surgery devices market in recent years, and this trend is anticipated to continue throughout the forecast period due to factors such as the rising number of open heart surgeries performed in the U.S. and technological advancements in cardiac surgery devices.

For instance, according to the Lifespan Health System, there are about 500,000 open heart surgeries performed each year in the United States. It is most often used for complicated procedures, such as coronary artery bypass, or complex procedures to the aorta or the heart itself. Also, coronary heart disease is the most common type of heart disease, killing 375,476 people in 2021.

Competitive Landscape

The major global players in the market include: Medtronic Plc., Terumo Corporation, LivaNova Plc., Abbott Laboratories, Murray Surgical Limited, Boston Scientific Corporation, Getinge AB, Wexler Surgical, Lepu Medical Technology Co. Ltd, and Gore Medical Inc. among others.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the cardiac surgery device market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular check-ups, appointments, device implantations, and consultations worldwide. Many hospitals are focused on COVID-19 cases, and this reduced cardiac surgery in many patients suffering from congenital heart defects.

Moreover, the focus of research and development efforts shifted during the pandemic, with a significant emphasis on developing vaccines and treatments for COVID-19. Therefore, owing to the above factors, the cardiac surgery device market is expected to be moderately affected over the forecast period.

By Product

• Beating Heart Surgery Systems
  • Stabilizers
  • Positioners

• Cardiopulmonary Bypass Equipment
  • Arterial cannula
  • Venous cannula
  • Oxygenators

• Catheters
  • Balloon catheter
  • Ablation Catheter
  • Drainage Catheter

• Perfusion Disposables
  • Arterial Filters
  • Connectors
  • Hemoconcentrator

• Others

By Procedure

• Coronary Artery Bypass Grafting
• Minimally Invasive Surgery
• Others

By Application

• Congenital Heart Disease
• Coronary Artery Disease
• Arrhythmias
• Heart Valve Disease
• Rheumatic Heart Disease
• Aortic Aneurysm
• Congestive Heart Failure
• Others

By End Users

• Hospital
• Cardiac Centers
• Ambulatory Surgical Centers
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• In March 2023, Shockwave Medical launched the new peripheral IVL catheter. The Shockwave L6 catheter is purpose-built to modify calcification in otherwise difficult-to-treat lesions in large peripheral vessels, including the iliac and the common femoral arteries.
• In June 2023, Terumo Aortic launched of the company's global post-approval study (PAS) known as EXTEND for Thoraflex Hybrid, the only frozen elephant trunk (FET) device approved by the US Food and Drug Administration (FDA) for the treatment of patients with complex aortic arch disease.

Why Purchase the Report?

• To visualize the global cardiac surgery devices market segmentation based on product, procedure, application, end users, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global cardiac surgery devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global cardiac surgery devices market report would provide approximately 69 tables, 70 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies