PUBLISHER: The Business Research Company | PRODUCT CODE: 1387686
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387686
“Cardiovascular Surgery Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiovascular surgery devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiovascular surgery devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiovascular surgery devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Cardiovascular surgery devices and equipment are crucial tools used in procedures focused on repairing structural defects in the cardiovascular system and addressing issues with valves and vessels.
The primary categories of cardiovascular surgery devices and equipment encompass beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposables. Cardiopulmonary bypass equipment, particularly utilized in open-heart surgeries, is operated with precision. These tools find various applications in treating congenital heart defects, cardiac arrhythmia, coronary heart disease, congestive heart failure, among other medical needs. They are extensively employed in hospitals, diagnostic laboratories, research laboratories, as well as home and ambulatory care settings.
The cardiovascular surgery devices and equipment market research report is one of a series of new reports from The Business Research Company that provides cardiovascular surgery devices and equipment market statistics, including cardiovascular surgery devices and equipment industry global market size, regional shares, competitors with a cardiovascular surgery devices and equipment market share, detailed cardiovascular surgery devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular surgery devices and equipment industry. This cardiovascular surgery devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiovascular surgery devices and equipment market size has grown steadily in recent years. It will grow from $1.79 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. Historical growth in the cardiovascular surgery devices and equipment sector can be credited to several factors, including the prevalence of cardiovascular diseases, technological advancements, an aging population, and the emphasis on managing chronic diseases.
The cardiovascular surgery devices and equipment market size is expected to see steady growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the upcoming period is linked to several factors such as the increased use of minimally invasive surgery, advancements in imaging technologies, the application of personalized medicine, and the expanded use of telemedicine and teleconsultations. Furthermore, significant trends expected in this period encompass the introduction of hybrid operating rooms, the proliferation of transcatheter procedures, the integration of artificial intelligence (AI) in surgical practices, and the facilitation of remote surgical training.
The expanding elderly demographic combined with the increasing prevalence of fatalities attributed to cardiovascular ailments serves as a driving force in the cardiovascular surgical devices market. As per the American Heart Association (AHA), approximately 43.7 million individuals over 60 years old in the United States are affected by cardiovascular conditions. AHA reports an estimated 17.3 million deaths annually from cardiac diseases, which are anticipated to exceed 23.6 million worldwide by 2030. Consequently, a greater number of surgical procedures are being conducted, thereby spurring market growth.
The projected growth in the cardiovascular surgery devices and equipment market is attributed to the escalating number of individuals affected by obesity. Obesity, characterized by excessive body fat accumulation, is linked to various severe health complications, including cardiovascular disease, diabetes, and specific forms of cancer. Utilizing cardiovascular surgery devices and equipment in the treatment of obese patients can significantly enhance surgical outcomes. According to the Trust for America's Health's State of Obesity 2022 report, 40% of American adults are grappling with obesity, and this rate is steadily climbing both nationwide and across different demographic groups. Specifically, 19 states have seen obesity rates surpassing 35%, a notable increase from the figures reported in 2021. This surge in obesity cases underpins the growth of the cardiovascular surgery devices and equipment market.
The cardiovascular surgical devices market faces potential limitations due to rigorous and protracted approval procedures established by regulatory bodies. According to a Harvard Business School researcher, the FDA's approval process for pioneering cardiovascular products, like implantable defibrillators or transcatheter heart valves, can be notably delayed, thereby escalating manufacturing expenses. In the case of new cardiovascular devices (first entrants), the original innovator typically spends around 7.2 months longer than the immediate subsequent innovator. For instance, Edwards Lifesciences experienced a four-year gap between the approval of its trans-catheter heart valve in Europe and its approval in the USA. The study also highlighted the financial implications associated with these regulatory delays. The estimated average cost incurred by companies due to these delays amounts to approximately $6.7 million, an additional financial burden over the existing average cost of $94 million to introduce a novel medical device to the market. Consequently, these delays can impede companies' endeavors to pursue innovative advancements.
Businesses within the cardiovascular surgery devices and equipment sector are dedicating investments to second-generation bioresorbable stents, rectifying earlier stent model flaws. This advancing sector anticipates reaching a valuation of $247 million by 2025. The new stent features, including thinner strut thicknesses, accelerated resorption periods, and improved radial force, are projected to generate higher growth rates. The rise in elective procedures due to the less-invasive nature of percutaneous coronary interventions (PCIs) in comparison to coronary artery bypass grafting (CABG) is expected to fuel the adoption of bioresorbable stents. For example, Amaranth Medical has introduced three medical devices, the latest featuring a thinner strut thickness of 100 microns.
Major players in the Cardiovascular Surgery Devices And Equipment market are actively investing in companies within the sector to solidify their market presence. These companies allocate significant investments in research and development to create pioneering products that enhance patient outcomes and shorten recovery times. For example, in August 2023, Capstan Medical, a US-based medical device firm specializing in robotic-assisted heart valve surgery technology, secured $31 million in Series B funding. This funding infusion is intended to support the development of robotic transcatheter heart valve replacements, focusing on the integration of robotics into minimally invasive heart valve procedures. Capstan Medical's technology is engineered to introduce robotic precision into the placement and deployment of valve implants within a functioning heart.
The U.S. Food and Drug Administration's (FDA) Center for Devices and Radiological Health (CDRH) has unveiled its priority list for medical device guidance documents. This action is set to support companies by fostering innovation and safeguarding them against the rigorous implications of product disapproval. As a result, a more defined and transparent approval process is expected to stimulate growth in the cardiovascular surgical devices market in the upcoming period.
Major companies operating in the cardiovascular surgery devices and equipment market include Abbott Laboratories, Boston Scientific Corporation, Cook Medical, Abiomed Inc., Angiodynamics, Transmedics, Terumo cardiovascular systems corporation, Edwards Life Science Corporation, Medtronic PLC, Cardinal Health, Cyberheart Incorporated, Medwaves Incorporated, Thoratec Corporation, Cordis Corporation, Getinge Group, Atrion Corporation, Sorin S.P.A., Biosensors International, Bioventrix Inc., Maquet GmbH & Co. KG, EndoPhotonix Inc., Krdium Inc., SEMMT Inc., Amaranth Medical, 3M Health Care, Abaxis Inc., Atlas Genetics, Becton Dickinson and Company, BioFire Diagnostics, bioMerieux, Bio-Rad Laboratories, Cepheid, Chembio Diagnostic Systems, EKF Diagnostics, GenMark Diagnostics, Hologic, LumiraDx, Mesa Biotech (a subsidiary of Thermo Fisher Scientific), Nova Biomedical, NOWDiagnostics, Opko Health, OraSure Technologies, QIAGEN, Roche Diagnostics, Sekisui Diagnostics, Siemens Healthineers, Sysmex Corporation, Thermo Fisher Scientific, Trividia Health, Trivitron Healthcare, Werfen S.A.
North America was the largest region in the global cardiovascular surgery devices and equipment market in 2023. Western Europe was the second-largest region in the global cardiovascular surgery devices and equipment market. The regions covered in the cardiovascular surgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cardiovascular surgery devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cardiovascular surgery devices and equipment market consist of sales of perfusion disposables, beating heart surgery systems, cardiopulmonary bypass equipment, and cardiac ablation devices that are used for cardiovascular surgeries. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.