PUBLISHER: The Business Research Company | PRODUCT CODE: 1428323
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428323
A coronary artery bypass graft (CABG) is a surgical intervention designed to treat coronary artery disease. This procedure is performed when the coronary arteries, responsible for delivering blood to the heart, become narrowed or blocked, potentially leading to angina or a heart attack.
The primary procedures for coronary artery bypass grafting include single coronary artery bypass graft (CABG) surgery, double coronary artery bypass graft (CABG) surgery, triple coronary artery bypass graft (CABG) surgery, quadruple coronary artery bypass graft (CABG) surgery, and others. Single coronary artery bypass graft (CABG) surgery is a surgical intervention utilized for the management of coronary heart disease. Both off-pump and on-pump methods are employed by various healthcare facilities, including hospitals, cardiology clinics, research institutes, and other end-users.
The coronary artery bypass graft research report is one of a series of new reports from The Business Research Company that provides coronary artery bypass graft market statistics, including the coronary artery bypass graft industry's global market size, regional shares, competitors with coronary artery bypass graft market share, detailed coronary artery bypass graft market segments, market trends and opportunities, and any further data you may need to thrive in the coronary artery bypass graft industry. This coronary artery bypass graft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The coronary artery bypass graft market size has grown strongly in recent years. It will grow from $11.45 billion in 2023 to $12.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion observed in the historical period can be attributed to factors such as an aging population, the growth of healthcare infrastructure, an increase in cardiovascular diseases, awareness campaigns, and expanded insurance coverage.
The coronary artery bypass graft market size is expected to see strong growth in the next few years. It will grow to $17.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to the expansion of ambulatory surgery centers (ASCs), the integration of digital health, the growth of telemedicine, the utilization of remote patient monitoring devices, and the adoption of patient-centric approaches. Major trends in the forecast period include advancements in surgical techniques, collaborative research, the incorporation of robotics in surgery, the development of biodegradable implants, the use of AI for diagnostic purposes, and the implementation of virtual reality training for surgeons.
The anticipated rise in the prevalence of cardiovascular diseases is poised to propel the expansion of the coronary artery bypass graft market in the future. Cardiovascular disease (CVD) encompasses various heart and blood vessel ailments. To reduce the risk of heart attacks, a coronary artery bypass graft (CABG) creates a new pathway for blood flow around blocked or partially blocked arteries in the heart. As per a journal published by Oxford University Press, a UK-based university press, the percentage of people affected by peripheral artery diseases is expected to increase by 50% by 2045. Consequently, the increased prevalence of cardiovascular diseases drives the growth of the coronary artery bypass graft market.
The growing geriatric population is anticipated to be a driving force behind the expansion of the coronary artery bypass graft market. The geriatric population consists of individuals who are elderly or of advanced age. Coronary artery bypass graft (CABG) surgery addresses severe coronary artery disease (CAD) in the geriatric population by bypassing blocked or narrowed arteries with healthy blood vessels. This restores blood flow to the heart muscle and improves its function. According to the World Health Organization, globally, one in six people will be 60 or older by 2030, and the number of individuals in this age group is expected to double to 2.1 billion by 2050. Additionally, a report by the UK Parliament's House of Commons Library indicates that by 2043, seniors will make up 24% of the total population in the UK, reaching 17.4 million people. Therefore, the increasing geriatric population is fostering the growth of the coronary artery bypass graft market.
Strategic collaboration emerges as a prominent trend gaining traction in the coronary artery bypass graft market, with major companies focusing on partnerships to fortify their positions and gain a competitive edge. For example, Medtronic plc, a US-based medical device company, collaborated with CathWorks, an Israel-based medical equipment manufacturer. The collaboration involves Medtronic investing a maximum of $75 million in CathWorks and jointly promoting CathWorks' FFRangio System in the United States, Japan, and Europe. Another instance is the collaboration between Etiometry, a US-based clinical decision-support software provider, and Terumo Cardiovascular, a US-based manufacturer of medical devices for cardiac and vascular surgery. This collaboration aims to provide advanced clinical decision support for adult cardiac surgery patients during and after their post-surgical recovery.
Major companies operating in the coronary artery bypass graft market are innovating and introducing new products, including a suite of medical devices, to gain a competitive advantage. For instance, CardioPrecision Ltd, a UK-based medical technology company, launched a suite of CoreVista devices designed for use in endoscopic vessel harvesting (EVH) during coronary artery bypass grafting (CABG) surgery. These devices aim to revolutionize EVH by offering a less invasive alternative to traditional open vessel harvesting, optimizing the environment for training and independent clinical practice.
In August 2022, Medtronic plc, a US-based medical device company, completed the acquisition of Affera Inc. for an undisclosed amount. This acquisition enhances Medtronic's cardiac ablation lineup by introducing a cardiac mapping and navigation platform, incorporating a distinctive diagnostic tool, focused pulsed field technology, and a radiofrequency ablation solution. Affera Inc. is a US-based medical technology company specializing in coronary artery bypass graft (CABG) procedures.
Major companies operating in the coronary artery bypass graft market report are MicroPort Scientific Corporation, CryoLife Inc., Johnson & Johnson Co, Abbott Laboratories, Medtronic plc, Stryker Corporation, Northwell Health, Boston Scientific Corporation, Penn Medicine, Geisinger Health System Co, Terumo Corporation, Edwards Lifesciences Corporation, Main Line Health Inc., Getinge AB, Teleflex Incorporated, W. L. Gore & Associates Inc., Guidant Group, LivaNova PLC, AtriCure Inc., Peter Surgical, Sorin Group, Cardiva Medical Inc., Genesee Biomedical Inc., Dextera Surgical Inc., Cardica Inc., Maquet Holding B.V. & Co.KG, Novadaq Technologies Inc., Karl Storz GmbH & Co. KG, Vitalitec International Medizintechnik GmbH, Hancock Jaffe Laboratories.
North America was the largest region in the coronary artery bypass graft market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the coronary artery bypass graft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the coronary artery bypass graft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The coronary artery bypass graft market consists of revenues earned by entities by providing services such as bypass grafts, peripheral vascular grafts, hemodialysis access grafts, and endovascular stent grafts. The market value includes the value of related goods sold by the service provider or included within the service offering. The coronary artery bypass graft market also includes sales of forceps, vascular forceps, grasping forceps, needle holders, scissors, and clamps. 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.
Coronary Artery Bypass Graft 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 coronary artery bypass graft 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 coronary artery bypass graft ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The coronary artery bypass graft 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.
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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.