by The Cardiac Surgery Instrument Market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cardiac surgery instrument market includes a variety of surgical equipment that are used for open-heart surgeries and minimally invasive cardiac surgeries. Some of the commonly used cardiac surgery instruments are clamps, forceps, scissors, knives, needle holders, retractors, cannulas, and others. The growing prevalence of cardiovascular diseases coupled with technological advancements in cardiac surgery instruments is expected to drive the market growth over the forecast period. Moreover, favorable reimbursement policies and increasing healthcare expenditure in developing countries also support market growth.
Market Dynamics:
Growing prevalence of cardiovascular diseases is a key driver of the cardiac surgery instrument market. According to the World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths globally in 2019. Of these deaths, 85% were due to heart attack and stroke. In addition, adoption of minimally invasive surgeries is increasing rapidly owing to advantages such as less pain, shorter hospital stays, and quicker recovery times compared to open-heart surgeries. This is expected to augment the demand for specialized cardiac surgery instruments. Furthermore, ongoing research and development activities by leading players to develop advanced hybrid surgical instruments will also contribute to market growth over the forecast period.
Segment Analysis
The cardiac surgery instrument market can be segmented based on product type into scissor, forceps, clamp, cardiac retractor, cannulas, and others. Among these, forceps dominate the market with around 30% share as they are necessary in every cardiac surgery procedure for tissue manipulation and management of bleeding.
PEST Analysis
Political: Favorable regulations and initiatives by governments worldwide for funding in cardiovascular disease research and treatment is boosting the cardiac surgery instrument market growth.
Economic: Rising healthcare spending coupled with growing economy is increasing access to cardiac surgery in developing nations, positively impacting the market.
Social: Growing prevalence of cardiovascular diseases due to changing lifestyle and increasing life expectancy is creating high demand for cardiac surgical procedures.
Technological: Advancements in minimally invasive cardiac surgery techniques and introduction of robot-assisted cardiac surgery systems are some key technological trends in the market.
Key Takeaways
The Global Cardiac Surgery Instrument Market Size is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing geriatric population and prevalence of cardiovascular diseases.
Regional analysis
Asia Pacific is projected to be the fastest growing region in the cardiac surgery instrument market, growing at a CAGR of over 15% during the forecast period. This can be attributed to rising healthcare awareness, healthcare expenditure, and medical tourism in emerging APAC countries.
Key players operating in the cardiac surgery instrument market are Medtronic, Edwards Lifesciences, Abbott Laboratories, Boston Scientific, LivaNova, Sorin Group (now part of LivaNova), Terumo Corporation, Getinge AB, CryoLife, MicroPort Scientific Corporation, B. Braun Melsungen AG, Maquet (now part of Getinge AB), W. L. Gore & Associates, Stryker Corporation, Merit Medical Systems. Key players are focusing on new product launches and geographical expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
