Nearly a third of all the global deaths can be attributed to cardiovascular diseases and it is the main cause of death in the U.S., responsible for 17% of national healthcare expenditure. The American Heart Association estimates that 40% of the American people will suffer from cardiovascular ailments in 2030 and the direct cost of these would skyrocket to approx. US$ 820 Billion. Such sobering statistics are the main reason that cardiac surgery devices have seen continued uptake in the past decade and should likely remain so during the course of the next 10 years. Future Market Insights in its comprehensive report titled ‘Cardiac Surgery Devices Market: Global Industry Analysis 2012 2016 and Opportunity Assessment 2017 2027’ has studied the cardiac surgery devices market and expects it to record a CAGR of 3.7% and be worth over US$ 2 Bn by end 2027.
Perfusion Disposables Dominates the Cardiac Surgery Devices Market by Product Type
The perfusion disposables segment represents a considerably larger market opportunity than either catheters, beating heart surgery systems, or heart lung machines in the cardiac surgery devices market. The perfusion disposables segment is predicted to be worth more than US$ 800 Mn in 2017 alone with oxygenators contributing the lion’s share of this. By the end of the forecast period, the segment is on track to push past US$ 1.1 Bn, making it a particularly lucrative segment in the cardiac surgery devices market as its attractiveness index is 2.0. A greater acceptance of heart lung machine tables is expected to benefit the adoption of perfusion disposables in the cardiac surgery devices market.
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Well-developed Medical Infrastructure Makes North America Keep its Crown
North America has a world-class medical infrastructure coupled with a population that is rapidly ageing and suffering from cardiopulmonary disorders. This combination all but ensures that the region is larger than both Western Europe and APEJ combined in the year 2017 with a value of just under US$ 555 Mn. North America is on track to witness a CAGR of 4.1% for the period 2017-2027 that should see the market in the region touch US$ 830 Mn by end 2027. Most new developments are centred in North America and its high acceptance of modern technology make it an extremely lucrative region in the global cardiac surgery devices market.
Minimally Invasive Surgery Gaining Traction in Cardiac Surgery Devices Market
Coronary artery bypass grafting is anticipated to be the largest contributor in the cardiac surgery devices market by procedure in 2017 and it is unlikely to cede this position anytime soon. However, modern advancements in cardiopulmonary bypass techniques, surgical approaches and incisions have made minimally invasive surgery increasingly popular in recent times. Minimally invasive surgery has the advantage of reduced surgical trauma and decreased pain and this is anticipated to propel the cardiac surgery devices market in the long term. In terms of CAGR these two segments hold the top position in the global cardiac surgery devices market, with coronary artery bypass grafting recording a value CAGR of 3.5% and minimally invasive surgery registering a 4.1% CAGR in terms of revenue during the forecast period.
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Focus on Hospitals over Ambulatory Surgical Centres in the Cardiac Surgery Devices Market
The hospitals segment is larger than the ambulatory surgical centres segment by end user in the cardiac surgery devices market and this trend is predicted to continue for the foreseeable future. An attractiveness index of 1.1 and a market opportunity of almost US$ 1.2 Bn by 2027 end should make all major companies actively target the hospitals end user segment in the cardiac surgery devices market.
The companies actively involved in the global cardiac surgery devices market that have been profiled in the report include Biotronik, Braile Biomedica, Cook Medical Inc., Estech, Abiomed, Smith Medical, MicroPort Scientific Corporation, Edwards Lifesciences Corporation, Angiodynamics, Teleflex Incorporated, C. R. Bard, Inc, B. Braun Melsungen AG, Getinge-Maquet Germany Holding GmbH, Terumo Corporation, LivaNova PLC, Lepu Medical technology Co ltd., Boston Scientific Corporation, Medtronic, and Abbott Laboratories.
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The increasing preference for minimally invasive surgical procedures is one of the recent trends seen in the cardiac surgery devices market. In the last decade, minimally invasive cardiothoracic surgery has grown by leaps and bounds mainly because of the reduced pain and surgical trauma after this procedure. Even though coronary artery bypass grafting is much larger at present, key stakeholders are advised to focus on minimally invasive procedures as patients will almost certainly prefer this form of treatment. In addition to this, the beating heart surgery system type could see widespread adoption in the days ahead.
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