The global cardiac surgical devices market was valued at $2,208.73 million in 2020 and is projected to reach $3052.38 million by 2030, registering a CAGR of 3.3% from 2021 to 2030.
Cardiac surgery is the process performed to cure heart tissue defects, such as replacing the diseased heart valves (if blocked), grafting, or replacement of heart tissues in case of damage. There are two major types of heart surgeries performed-closed and open. Cardiac surgical devices are used for angioplasty, valve replacements, stent placement, and open heart surgery.
Factors that drive the growth of cardiac surgical devices market are increase in health and lifestyle disorders, rise in the prevalence of cardiovascular diseases, surge in the geriatric population with rising co-morbidities, increase in sedentary lifestyles, rise in excessive cigarette use, surge in number of diabetic patients, and increase in the number of people suffering from obesity. Increase in number of people suffering from vascular malfunctions and congenital defects as well as rise in the number of people suffering from poor nutrition as a result of changing lifestyles and an increase in the obese population, are expected to drive the growth of cardiovascular surgical devices market. However, in the developing and undeveloped countries, there are economic limits associated with these devices, as well as lack of experienced personnel.
The global cardiac surgical devices market is segmented on the basis of product, application, and age group. Based on product type, it is fragmented into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. Depending on application, it is categorized into congenital heart defects, cardiac arrhythmia, coronary heart disease, and congestive heart failure. On the basis of age group, it is categorized into, new-born, infant, children, and adults. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key market players profiled in the report include includes Edwards Life Science Corporation, Medtronic Inc., Getinge Group, Atrion Corporation, Abbott Laboratories, Sorin S.P.A., Terumo Medical Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc.
Cardiac surgery is the process performed to cure heart tissue defects, such as replacing the diseased heart valves (if blocked), grafting, or replacement of heart tissues in case of damage. There are two major types of heart surgeries performed-closed and open. Cardiac surgical devices are used for angioplasty, valve replacements, stent placement, and open heart surgery.
Factors that drive the growth of cardiac surgical devices market are increase in health and lifestyle disorders, rise in the prevalence of cardiovascular diseases, surge in the geriatric population with rising co-morbidities, increase in sedentary lifestyles, rise in excessive cigarette use, surge in number of diabetic patients, and increase in the number of people suffering from obesity. Increase in number of people suffering from vascular malfunctions and congenital defects as well as rise in the number of people suffering from poor nutrition as a result of changing lifestyles and an increase in the obese population, are expected to drive the growth of cardiovascular surgical devices market. However, in the developing and undeveloped countries, there are economic limits associated with these devices, as well as lack of experienced personnel.
The global cardiac surgical devices market is segmented on the basis of product, application, and age group. Based on product type, it is fragmented into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. Depending on application, it is categorized into congenital heart defects, cardiac arrhythmia, coronary heart disease, and congestive heart failure. On the basis of age group, it is categorized into, new-born, infant, children, and adults. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key market players profiled in the report include includes Edwards Life Science Corporation, Medtronic Inc., Getinge Group, Atrion Corporation, Abbott Laboratories, Sorin S.P.A., Terumo Medical Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc.
Key Market Segments
By Product Type
- Beating Heart Surgery Systems
- Cardiopulmonary Bypass Equipment
- Cardiac Ablation Devices
- Perfusion Disposable
By Application
- Congenital Heart Defects
- Cardiac Arrhythmia
- Coronary Heart Disease
- Congestive Heart Failure
- Others
By Age Group
- New-born Population
- Infant Population
- Children Population
- Adult Population
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Italy
- Spain
- Rest of Europe
- Germany
- France
- U.K.
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ABBOTT LABORATORIES
- ANGIODYNAMICS, INC.
- ATRION CORPORATION
- BOSTON SCIENTIFIC CORPORATION
- COOK GROUP
- EDWARD LIFESCIENCES CORPORATION
- GETINGE AB
- MEDTRONIC PLC
- TERUMO CORPORATION
- LIVANOVA, PLC
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CARDIAC SURGICAL DEVICES MARKET, BY PRODUCT TYPE
CHAPTER 5: CARDIAC SURGICAL DEVICES MARKET, BY APPLICATION
CHAPTER 6: CARDIAC SURGICAL DEVICES MARKET, BY AGE GROUP
CHAPTER 7: CARDIAC SURGICAL DEVICES MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Cardiac Surgical Devices Market,' the cardiac surgical devices market was valued at $2.2 billion in 2020, and is estimated to reach $3.1 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.Cardiac surgical devices are used for the process of cardiac surgery or surgery of cardiac vessels that is performed to treat the complications of heart diseases such as valvular heart disease and congenital heart diseases. Cardiac surgical devices include stents and instruments for cardiovascular and thoracic procedures. Cardiac surgical devices can be manual and robotic. The robotic surgical procedures result in internal injuries and have potential risk for cancer thus, manual surgeries are well opted, creating a lucrative demand for cardiac surgical devices.
Major factors that impact the cardiac surgical devices market growth include surgeries under various fields, like open heart surgery, heart transplant, cardiac valve procedures, and coronary artery bypass graft surgery. In addition, increase in the number of patients suffering from cardiovascular diseases, owing to various factors such as obesity, diabetes, and an ageing population drives the growth of cardiac surgical devices market. However, lack of experienced healthcare professionals and lack of awareness for cardiac health procedures are some reasonable restraints that hinder the growth during cardiac surgical devices market forecast. Furthermore, government initiatives for better healthcare facilities and awareness programs in Asia-Pacific region are expected to provide lucrative growth opportunities for the market.
Coronavirus is a large family of severely acute respiratory syndrome (SARS) viruses that causes diseases ranging from common cold to severe respiratory diseases. The COVID-19 outbreak negatively impacted growth of the global cardiac surgical devices industry. Implementation of lockdown delayed the surgical procedure up to six months thereby, having a minimal negative impact on the market.
The global cardiac surgical device market is segmented on the basis of product, application, age group, and region. Depending on product type, it is classified into heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. The perfusion disposable segment dominated the cardiac surgical devices market size in 2020, and is anticipated to continue this trend in the forecast, owing to the increase in prevalence of coronary artery bypass grafting and heart valve replacement surgeries.
Depending on application, the cardiac arrhythmia segment dominated the global cardiac surgical devices market share in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in life expectancy and atrial fibrillation.
According to age group, the adult segment dominated the market in 2020, and is anticipated to continue this trend during cardiac surgical devices market analysis, owing to surge in lifestyle disorders.
Region wise, North America accounted for the largest share in the cardiac surgical devices market in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to the growth in incidences of arrhythmia and heart failure accompanied with the rise in geriatric population and increased patient awareness about the availability of cardiac surgery options. In addition, the high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are anticipated to bring in new growth opportunities for the key players in this market. However, Asia-Pacific is projected to grow at the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.
KEY FINDINGS OF THE STUDY
- Depending on product, the perfusion disposables held largest share in the global cardiac surgical devices industry in 2020.
- According to application, the cardiac arrhythmia held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
- As per age group, the adult population held largest market share in 2020 and is anticipated to continue this trend during the forecast period.- Region wise, North America is expected to experience growth at the highest rate in cardiac surgical devices market size, registering a CAGR of 2.9% during the forecast period.
Companies Mentioned
- ABBOTT LABORATORIES
- ANGIODYNAMICS, INC.
- ATRION CORPORATION
- BOSTON SCIENTIFIC CORPORATION
- COOK GROUP
- EDWARD LIFESCIENCES CORPORATION
- GETINGE AB
- MEDTRONIC PLC
- TERUMO CORPORATION
- LIVANOVA, PLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 193 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 2208.73 million |
| Forecasted Market Value ( USD | $ 3052.38 million |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
