Rise in incidence of cardiac diseases, large pool of geriatric population and high-end technological advancements fuel the growth of the global cardiac surgical devices market
PORTLAND, Oregon, Sept. 24, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Cardiac Surgical Devices Market by Product Type (Beating Heart Surgery Systems, Cardiopulmonary Bypass Equipment, Cardiac Ablation Devices, and Perfusion Disposable), by Application (Congenital Heart Defects, Cardiac Arrhythmia, Coronary Heart Disease, Congestive Heart Failure), and by Age Group (New-born, Infant, Children, and Adults) - Global Opportunity Analysis and Industry Forecast, 2017-2023." As per the report, the global cardiac surgical devices industry was estimated at $1.70 billion in 2016 and is expected to reach $2.12 billion by 2023, growing at a CAGR of 3.2% from 2017 to 2023. The report offers an in-depth analysis of the top winning strategies, top investment pockets, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
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Drivers, restraints, and opportunities-
Increase in prevalence of cardiac diseases, large pool of geriatric population and high-end technological advancements are the major factors that drive the growth of the global cardiac surgical devices market. On the other hand, high cost of cardiac surgery procedures restrains the growth to some extent. Nevertheless, a number of developments in emerging economies are expected to pave the way for several opportunities for the key players in the industry.
The perfusion disposable segment to maintain its leadership status till 2023-
Based on product type, the perfusion disposable segment contributed to nearly three-fourths of the global cardiac surgical devices market revenue in 2016 and is expected to dominate throughout the forecast period. This is owing to rise in number of cardiac surgeries performed due to increase in incidence of cardiovascular diseases. The same segment is also projected to showcase the fastest CAGR of 3.3% during 2017-2023.
The cardiac arrhythmia to remain lucrative during the estimated period-
Based on application, the cardiac arrhythmia segment accounted for more than two-thirds of the global cardiac surgical devices market share in 2016 and is anticipated to rule the roost by 2023. This is attributed to surge in prevalence of cardiac arrhythmia across the world. The same segment would also cite the fastest CAGR of 3.3% till 2023.
North America to maintain its dominance throughout the forecast period-
Based on geography, North America held the lion's share, garnering nearly two-fifths of the global cardiac surgical devices market. Augmentation in the frequency of cardiovascular diseases, high rate of technological advancement in cardiac surgery devices, existence of renowned healthcare infrastructure, and increased patient awareness about the treatment options available for cardiac disorders increase the application of cardiac surgical devices in the region. On the other hand, the Asia-Pacific region is expected to grow at the fastest CAGR of 4.5% throughout 2017-2023. Huge patient base and surge in the awareness related to diagnosis of cardiac disorders fuel the growth.
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Key market players-
- Atrion Corporation
- Angiodynamics, Inc.
- Sorin S.P.A.
- Abbott Laboratories
- Terumo Medical Corporation
- Boston Scientific Corporation
- Medtronic Inc.
- Cook Medical
- Edwards Life Science Corporation
- Getinge Group
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