Cardiac Surgery Devices Market Insights, New Innovations, Research and Growth Factor till 2032
The Global Cardiac Surgery Devices Market is predicted to reach a valuation of US$ 2.4 Bn in 2032, with sales growing at a stagnant CAGR of 3.6% from 2022 to 2032. The target market is expected to reach an estimated US$ 1.7 Bn by the end of 2022. The growing prevalence of cardiovascular diseases have resulted in a heightened demand for cardiac surgery devices in the global market over the forecast period.
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Owing to the many technological progress happening in the industry and the development of cardiac surgery devices as per the patient requirement, the market for the same is likely to experience gradual expansion in the next few years. The rising prevalence of cardiac conditions have resulted in a swell in the demand for the cardiac surgical equipment.
As per a report by WHO, cardiovascular disease is a leading cause of death all over the world. This bodes well for the cardiac surgery device market. Again, many healthcare organizations are concentrating on expanding their facilities, products, and services which further propel the growth of the target market.
Promising investments and initiatives by the government coupled with the launch of upgraded and innovative product lines from manufacturers is expected to augment the sales of cardiac surgery devices at the international level. Governments, particularly in developing countries, are assisting start-ups and MNCs to ensure the growth of the healthcare device sector.
Thus, a rise in government funding for the healthcare sector in countries like Japan, India, and China will foster an environment of growth for the target market at large. Again, a rise in chronic diseases and traumatic injuries in these nations will fuel the growth of the cardiac surgery device market during the assessment period.
“A surge in the market release of the target product coupled with incorporation of cutting-edge technology into the same will propel the market growth of the cardiac surgery devices over the forecast period,” says an FMI analyst.
- The expensiveness of cardiac surgery devices along with a strict and extended approval period hinders the growth of the target market.
- The cardiac surgery devices market in Germany will grow at a 4.9% CAGR during the forecast period.
- In the South Asian market, India’s cardiac surgery devices market will grow at a 2.7% CAGR.
- The perfusion disposables segment will account for over 3/5th of the total market sales.
- The coronary bypass grafting segment will hold about 61.6% of the global market sales.
- Hospital segment will contribute the most to the target market during 2022-2032.
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Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Lepu Medical technology Co ltd, LivaNova PLC, Terumo Corporation, Getinge-Maquet Germany Holding GmbH, B. Braun Melsungen AG, C. R. Bard, Inc, Teleflex Incorporated, Angiodynamics, Edwards Lifesciences Corporation, MicroPort Scientific Corporation,, Smith Medical, Abiomed, Inc., Estech, Cook Medical Inc, Braile Biomedica, and Biotronik Inc. among others are some of the major players in the cardiac surgery devices market profiled in the full version of the report.
Many key players are keen on incorporating advanced technology and designs into their product to strengthen their market position. These businesses are releasing upgraded products as well as engaging in mergers and acquisitions to improve their revenue.
More Insights into Cardiac Surgery Devices Market Report
In its latest report, FMI offers an unbiased analysis of the global cardiac surgery devices market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (heart lung machine, breathing heart surgery systems (stabilizers, positioners), catheters (ablation catheter, drainage catheter), perfusion disposables (oxygenators, centrifugal pumps, cardioplegia delivery system)), procedure (coronary artery bypass grafting (on pump CABG, off pump CABG), minimally invasive surgery), end user (hospitals, ambulatory surgical centers), and region.
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According to the latest FMI reports, based on segmentation, the perfusion disposables product segment will dominate the market by accounting for more than 3/5th of the target market sales. In terms of procedure, the coronary bypass grafting segment will account for 61.6% of the global market sales while basing on end-user, the hospital segment will lead the market growth over the forecast period.
Based on region, the United States, India, and Germany are some of the nations that will likely experience notable market growth. A heightened demand for cardiac surgeries along with a rising prevalence of cardiovascular diseases and obesity-related cardiac conditions will fuel the growth of the cardiac surgery devices market in the U.S. Owing to the availability cost-effective treatment, the cardiac surgery devices market in India will be offered numerous lucrative opportunities. Germany, too, will register impressive target market growth during the projected period.
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