The Global "Cardiac Surgery Devices Market" is expected to grow at a CAGR of 8.4% during the forecasting period (2022-2029).
The heart surgeons perform cardiac surgery due to the complications in the heart like congenital heart disease, ischemic heart disease, and valvular heart disease, etc. Manufacturers of the cardiac devices are developing novel instruments along with the traditional devices to offer more usable products in the treatment of cardiac diseases.
The major driving forces are the increasing incidences of cardiovascular disease, the growing aging population, rising preference of minimally invasive procedures, rapid technological advances, and the growing awareness among the people.
The increasing incidences of cardiovascular diseases are expected to boost the market over the period of forecast. For instance, according to WHO, around 17.9 million people die of cardiovascular diseases, every year, an estimated 31% of all deaths worldwide. Four out of five CVD deaths are due to heart attacks and strokes. Thus, the growing number of heart failures, heart attacks, strokes, and other heart-related illnesses are driving the cardiac surgery devices market growth.
Technological advances in cardiac surgery devices are expected to drive the market over the period of forecast. For instance, on September 5, 2019, Edwards Lifesciences won FDA clearance to integrate its ForeSight brain tissue oximetry sensors with the HemoSphere monitoring platform, which predicts unexpected blood pressure drops. It allows us to monitor the oxygen saturation of the brain during surgeries and to correlate it with the hemodynamic parameters in real-time. Also, on June 19, 2019, the BraveHeart Wireless Inc., received clearance from the US FDA for the BraveHeart™ life sensor cardiac monitoring system for cardiac rhythm management. Thus, the growing number of technological advances in cardiac devices are driving the cardiac surgery devices market growth.
Ongoing research related to heart failures, heart attacks, and other heart-related illnesses is expected to boost the market. For instance, according to the new research funded and published by the British Heart Foundation on September 3, 2019, the latest AI technology has the potential to detect early signs of a heart attack at least 5 years before it occurs. Thus, ongoing research in cardiac illness is expected to raise awareness and giving lucrative opportunities for the key players to develop cardiac surgery devices.
The presence of government organizations to raise awareness regarding cardiac surgeries is expected to boost the market. For instance, the Society of Thoracic Surgeons (STS) is a non-profit group and represents over 7,200 surgeons, allied health care professionals and researchers across the world engaged to ensure the best results for heart, lung and esophagus surgeries and also other surgical procedures within the chest. Thus, the initiatives taken by such organizations are expected to drive cardiac surgery devices market growth.
However, the stringent regulations for the approval of medical devices, high investment cost, and shortage of professional/skilled surgeons are expected to hamper the market. The shortage of skilled surgeons to perform cardiac surgeries is likely to restrain the market. For instance, according to a news published in Science Daily on May 17, 2016, the American Association for Thoracic Surgery has estimated that looking forward to 2035, a growing imbalance is projected between the number of cardiothoracic surgeons required and the number available. Also, they have estimated that cardiothoracic surgeons should increase their caseload by 121 % to meet the demand of increasing incidences of cardiovascular disease.
The global cardiac surgery devices market can be segmented by product type into breathing heart surgery systems, perfusion disposables, cardiopulmonary bypass equipment, and catheters. Breathing heart surgery systems segment can be segmented into stabilizers and positioners.
The perfusion disposables are segmented into oxygenators, centrifugal pumps, and cardioplegia delivery systems. The perfusion disposables segment is expected to grow at a significant rate over the period of forecast, owing to the recent launches, and approvals from the governing bodies. For instance, on February 20, 2018, Paragonix Technologies, Inc., announced the European Conformity (“CE”) for the SherpaPak™ Cardiac Transport System and the SherpaPerfusion™ Cardiac Transport System.
The catheters segment can be segmented into the ablation catheter and drainage catheter. The catheters segment is expected to grow at a high rate, owing to the recent launches by the key players. For instance, on June 11, 2019, Abbott launched the HD grid mapping catheter, which is sensor-enabled in India. It works in a novel manner, which creates highly detailed maps of the heart that better differentiate healthy from unhealthy tissue.
The global cardiac surgery devices market can be segmented by procedure into coronary artery bypass grafting and minimally invasive surgery. The coronary artery bypass grafting segment is segmented into on-pump coronary artery bypass grafting and off-pump coronary artery bypass grafting.
The minimally invasive surgery segment is expected to boost the market over the forecast period. The minimally invasive cardiac surgery has surged in popularity because of the various benefits of this procedure like reduced surgical trauma and decreased pain in the surgical area. Also, the presence of recent approvals, using a minimally invasive surgical approach is expected to boost the market. For instance, On March 13, 2018, UR Medicine cardiac surgeons introduced the LVAD Heart Pump Surgery, a minimally invasive approach to implant the newest heart pump available for people with congestive heart failure. Also, in July 2018, FDA has approved the third-generation version of Abbott Laboratories’ MitraClip device, a minimally invasive alternative to open-heart surgery for the patients with leaking mitral valves.
The global cardiac surgery devices market can be segmented by type into interventional cardiac surgery, cardiac rhythm management, traditional cardiac surgery, and others.
The cardiac rhythm management segment is expected to grow at a significant rate over the forecast period, owing to the recent launches by the key players. For instance, in July 2019, Biotronik announced the launch of the next-generation injectable cardiac monitor. This innovative device was designed to help patients with irregular heart rhythms by tracking the suspected arrhythmia or unexplained syncopes with increased clarity.
Also, the presence of integrated programs related to cardiac rhythm management is expected to boost the market. For instance, according to recent news, published in HealthEuropa on August 12, 2019, Julia Rohde from Preventicus described their integrated care program, which helps the people having a stroke with smart cardiac rhythm management. It involves the Preventicus Heartbeats app; a CE marked medical device class IIA, which uses the smart phone's camera light to measure and analyze a person’s cardiac rhythm within a few minutes. Thus, the presence of such programs is raising awareness regarding cardiac rhythm management and is expected to give opportunities for the key players to manufacture the devices that monitor cardiac rhythm.
Geographically, the global cardiac surgery devices market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is dominating the global cardiac surgery devices market in 2018 and is estimated to hold significant market size over the forecast period (2020-2027) owing to the increasing incidences of cardiovascular diseases, rapid technological advances, increasing awareness among the population, and the growing preference for minimally invasive procedures.
The increasing incidences of cardiovascular diseases are expected to drive the market over the forecast period. For instance, according to the American College of Cardiology, cardiovascular disease accounted for 800,000 deaths in the US in 2017 alone. Also, among Americans, an average of one person dies from cardiovascular disease, every 40 seconds. Coronary heart disease accounts for the majority of CVD deaths, followed by stroke and heart failure. CDC has estimated that heart disease is the leading cause of death in the US, and responsible for 1 in 4 deaths every year. Almost 6 million Americans currently have heart failure, a figure which is expected to increase by 46 %, to 8 million, by 2030. Thus, the growing number of cardiovascular diseases is driving the cardiac surgery devices market.
The rising preference for minimally invasive surgeries is expected to boost the North American cardiac surgery devices market. For instance, Beaumont is a pioneer in minimally invasive techniques to perform valve replacement surgery. It is the first hospital in the US to replace an aortic valve with a catheter through a small incision in the leg. Transcatheter aortic valve replacement, TMVR or transcatheter mitral valve replacement, etc. are some of the minimally invasive surgeries performed by the Beaumont heart team. Also, on June 20, 2019, the Heart & Vascular Institute at Hartford Hospital has earned an international 3-star rating from the Society of Thoracic Surgeons for patient care and outcomes in aortic valve replacement, mitral valve replacement and repair, and coronary artery bypass grafting. Thus, the growing preference for minimally invasive surgeries is expected to drive the key players to manufacture cardiac surgery devices to meet the increased demand.
The major players operating in the global cardiac surgery devices market are Medtronic, LivaNova plc, Terumo Corporation, Edwards Lifesciences Corporation, Boston Scientific Corporation, Abbott Laboratories, Getinge, Delacroix-Chevalier, Wexler Surgical, Rumex International.
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the cardiac surgery devices market globally. For instance,
On August 22, 2019, Edwards Lifesciences Corp recalled its Sapien 3 Ultra delivery system, after the burst balloons during implantation led to several injuries and death. It is used to deploy its Sapien 3 Ultra transcatheter heart valve to replace a diseased aortic valve without the open-heart surgery.
On November 20, 2017, LivaNova PLC and MicroPort Scientific Corporation announced that the companies entered into the binding Letter of Intent ("LOI") for the sale of LivaNova’s cardiac rhythm management business franchise to MicroPort for $190 million in cash.
On September 12, 2016, Terumo Cardiovascular Group, and CytoSorbents Corporation entered into a multi-country strategic partnership to commercialize CytoSorb for cardiac surgery applications.
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