Global Cardiovascular Surgical Device Market to Reach USD 69.74 Billion by 2027
Global Cardiovascular Surgical Device Market is driven by the several benefits offered by Rising Number of Geriatric Population
According to Renub Research report, tittled “Cardiovascular Surgical Devices Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis” finds the Cardiovascular Surgical Devices Market was USD 49.77 Billion in 2021. Globally, cardiovascular diseases are common life-threatening acute diseases. The rise in chronic cardiovascular diseases like heart failure and coronary artery disease (CAD), heart attack, atrial fibrillation, the opening of narrowed arteries, and coronary heart diseases repeatedly require technologically advanced cardiovascular surgical devices. Thus, cardiovascular surgical devices are increasingly important in cardiovascular disease to reduce mortality and medical disability and have made significant contributions to patient care.
Furthermore, perfusion disposables, cardiopulmonary bypass equipment, beating heart surgery treatment, and ventricular assist type devices help treat life-threatening cardiac diseases such as heart attack, atrial fibrillation, coronary heart diseases, and the opening of narrowed arteries. These surgical devices are utilized in cardiac surgery, one of their primary applications. These products also enable heart-lung machines employed during open-heart surgeries such as heart valve replacement, coronary artery bypass grafting, and other such procedures.
Market Drivers of the Cardiovascular Surgical Devices Industry
The majority of the deaths worldwide are due to cardiac diseases; according to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, 17.9 million people died from CVDs in 2019, representing 32% of all global deaths due to stroke and heart attack. These factors majorly propel the growth of the cardiovascular surgical devices market.
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In addition, a rise in incidences of atherosclerosis, diabetes, hypertension, strokes, and other chronic disorders that occur due to change in lifestyle habits (such as unhealthy dietary habits, smoking, and lack of physical activity) also boosts the growth of the cardiac surgical devices industry.
Worldwide Cardiovascular Surgical Device Market Size was US$ 49.77 Billion in 2021
Based on end-user, the cardiovascular surgical devices market is segregated into Hospitals, Cardiac Diagnostic Centers, and Ambulatory Surgical Centers. The high footfall, well-developed infrastructure, and increased healthcare expenditure have made the hospital the most preferred end-use extension. Further, a surge in the volume of surgeries due to the expanding prevalence of heart disorders and other diseases in hospitals is to boost the segment's development. Additionally, the increased demand for cardiac surgeries is expanding the number of operating rooms, aiding the part's development, correspondingly boosting the growth of the Global Cardiovascular Surgical Devices Industry.
Cardiac Rhythm Management Devices are to Witness Rapid Growth:
In terms of application, cardiac rhythm management (CRM) devices are extensively used to treat arrhythmia, tachycardia, bradycardia, and sudden cardiac arrests. Since the majority of cardiac rhythm conditions are growing, the adoption of cardiac management devices has improved significantly during the past decade. Besides, emerging nations are witnessing a huge demand for these devices due to a higher prevalence of cardiac conditions, raising awareness about products amongst the population. Besides, interventional cardiology surgery is the sub-specialty of cardiology that uses intravascular catheter-based techniques with fluoroscopy to treat coronary artery, valvular, and congenital cardiac diseases.
North America is the Biggest Cardiovascular Surgical Devices Market
Geographically, North America is an essential market for cardiovascular surgical devices due to the rising geriatric population and deaths related to cardiovascular disorders that demand cardiovascular surgical devices in the region. For instance, according to American Heart Association (AHA), 43.7 million aged above 60 suffer from cardiovascular disorders in the US. Due to these factors, many surgeries are being performed, thereby driving the market. Besides, countries like China, India, and Japan significantly demand cardiovascular surgical devices in Asia-Pacific due to the expanding prevalence of chronic cardiovascular diseases and the high adoption of advanced devices.
Impact of Covid-19 on Cardiovascular Surgical Devices Industry
The COVID-19 pandemic hit the production of cardiovascular surgical devices. The discontinuation of elective procedures due to COVID-19-related measures has negatively affected the cardiovascular surgical devices industry. While some cardiovascular systems are considered urgent, others have been postponed and delayed since the beginning of the global pandemic. Another factor negatively affecting the cardiovascular surgical devices market is reducing the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients.
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Cardiovascular Surgical Devices Market: Key Players
The global cardiovascular surgical devices sector is highly fragmented, with many players such as Abbott Laboratories, Boston Scientific Corporation, Edwards Life sciences, Cardinal Health Inc., Medtronic PLC, and GE Healthcare. Thus, global players are adopting mergers, acquisitions, and collaborations to expand their product offerings and customer base, expanding their market share. For instance, in 2020, Abbott announced the launch of its clip-delivery system to treat patients suffering from mitral regurgitation.
Type – We have covered Global Cardiovascular Surgery Devices Market breakup by 4 viewpoints by Type (Perfusion Disposables, Cardiopulmonary Bypass Equipment, Beating Heart Surgery Treatment and Ventricular Assist Device)
Application – This Report has covered Market breakup by 4 viewpoints (Interventional Cardiac Surgery, Cardiac Rhythm Management, Traditional Cardiac Surgery and Others)
End User - Renub Research Report covered in the 3 viewpoints (Hospitals, Cardiac Diagnostic Centres and Ambulatory Surgical Centre)
Regions – Our Report covers Global Cardiovascular Surgery Devices Market breakup by 4 Regions (North America, Europe, Asia Pacific and ROW)
All the major companies have been covered from 3 Viewpoints (Recent Development, Overview, and Revenue Analysis) Abbott Laboratories, Boston Scientific Corporation, Edwards Life sciences, Cardinal Health Inc., Medtronic PLC and GE Healthcare.
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