Increased Prevalence of Ageing Populations, and Diabetic Patients to Drive Growth of Cardiac Surgical Devices Market
The rising prevalence of cardiac diseases, diabetes, and lifestyle disorders are some of the major reasons driving the growth of the cardiac surgical devices market. Additionally, an increase in the geriatric population with rising co-morbidities, increase in sedentary lifestyles, increase in excessive cigarette smoking, and increase in the number of persons suffering from obesity all contribute to the market expansion. According to WHO, Cardiovascular Diseases claim 17.5 million lives each year and this number is expected to reach 23 million by 2030. With such a huge burden of cardiovascular diseases on the healthcare infrastructure, demand for cardiac surgical devices is expected to be promising, thereby propelling the growth of cardiac surgical devices market.
As the number of diabetic patients increases, the prevalence of cardiovascular disease is expected to increase, thus pushing the growth of cardiac surgical devices market. When the blood sugar level increases, it may block the blood vessels supplying blood to the heart, thus leading to problems like a heart attack or some other form of cardiovascular diseases (CVDs). According to International Diabetic Federation, in 2021 Approximately 537 million adults (20-79 years) are living with diabetes. This number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. As per studies, worldwide, CVDs typically tend to affect approximately 32.2% of all persons with diabetes. This factor solely contributes to increased demand, contributing toward the expansion of cardiac surgical devices market in future.
Cardiopulmonary Bypass Equipment Segment to Dominate the Market due to Sedentary Lifestyles
The rising prevalence of cardiovascular diseases such as atrial fibrillation, atrial flutter, and supraventricular tachycardia, as well as a decrease in heart muscle elasticity and output, as well as an ageing population offer a collective push to cardiopulmonary bypass equipment. Adoption of improper food habits, lack of regular exercise, increased stress, and sedentary lifestyles are all contributing to an increase in the occurrence of heart-related disorders, particularly heart failure. As a result, demand for cardiopulmonary bypass equipment is increasing, which is likely to support the growth of cardiac surgical devices market throughout the forecast period. The introduction of upgraded devices for coronary bypass surgery, as well as advantageous reimbursement regulations, are boosting the uptake of cardiopulmonary bypass ancillary equipment in global market. Moreover, an increasing number of organ transplant surgeries is likely to accelerate the progress of cardiac surgical devices market.
North America Surges Ahead with a Higher Number of Emergency Cardiac Surgeries
North America dominates the cardiac surgical devices market in terms of revenue in the forecast period, owing to increase in cardiac surgeries and emergency ambulatory procedures. Rising cardiovascular device innovations coupled with increasing geriatric population are the major factors for faster market expansion. Due to the increased monitoring capabilities of numerous health markers related to the heart, the rate of diagnosis for cardiovascular disorders has been growing in recent years. Such variables are driving market expansion.
The United States is predicted to lead the market in the North America region due to the rising prevalence of cardiovascular illnesses, rising occurrences of high blood pressure, and increased R&D in medical technology in the country. According to the CDC, about 659,000 people in the United States die from heart disease each year - that’s 1 in every 4 deaths. Additionally, the country has a number of institutions, including super-specialty hospitals, that provide diagnosis and treatment services for cardiovascular disorders. Due to which, USA shall contribute significantly in the North American region during the projection period.
Asia Pacific is likely to be the second-largest contributor to the cardiac surgical devices market in the forecast period, and it is predicted to grow at the quickest CAGR during the forecast period, owing to an increase in diabetes, an increase in healthcare facilities, and technological developments. The Asia Pacific cardiac surgical devices market is likely to be driven by factors such as age-related vascular dysfunctions, obesity, and the availability of technologies that provide effective therapeutic alternatives with lower risk. However, high medical device costs and government regulations governing medical equipment are projected to slow the growth of the Asia Pacific cardiac surgical devices market.
Over the forecast period, China’s cardiac surgery devices market is expected to lead the market in Asia Pacific. Prevalence of CVDs remains high in China as the number of cardiovascular illnesses increases, and so does the number of operations and treatments being performed, which further aid the market growth. As per studies, a total of 5.09 million CVD deaths were estimated in China in 2019, with a mortality rate and age-standardised mortality rate of 364.5 per 100,000 population and 276.0 per 100,000, respectively. Such factors are estimated to drive the regional market expansion.
Global Cardiac Surgical Devices Market: Competitive Landscape
In May 2022, Medtronic announced y that the IN. PACT 018 Paclitaxel-Coated Percutaneous Transluminal Angioplasty (PTA) Balloon Catheter, a drug-coated balloon (DCB), has been granted FDA clearance to cure superficial femoral and popliteal artery peripheral arterial dysfunction. For instance, in May 2022, ONCOR LLC, a leader in endovascular safety technology, announced today that it has acquired 510(k) FDA clearance for its N retrieval system, the first substantial improvement in endovascular bailout technology in decades. This occurs at a time when the scope and complexity of endovascular closure treatments are rapidly expanding around the world.
Few of the players in the cardiac surgical devices market include Abbott Laboratories, Angiodynamics, Inc., Atrion Corporation, Boston Scientific Corporation, Cook Group, Edward Lifesciences Corporation, Getinge Ab, Medtronic Plc, Terumo Corporation, and Livanova, Plc.
Global Cardiac Surgical Devices Market is Segmented as Below:
By Product Type
By Age Group
Key Elements Included In The Study: Global Cardiac Surgical Devices Market
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