(PharmaNewsWire.Com, January 31, 2020 ) The cardiac surgery market is mainly driven by factors such as high incidence of cardiac diseases, growing prevalence of cardiac conditions and the subsequent increase in the number of surgical procedures, rising geriatric population, and growing investments, funds, and grants by government bodies worldwide.
The overall cardiac surgery instruments market is expected to reach USD 1.63 Billion by 2022 from USD 1.16 Billion in 2017 at a CAGR of 7.1%.
The market in this report is segmented on the basis of products, applications, end users, and regions. Based on product, the market is segmented into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments. The forceps segment dominated the market in 2017, and it is also projected to experience the highest growth during the forecast period. The high growth in this segment is attributed to the increase in the number of cardiac surgeries and the repeated use of forceps in most cardiac procedures.
Based on application, the market is further divided into coronary artery bypass graft (CABG), heart valve surgery, pediatric cardiac surgery, and other applications. CABG forms the largest and fastest-growing application segment of the global market. This is mainly attributed to the high incidence of cardiac diseases and the resulting increase in the number of surgical procedures. Heart valve surgery forms the second largest segment.
Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.
The global cardiac surgery equipment market is dominated by North America, followed by Europe. The market in Asia is expected to grow at the highest CAGR during the forecast period. Factors such as increasing awareness programs, high incidence of cardiac diseases, rising number of hospitals, increased cardiac research funding, and improvements in the healthcare sector of Asian countries contribute to the growth of the market in that region.
Leading Companies
Key market players are Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Teleflex Incorporated (U.S.), Medline Industries, Inc. (U.S.), KLS Martin Group (U.S.), STILLE (Sweden), Sklar Surgical Instruments (U.S.), Symmetry Surgical Inc. (U.S.), Delacroix-Chevalier (France), Wexler Surgical (U.S.), Surgins (U.K.), Surtex Instruments Ltd. (U.K.), Cardivon Surgical Inc. (China), Rumex International Corporation (U.S.), and Scanlan International (U.S.).
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