The global Cardiac Surgery Instruments market size is expected to be worth around US$ 2.10 billion by 2028, according to a new report by Vision Research Reports.
The global Cardiac Surgery Instruments market size was valued at US$ 1.10 billion in 2020 and is anticipated to grow at a CAGR of 6.10%during forecast period 2021 to 2028.
Increase in the number of cardiac surgeries & procedures and technological advancements are some factors expected to drive the market. Moreover, high incidence of cardiac diseases and availability of various surgical procedures are expected to boost the adoption of cardiac surgery instruments during the forecast period.
Technological advancements in the field of cardiac surgery instruments are considered a key driver of this market. Several key players are investing in R&D for launching innovative and novel products. Moreover, sedentary & poor lifestyle, which result in diabetes, obesity, & poor diet; smoking; and excessive alcohol consumption have also increased the predisposition to heart diseases.
Furthermore, increase in aging population and rising healthcare expenditure in emerging economies are among the factors likely to boost the number of cardiac surgeries during the forecast period. These factors are anticipated to positively influence revenue generation. According to the U.S. Census Bureau, the global healthcare spending is anticipated to increase to USD 18.28 trillion by 2040, growing at a CAGR of 2.6%. According to WHO, the world’s population aged 60 years and above is expected to reach 2 billion by 2050, from 900 million in 2015.
Based on the product, the market is segmented into forceps, graspers, clamps, scissors, needle holders, and others. Forceps segment accounted for the largest share and is also projected to experience the highest growth rate. This can be attributed to the rising number of cardiac surgeries and the availability of different types of these instruments, such as grasping & vascular forceps. This growth is further aided by the frequent use of forceps in many cardiac surgeries. The needle holder segment is also held a considerable share and the segment is expected to grow at a CAGR of 8.10% over the forecast period. Needle holders are used by surgeons and doctors for holding a suturing needle for closing wounds.
The scissors segment is also expected to grow at a rapid pace and is identified as the second fastest-growing segment after forceps. This market is expected to grow at a CAGR of 6.11% over the forecast period owing to its use in various cardiac surgeries, such as heart transplants and coronary artery, heart valve, and pediatric surgeries. These scissors are available in different sizes and shapes for various types of surgeries.
On the basis of application, the cardiac surgery instrument market is segmented into heart valve surgery, Coronary Artery Bypass Grafting (CABG), pediatric cardiac surgery, heart transplant, and others. CABG dominated the market and is expected to witness lucrative growth over the forecast period.
Heart valve surgery devices are used for treating heart failure, heart stroke, and blood clots. The primary method of treating a diseased heart valve is through open surgery by placing a replacement valve. This is the second largest segment of this market, owing to the increasing number of heart valve surgeries, and is expected to grow at a CAGR of 6.90% over the forecast period. The segment is primarily driven by lifestyle, such as consumption of alcohol & physical inactiveness; hypertension; diabetes; and hyperlipidemia.
By end-use, the market is segmented into hospitals and ambulatory surgical centers. The hospital segment is anticipated to hold the highest share over the forecast period. This can be attributed to well-developed infrastructure, high footfall, and an increase in healthcare expenditure. Moreover, a rise in the volume of surgeries due to the increasing prevalence of heart diseases and other disorders is expected to boost this segment’s growth over the forecast period. The increasing number of medical centers in the world due to government initiatives is also impelling growth. In addition, an increase in the number of operating rooms due to the high demand for cardiac surgeries is aids growth.
North America dominated the market in 2020 owing to a well-established healthcare sector. An increasing number of surgeries and a growing prevalence of cardiac disorders are also expected to drive the region. Moreover, the high adoption of advanced tools and devices for surgeries propels growth. Europe is also expected to capture a significant market share over the forecast period due to the growing geriatric population. Improving the healthcare sector and growing adoption of advanced medical products are further augmenting growth.
Asia Pacific is expected to grow at the highest CAGR. Improvement in healthcare facilities and reimbursement policies in developing economies are key factors aiding growth. China spearheaded this market in 2020, owing to the high geriatric population and a fast developing economy. Furthermore, a growing number of cardiac surgeries are anticipated to support growth during the forecast period.
B. Braun Melsungen AG; KLS Martin Group: Sklar Surgical Instruments; Teleflex Incorporated; Symmetry Surgical, Inc; STILLE; Delacroix-Chevalier (France); Cardivon Surgical Inc.; Boss Instruments Ltd (U.S.); Wexler Surgical (U.S.); Medicon eG (Germany); Surgins (U.K.); Scanlan International (U.S.); Rumex International Co. (U.S.); and SIM Surgical (U.S.).
Coronary Artery Bypass Grafting
Heart Valve Surgery
Ambulatory Surgical Centers
The Cardiac Surgery Instruments market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Cardiac Surgery Instruments market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Cardiac Surgery Instruments market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cardiac Surgery Instruments market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cardiac Surgery Instruments market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Cardiac Surgery Instruments capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Cardiac Surgery Instruments by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cardiac Surgery Instruments market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cardiac Surgery Instruments market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cardiac Surgery Instruments market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Cardiac Surgery Instruments industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Cardiac Surgery Instruments market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cardiac Surgery Instruments market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cardiac Surgery Instruments market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cardiac Surgery Instruments market. These factors have benefited the growth of the global market for Cardiac Surgery Instruments. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cardiac Surgery Instruments. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Cardiac Surgery Instruments are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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