Cardiac Surgery Instruments Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1983
Cardiac Surgery Instruments Market size is projected to experience significant growth from 2017 to 2024 owing to increased occurrence of heart diseases. Growing geriatric population base coupled with increased prevalence of heart diseases should drive the industry over the forecast period. Heart disorder is the foremost cause of deaths across the world. Lifestyle related change, eating habits and stress leads to several heart diseases and need cardiac surgery for the treatment.
Growing number of heart failure cases, heart attack and other heart related illness should further drive cardiac surgery instruments market growth. Direct and indirect cost related to heart diseases is around USD 320 billion which includes health spending and also productivity. Manufacturers of cardiac devices are developing novel instruments and tools along with traditional devices to offer more usable product. Growing number of obesity among people, poor nutrition, technological advancement in cardiac instruments and various other heart-health stressors should drive industry growth over the forecast period.
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. Cardiothoracic surgical organizations play significant role in reaching out to the health professionals, patients and other groups. The organization guide biomedical research, discover novel therapies and involve in high quality surgical practice. Initiatives taken by such organizations should drive cardiac surgery instruments market growth. The adoption of an alternative surgical devices with insufficient Medicare payments and stringent regulations for the approval of medical devices by governing bodies should restrain industry growth.
Forceps should contribute for significant revenue share over the forecast period. The growth is attributed due to growing number of cardiac surgeries and frequent usage of forceps in most of the procedures. Clamps will experience lucrative growth due to its usage to stop the flow of blood form particular organ. It is mostly used in coronary surgery to stop the blood flow.
Coronary artery bypass graft (CABG) should generate significant revenue share over the forecast period. The growth is attributed due to increased number of coronary heart disease (CHD). CABG improves blood flow to the heart and decrease the risk of heart attack. Heart transplantation should contribute for lucrative growth. The growth is attributed to severe and progressive heart failure that cannot be treated through medications. In such cases heart transplant is the only effective treatment option which will drive business growth over the forecast years.
Hospitals should generate significant revenue share over the forecast period. Growing incidences of cardiac diseases and increasing demand for treatment and diagnosis, growing geriatric population base and increased number of cardiac surgeries in hospitals should drive segment growth in future.
U.S. cardiac surgery instruments market should contribute for significant revenue share. The American Association for Thoracic Surgery is a global organization of more than 1,300 world's foremost cardiothoracic surgeons that represents 41 countries and has contributed to the care and treatment of cardiothoracic disease across the world. The American College of Cardiology (ACC) aim to improve cardiovascular health through education, quality care research and health policy. Such organizations should drive industry growth over the forecast period. Asia Pacific cardiac surgery instruments should experience lucrative growth owing to the growing awareness programs, increased incidence of heart diseases, increasing funds for cardiac research and development in the healthcare sector.
Some of the companies operating in the market includes Becton, Dickinson and Company, B. Braun Melsungen, Teleflex, Medline Industries, KLS Martin, Stille, Sklar Surgical Instruments, Symmetry Surgical, Delacroix-Chevalier, Wexler Surgical, Surgins, Surtex Instruments, Cardivon Surgical, Rumex International and Scanlan International. New product launch is the major strategy adopted by the industry players to gain revenue share.
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