Market key trends:
The increasing adoption of minimally invasive cardiac surgeries is one of the major factor fueling the growth of the cardiac surgery instrument market. Minimally invasive cardiac surgeries require small incisions and specialized surgical equipment. This has led to greater demand for advanced cardiac surgery instruments that facilitate performing complex cardiac procedures through small incisions or body cavities. For instance, instruments used for performing transcatheter aortic valve replacement (TAVR) procedures through small incisions are gaining more traction. Advanced technology integrated cardiac surgery instruments have made cardiac surgeries less traumatic for patients, shortened hospital stay, and quick recovery, thus propelling their adoption worldwide.
The global Cardiac Surgery Instrument market is estimated to be valued at US$ 1.70 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
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Strength: Cardiac surgery instruments have advanced features that help surgeons perform complex procedures effectively and efficiently. Some instruments provide greater visibility and access during procedures.
Weakness: High costs associated with developing and manufacturing advanced cardiac surgery instruments puts pricing pressure on companies. Stringent regulatory processes also increase expenses.
Opportunity: Rising prevalence of cardiovascular diseases worldwide is driving the need for cardiac surgeries. Growing geriatric population prone to such conditions further boosts market potential.
Threats: Price wars between major players can impact profit margins. Reimbursement policies also pose challenges as these surgeries involve high costs.
The global Cardiac Surgery Instrument Market is expected to witness high growth. The market size in 2023 is estimated to be US$ 1.70 Bn and anticipated to register a CAGR of 3.9% during the forecast period of 2023 to 2030.
North America currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the rising burden of heart diseases and growing number of cardiac surgeries performed in the region. The Asia Pacific region is projected to witness the fastest growth due to increasing healthcare expenditures and growing medical tourism in countries like India, China, and Japan.
Key players operating in the Cardiac Surgery Instrument market are Medtronic, Murray Surgical , SternMed GmbH, CARDIC INSTRUMENTS, Edwards Lifesciences Corporation., Abbott, Boston Scientific Corporation, LivaNova, Inc., Terumo Corporation, Getinge, Artivion, Inc., MicroPort Scientific Corporation, B. Braun SE, and Stryker. Medtronic is currently one of the leading providers of cardiovascular devices and surgical products worldwide.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it