The coronary artery bypass grafting market overview describes the market for medical procedures used to treat coronary heart disease. Coronary artery bypass grafting, also known as coronary bypass surgery or CABG, is a surgical procedure that creates bypass pathways to reroute blood flow around blocked or narrowed coronary arteries. It is a treatment used to help improve blood flow and oxygen to the heart in patients with severe coronary artery disease.
The global coronary artery bypass grafting market is estimated to be valued at US$ 14.02 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the coronary artery bypass grafting are Abbott Laboratories, Medtronic, Boston Scientific Corporation, LivaNova PLC, Edwards Lifesciences Corporation, Maquet Holding B.V. & Co. KG, TERUMO CORPORATION, Guidant, Vitalitec, Novadaq, KARL STORZ, Ethicon US, LLC (Johnson & Johnson), NeoGraft Technologies, Inc., Genesee Biomedical Inc., Hancock Jaffe Laboratories, Inc., VasoPrep Surgical, Dextera Surgical Inc., and Neograft Inc.
The Coronary Artery Bypass Grafting Market Demand geriatric population who are more prone to heart diseases is one of the key factors augmenting demand. Additionally, various initiatives undertaken by governments and healthcare organizations to spread awareness regarding heart diseases are further fueling market growth.
The global expansion of the CABG market is fueled by growing demand for minimally invasive procedures. Rising healthcare expenditure coupled with economic development in emerging countries are providing momentum. Asia Pacific region is witnessing fastest growth due to increasing medical tourism and improving healthcare infrastructure in countries like India, China and Japan. Advanced technologies for graft material along with robot-assisted surgeries are newer trends gaining traction.
Market Key Trends
One of Coronary Artery Bypass Grafting Market Size And Trends Robotic systems offer surgeons enhanced vision, wristed instruments, better ergonomics and control during complex procedures. Studies show robotic CABG results in fewer complications, shorter hospital stay and recovery time compared to conventional surgery. Another trend is the wider use of arterial grafts over venous grafts owing to their long-term patency and efficacy in improving patient outcomes. New biocompatible materials and tissue-engineered grafts are being developed to overcome limitations of harvesting blood vessels from patient’s body.
Porter’s Analysis
Threat of new entrants: The coronary artery bypass grafting market requires high capital investments and stringent regulatory approvals which pose significant entry barriers.
Bargaining power of buyers: Individual buyers have low bargaining power compared to larger organizations procuring in bulk.
Bargaining power of suppliers: The market has several established players controlling the supply chain which limits the bargaining power of individual suppliers.
Threat of new substitutes: There exists no perfect substitute for coronary artery bypass grafting surgery currently though minimally invasive procedures are gaining popularity.
Competitive rivalry: The market sees intense competition among major players differentiating through technology and service quality.
Geographical Regions
North America accounts for the largest share of the coronary artery bypass grafting market currently due to supportive reimbursement policies and growing awareness.
Another fast growing region is Asia Pacific due to rising GDP, healthcare investments and an aging population in countries like China, India and Japan fueling the demand for coronary artery bypass grafting procedures.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile