Cardiac Surgical Devices Market to Reach $3.1 Bn, Globally, by 2030 at 3.3% CAGR: Allied Market Research
Increase in prevalence of cardiac diseases, diabetes, and lifestyle disorders, rise in sedentary lifestyles, surge in excessive cigarette use, and growing number of people suffering from obesity drive the growth of the cardiac surgical devices market.
PORTLAND, Ore., May 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Cardiac Surgical Devices Market by Product Type (Beating Heart Surgery Systems, Cardiopulmonary Bypass Equipment, Cardiac Ablation Devices, Perfusion Disposable), by Application (Congenital Heart Defects, Cardiac Arrhythmia, Coronary Heart Disease, Congestive Heart Failure, Others), by Age Group (New-born Population, Infant Population, Children Population, Adult Population): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global cardiac surgical devices industry was estimated at $2.2 billion in 2020, and is anticipated to hit $3.1 billion by 2030, registering a CAGR of 3.3% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in prevalence of cardiac diseases, diabetes, and lifestyle disorders, rise in sedentary lifestyles, surge in excessive cigarette use, and growing number of people suffering from obesity drive the growth of the cardiac surgical devices market. On the other hand, high cost of procedures associated with cardiac surgeries restrains the growth to some extent. However, increase in life expectancy is expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- The outbreak of the pandemic had a negative impact on the global surgical devices market, since the implementation of the global lockdown delayed most of the surgeries up to six months. Therefore, there was a declined demand for cardiac surgical devices across the world, especially during the initial period.
- However, the global situation is getting back to normalcy and the market has already started recovering. With this drift on board, the industry is projected to get back on track soon.
The perfusion disposable segment to dominate by 2030-
By product type, the perfusion disposable segment contributed to the major share in 2020, holding nearly three-fourths of the global cardiac surgical devices market. The same segment would also cite the fastest CAGR of 3.4% during the forecast period. Rise in the prevalence of coronary artery bypass grafting and increase in number of heart valve replacement surgeries fuel the segment growth.
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The cardiac arrhythmia segment to maintain the lion's share-
By application, the cardiac arrhythmia segment accounted for the major share in 2020, holding more than two-thirds of the global cardiac surgical devices market. The same segment is also expected to grow at the fastest CAGR of 3.4% from 2021 to 2030, due to surge in incidence of atrial fibrillation among the global population.
North America garnered the major share in 2020-
By region, the market across North America had the lion's share in 2020, generating nearly two-fifths of the global cardiac surgical devices market. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 4.0% by 2030, due to increase in cases of diabetes, rise in healthcare facilities, and technological advancements in the region.
Key players in the industry-
- Medtronic Inc.
- MAQUET GmbH & Co. KG
- Quest Medical, Inc.
- Angiodynamics, Inc.
- Terumo Cardiovascular Systems Corporation
- Edwards Life Science
- Abbott Vascular
- LivaNova PLC
- Boston Scientific Corporation
- Cook Medical
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