Cardiac Surgery Instruments Market Analysis
The Global Cardiac Surgery Instruments Market size is accruing pervasively. The market growth attributes to the increasing prevalence of cardiovascular disease (CVD) and the growing geriatric population with one of the heart diseases. Besides, risk factors of cardiac diseases & disorders, such as sedentary lifestyles and smoking & drinking addictions, fuel the market growth. Moreover, stressful and hectic lives causing heart diseases escalate the growth of the market to further height.
According to Market Research Future (MRFR), the global cardiac surgery instruments market registered a valuation was of USD 1,160 Million in 2017, which is projected to grow further at 7.5% CAGR during the forecast period (2019-2025). The cardiac surgery instruments market size is expected to witness several innovations and new product developments, which would positively impact market growth.
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Rising technological advances transpired in the heart care bring diversified engineering & designs, privacy, liability, and financial perspectives necessary to succeed in a complex healthcare system. Conversely, stringent regulations and reimbursement issues are major factors expected to obstruct the market growth. Moreover, the lack of skilled healthcare professionals is presenting enough challenges to market growth.
Cardiac Surgery Instruments Market Segmentation
By Product, the global cardiac surgery instruments market is segmented into Forceps (Vascular Forceps, Grasping Forceps, other), Clamps, Scalpels, Scissors, Spreaders, Needle Holders, and others.
By Application, the global cardiac surgery instruments market is segmented into Coronary Artery Bypass Grafting, Heart Valve Surgery, Pediatric Surgery, Heart Transplant, and others.
By End User, the global cardiac surgery instruments market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers, and others.
Cardiac Surgery Instruments Market Regional Outlook
North America dominates the global cardiac surgery instruments market. The largest market share attributes to the increasing prevalence of cardiovascular diseases and the rising geriatric population. Besides, vulnerability to hypertension and obesity issues leading to heart diseases and disorders among demographics in the region drive the market growth.
Moreover, increasing government initiatives & funding for research and rising demand for technologically advanced cardiac surgery instruments to treat rising cardiac issues push the regional cardiac surgery instruments market growth. Additionally, developments in advanced medical treatment options substantiate the growth of the cardiac surgery instruments market.
Europe stands second in the global cardiac surgery instruments market. Cardiovascular disease is a major concern in Europe. The growing rate of cardiovascular disorders contributes to regional market growth significantly. Rising per capita healthcare expenditures and the availability of advanced treatment facilities boost the market growth. Also, government initiatives to drive R & D and upgrade healthcare facilities increase the size of the regional cardiac surgery instruments market.
The cardiac surgery instruments market is brisk in the Asia Pacific region. Factors such as the faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, and favorable insurance & reimbursement policies are some of the dominant factors boosting the regional market growth. Moreover, the prevalence of cardiac disorders and diabetes growing at an alarming rate, alongside the increasing geriatric population in the region, fosters the cardiac surgery instruments market growth.
Cardiac Surgery Instruments Market Competitive Landscape
Fiercely competitive, the cardiac surgery instruments market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, key market players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology launch. Industry players substantially invest in R&D and clinical trials to develop a comprehensive, efficient, and tailor-made cardiac surgery instruments.
High growth potential demonstrated by the market attracts several new entrants, which, in turn, results in intensifying the market competition further. Hospitals invest heavily to build state-of-the-art facilities equipped with advanced surgical instruments to provide surgeries based on ailments, age, and other complications. With advanced diagnostics and comprehensive rehabilitation schedule, these hospitals ensure that the patient has access to the best care possible.
Cardiac Surgery Instruments Market Major Players:
Players leading the global cardiac surgery instruments market include KIS Martin Group(Germany), B.Braun Melsungen AG (Germany), Sklar Surgical Instruments (US), Symmetry Surgical Inc (US), Teleflex Incorporated (US), Medicon eG (Germany), Delacroix-Chevalier (US), STILLE (US), Cardivon Surgical Inc. (China), Wexler Surgical (US), Boss Instruments Ltd (US), and Scanlan International (US), among others.
Industry/Innovations/Related News:
American College of Surgeons (ACS) released recommendations for the management of elective surgical procedures and essential resources following a careful review of the current situation surrounding COVID-19. The ACS also suggested minimizing the use of essential items, such as ICU beds, personal protective equipment, terminal cleaning supplies, and ventilators.
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The Society of Thoracic Surgeons (STS) and its charitable arm, The Thoracic Surgery Foundation (TSF), announced fellowship grants worth USD 125,000 to five standout cardiothoracic surgeons to launch new robotic cardiac surgery programs at their institutions. The programs aim at improving education and training by creating a partnership between STS, leading robotic cardiac surgeons, and industry. The first step was to start a series of clinical symposia, and the next phase would be fellowships for practicing surgeons to learn robotic cardiac surgery from the masters.
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