Global Coronary Artery Bypass Graft Market – Overview
Coronary artery bypass grafting (CABG) is a surgery used to create a path for blood to flow to the heart. This is used for patients who have severe coronary heart disease. CABG is the most common type of open heart surgery in the United States. Sedentary lifestyle, anxiety, stress and high consumption of junk food are key reasons that causes cardiovascular diseases in individuals around the globe.
The market for coronary artery bypass graft is growing rapidly due to an increase in the number of cases of cardiovascular diseases which is the result of changing lifestyle along with it increase in patient’s awareness about this disease, related surgeries and therapies. Increasing obese population, strong encouragement from government, steady increasing medical expenditure and continuous increasing demand for the coronary artery bypass grafts has also contributed in the growth of the market.
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According to the Centres for Disease Control and Prevention (2015), over 630,000 Americans died from heart disease each year, which accounted for 1 in every 4 deaths. According to findings from the World Health Organisation (WHO), in 2015, 82% of the total deaths were occurred in low- and middle-income countries. According to survey conducted by Johnson and Johnson Pvt. Ltd. around 2.5 million cardiovascular surgeries are performed in America every year.
Additionally, rising geriatric population across the globe also fuels the growth of the market. According to World Population Ageing Report, in 2017, there are an estimated 962 million people aged 60 or over globally, which is 13% of the total global population. According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of Canadian population.
According to research, smoking increasing the possibility of causing diabetes. More than 60% of the global population smokes, this has led to increase the number of diabetic population and contribute in the growth of the market.
Key Players for Global Coronary Artery Bypass Graft Market
Market Research Future (MRFR) recognizes the following companies as the key players in Coronary Artery Bypass Graft Market: There are plenty of large and small market players which operate in this market all over the globe.
Hancock Jaffe Laboratories, Inc., Terumo Cardiovascular Systems Corporation, VasoPrep Surgical, Dextera Surgical Inc., Neograft Inc., NOVADAQ Technologies Inc., MAQUET Holding B.V. & Co. KG., Genesee BioMedical, Sorin Group, Edwards Lifesciences Corporation and others.
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. This strategies determine the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
Segments for Global Coronary Artery Bypass Graft Market
Global coronary artery bypass graft market has been segmented on the basis of type which comprises of off-pump, on-pump, minimally invasive direct CABG, endoscopic vein harvesting and others. On the basis of procedure; the market is segmented intosingle CABG surgery, double CABG surgery, triple CABG surgery, quadruple CABG surgery and others. On the basis of end users the market is segmented into hospitals, cardiology clinics, research institutes and others.
Regional Analysis for Global Coronary Artery Bypass Graft Market
Americas account for the largest market share in coronary artery bypass graft market. The growth is attributed to an increasing demand for cardiovascular devices for the treatment of cardiovascular diseases and increasing prevalence of cardiovascular diseases in the market. Additionally, the market growth is also boosted by increasing expenditure on Coronary Artery Bypass Graft in North America. And South America. In North America, the U.S. is the largest market for coronary artery bypass graft whose growth is attributed to an increasing demand for treatment options for cardiovascular diseases, and availability of specialty care services in hospitals, and tertiary care centres.
In South America, the market is expected show steady but positive growth owing to growing emphasis on coronary artery bypass procedure and increasing geriatric population with chronic diseases such as diabetes, obesity which increase the risk for heart disease.
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According to the World Health Organization (WHO), in 2015, over 17.7 million people died from cardiovascular diseases, representing 31% of all global deaths.
Increasing prevalence of cardiovascular diseases with increasing demand for the better cardiovascular devices has boosted the growth of the market. According to the Population Reference Bureau, the number of Americans aged over 65 is projected to be more than double from 46 million in 2014 to over 98 million by 2060.
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