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Market Dynamics:
The growing number of cardiac surgeries being performed globally is one of the major drivers of the cardiac surgery instrument market. According to the Society of Thoracic Surgeons Adult Cardiac Surgery Database, over 300,000 open-heart surgeries are performed annually in the United States alone. Moreover, mounting geriatric population is also fueling the number of cardiac surgeries as risk of cardiovascular diseases increases with age. For instance, over 80% of cardiovascular disease related deaths occur in people over the age of 65. Growing adoption of minimally invasive cardiac surgeries is another factor augmenting the demand for advanced cardiac surgery instruments. Minimally invasive surgeries require sophisticated instrumentation to perform complex surgeries accurately through small incisions. Product innovation leading to development of multi-functional instruments is also propelling the market growth. However, high costs associated with cardiac surgery instruments may hinder the market expansion to some extent.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/cardiac-surgery-instrument-market-6163
Segment Analysis
The cardiac surgery instrument market is segmented into handheld instruments, forceps, clamps, scissors, needle holders, retractors, cannulas, and others. Among these, the forceps segment dominates the market and accounts for over 25% share. Forceps are essential tools used for handling tissues during surgeries. They come in various sizes and designs based on specific surgical needs. Advancements in forcep design with improved gripping abilities and ability to withstand high temperature during procedures have increased their adoption rate.
PEST Analysis
Political: Regulations regarding medical device approval and usage varies across countries. Stringent regulations in developed markets ensure quality and safety but increases cost of compliance.
Economic: Rising healthcare spending globally is driving growth. However, economic slowdowns can negatively impact market.
Social: Growing geriatric population and prevalence of cardiac conditions is a key driver. Increased awareness is encouraging people to seek timely treatment.
Technological: Innovation is focused on designing instruments with improved ergonomics, durability and integration of new materials like antimicrobial coatings. Robotics adoption in certain procedures is an emerging trend.
Key Takeaways
The global cardiac surgery instrument market size was valued at USD 1.70 Bn in 2023 and is expected to reach USD 2.38 Bn by 2030, expanding at a CAGR of 3.9% during the forecast period.
Regional analysis
North America accounted for the largest share of over 40% of the global market in 2023. This can be attributed to availability of advanced healthcare facilities, high adoption rate of new technologies, and presence of key players. Asia Pacific is poised to witness the fastest growth during the forecast period supported by rising medical tourism, large patient pool and growing healthcare spending in emerging economies like China and India.
Key players
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. Innovation and expanded product portfolio through acquisitions are some of the strategies adopted by these players to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
