Perfusion disposable captured the largest share of the market in 2016 and expected to maintain the lead during the analysis period as it gives enormous assistances and support during cardiac surgery by adding oxygen to the blood and supply the oxygenated blood to the whole body.
According to a report published by Allied Market Research, Global Cardiac Surgical Devices Market accounted for $1,700 million in 2016, and is estimated to reach $2,124 million by 2023, growing at a CAGR of 3.2% during the analysis period (2017-2023). There is a high prevalence of cardiac diseases worldwide, hence an increase in the number of cardiac surgeries. Products such as beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable are used for cardiac surgery.
The key factors that drive the growth of cardiac surgical devices market include rise in incidence & prevalence of cardiovascular diseases. In addition, the rise in healthcare expenditure and healthcare insurance are expected to fuel the market growth during the analysis period. However, shortage of experienced healthcare professionals and lack of awareness among the population restrict the growth.
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Based on product type, the global cardiac surgical devices market is categorized into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposable. Perfusion disposables held the highest market share and is expected to grow with the highest growth rate during the forecast period. The growth of the perfusion disposable market is fueled by the growth in use of perfusion disposables during cardiac surgical procedure for transferring the blood to different parts of the body. On the basis of application cardiac arrhythmia held the highest market share owing to the high prevalence of cardiac arrhythmia.
Geographically, the global cardiac surgical devices market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share of the market in 2016, followed by Europe. On the other hand, Asia is anticipated to be the fastest-growing regional segment during the analysis period. The key factors that drive the growth of this market include increase in pool of patient population, rise in prevalence of cardiovascular diseases, and rise in government investments for development of better healthcare facilities and R&D. Asia-Pacific is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies and improving healthcare infrastructure.
Major companies operating in this market adopt product launch as their key development strategy. Companies profiled in this market include, Edwards Life Science Corporation, Medtronic Inc., Getinge Group, Atrion Corporation, Abbott Laboratories, Sorin S.P.A., Terumo Medical Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc.