Cardiac Surgery Devices Market to be worth US$ 2 B
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Valley Cottage, New York, Nov. 27, 2017 (GLOBE NEWSWIRE) -- A recently added report by Future Market Insights (FMI), titled, “Cardiac Surgery Devices Market: North America Expected to be the Most Lucrative Regional Market throughout the Forecast Period: Global Industry Analysis 2012–2016 and Opportunity Assessment 2017–2027,” throws light on important aspects of the market. It offers information on the various growth drivers and restraints molding the growth path of the market, its size, and prospects going forward.
Cardiac surgery devices are designed and manufactured to cater to the specific needs of patients and cardiologists. Over the passage of time, with progress in medical science and technology, cardiac surgery devices have become ultra-sophisticated. This is because, keen companies operating in the market have been unveiling more cutting-edge products every now and then in order to bolster their market positions. Proliferation of electronic data during cardiac surgery has helped such manufacturers to come up with more relevant products.
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Apart from product launches, companies are also seen entering into distribution agreements with retailers in order to up sales and revenues. Take for example Medtronic. It has entered into an exclusive agreement for distribution with Miami Instruments LLC to launch its minimally invasive cardiac surgery devices in the U.S. market.
The soaring demand for cardiac surgery devices, needless to add, has been stoked by increasing heart diseases and pulmonary disorders among people on account of a more stressful lifestyle and unhealthy eating habits. With progress in technology, new advanced methods have come up such as minimally invasive surgical methods. In the last one decade it has seen swift uptake on account of its ability to reduce surgical trauma, decrease pain, lessen chances of complications, and bring about quick healing. This is benefitting the market as well.
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Medical tourism is providing tailwinds to the cardiac surgery devices market too. Patients afflicted with cardiovascular ailments – especially from North America and Europe, where cost of healthcare is high – often travel to India and Thailand for cost-effective treatment. In fact, Asia Pacific is mostly preferred by medical tourists for a coronary artery bypass procedure since it can cost 80.0% less in the region compared to the U.S. and Europe. In India, for example, the average cost of the procedure is about US$9000, which is way lower than the US$120,000 it costs in the U.S.
The main products purveyed in the cardiac surgery devices market are heart lung machine, catheters, and perfusion disposables. The heart lung machine can be further divided into breathing heart surgery systems, stabilizers, and positioners. Similarly the catheters can be further divided into ablation catheter and drainage catheter. Perfusion disposables can be further divided into oxygenators, centrifugal pumps, and cardioplegia delivery system.
Procedure-wise, the key segments of the cardiac surgery devices market are coronary artery bypass grafting and minimally invasive surgery. Hospitals and ambulatory surgical centers are the two main end-use segments in the market.
From a geographical standpoint, North America leads the global market for cardiac surgery devices and in the years ahead too is expected to maintain its dominant position by registering a 4.1% CAGR, from 2017 to 2027 to become worth US$830 mn by 2027-end. The Middle East and Africa is expected to outshine all other regions in terms of growth rate by clocking a CAGR 4.9% in the same period.
Some of the key players operating in the global market for cardiac surgery devices are Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Lepu Medical technology Co ltd., LivaNova PLC, Terumo Corporation, Getinge-Maquet Germany Holding GmbH, B. Braun Melsungen AG, C. R. Bard, Inc., Teleflex Incorporated, Angiodynamics, Edwards Lifesciences Corporation, MicroPort Scientific Corporation, Smith Medical and Abiomed, Inc.
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