Future Market Insights
A World Health Organization factsheet states that 17.5 million people the world over die every year because of cardiovascular diseases. This amounts to nearly 31% of the total yearly deaths. A large number of these deaths occur in low or middle-income countries and are primarily caused by strokes or a heart attack. Such ominous statistics are the primary reason driving the growth of the global cardiovascular surgical devices market. Cardiovascular surgery is performed to cure heart tissue defects by replacing heart valves if they are blocked, or grafting or replacing the heart tissue in case of damage. The two main types of heart surgeries are open heart surgery and closed heart surgery.
The global cardiovascular surgical devices market comprises beating heart surgery systems, cardiac aberration devices, cardiopulmonary bypass equipment, and perfusion disposables. The device to be used depends upon the type and the purpose of the surgery. Going forward, the cardiovascular surgical devices market is expected to play an important role in improving the quality of life of the aged population, along with those individuals who may suffer from some kind of heart disease.
Cardiovascular Surgical Devices Market: Drivers and Restraints
According to the American Medical Association (AMA), more than 80 million people in the country suffer from some kind of heart disease. An increasingly fast-paced life has given rise to a number of lifestyle-related ailments such as stress, diabetes and cardiovascular diseases. This affects not only the geriatric population that is at the greatest risk but has also begun to trouble individuals in their 30’s and even 20’s. While cardiovascular surgery has long been performed, recent innovations including ‘beating heart’ surgeries, minimally invasive procedures, Cardiac Rhythm Management (CRM) and other improvements are anticipated to be a major driver of the global cardiovascular surgical devices market. These technological advancements cause fewer side effects and allow patients to spend less time in post-surgical recovery. A growing pool of elderly people in North America, the European Union, China and Japan is also likely to be a key factor benefitting the cardiovascular surgical devices market. They are predicted to ensure that the market grows in double digits throughout the forecast period. In addition to this, rising stress levels, poor nutrition causing obesity and other health issues that are the bane of a modern lifestyle can potentially lead to cardiovascular diseases.
Today, insurance agencies and companies have begun providing plans specifically targeting chronic diseases such as cancer and cardiovascular diseases. People have become much more aware of how debilitating these diseases can be and they have begun to show greater concern for their health, following the mantra of prevention being better than cure. Government and private insurance company encouragement in creating awareness should definitely benefit the cardiovascular surgical devices market.
There are a few challenges that can stifle the growth of the cardiovascular surgical devices market. Alternative technologies are growing at a much faster rate than conventional surgical technology – examples include ablation techniques that are minimally invasive or percutaneous coronary intervention (PCI). Developing countries face a dearth of skilled medical professionals and the high cost of such treatments can be a major deterrent, especially for those unfortunate individuals who are afflicted with a heart disease but cannot afford an insurance cover.
Cardiovascular Surgical Devices Market: Key Regions
North America, led by the U.S., is the largest cardiovascular surgical devices market as the region has maximum employment in the tertiary sector leading to a stressful, sedentary lifestyle; easy availability of junk and fast food causing obesity; and a population that is rapidly ageing. Europe is the second largest cardiovascular surgical devices market due to the same reasons as North America, while China is expected to become an increasingly important contributor to the global cardiovascular surgical devices market in the days ahead.
Cardiovascular Surgical Devices Market: Key Players
Some of the leading players in the cardiovascular surgical devices market are Abbott Cardiovascular, Biosensors International, Bioventrix Inc, Cordis Corp and Terumo Cardiovascular Systems.
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