Global Cardiac Surgery Instruments Market is Expecting to Grow at a Healthy Rate During Forecast Period

The global cardiac surgery instruments market is expected to reach USD 1.63 Billion by 2022 from USD 1.16 Billion in 2017, at a CAGR of 7.1%.

(EMAILWIRE.COM, January 21, 2021 ) Major Growth Boosters:

The growth of the Cardiac Surgery Instruments Market is mainly driven by factors such as growing prevalence of cardiac conditions and subsequent increase in the number of surgical procedures, rising geriatric population, and growing investments, funds, and grants by government bodies worldwide.

Factors Which May Hinder Global Growth:

However, adoption of alternative surgical methods and lack of Medicare payments are the major factors that may restrain the growth of this market to a certain extent during the forecast period.

Target Audience:

# Hospitals and private clinics
# Cardiac centers
# Ambulatory surgery centers (ASCs)
# Academic institutes
# Medical research institutes
# Market research and consulting firms
# Venture capitalists
# Suppliers and distributors of cardiac surgery instruments

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Industry Segmentation:

Based on application, the Cardiac Surgery Instruments Market is further segmented into coronary artery bypass graft (CABG), heart valve surgery, pediatric cardiac surgery, and other applications. CABG segment is expected to grow at the highest CAGR during the forecast period. CABG forms the largest and fastest-growing application segment of the market. This is mainly attributed to the high incidence of cardiac diseases and resulting increase in the number of surgical procedures.

By end user, the Cardiac Surgery Instruments Market is categorized into hospitals and cardiac centers, and ambulatory surgery centers (ASCs). In 2017, hospitals and cardiac centers were expected to be the major end-user segment in the market. The large share of this segment can be attributed to the increasing incidence of cardiac diseases and the need for timely diagnosis and treatment of these diseases, the rising geriatric population, increased patient pool, growth in the number of cardiac surgical procedures in hospitals, improving healthcare infrastructure, and favorable reimbursement scenario in most developed and developing countries.

Geographical Growth:

Based on region, the Cardiac Surgery Instruments Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest share of this market in 2017. However, the Asian market is expected to grow at the highest CAGR mainly due to the increasing awareness programs, high incidence of cardiac diseases, rising funding for cardiac research, and improvements in the healthcare sector of Asian countries.

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Key Industry Leaders:

Prominent players in the cardiac surgery instruments market include Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Teleflex Incorporated (U.S.), Medline Industries, Inc. (U.S.), KLS Martin Group (U.S.), Stille (Sweden), Sklar Surgical Instruments (U.S.), Symmetry Surgical Inc. (U.S.), Delacroix-Chevalier (France), Wexler Surgical (U.S.), Surgins (U.K.), Surtex Instruments Ltd. (U.K.), Cardivon Surgical Inc. (China), Rumex International Corporation (U.S.), and Scanlan International (U.S.).

Companies are focusing on adopting organic and inorganic growth strategies such as partnerships, agreements, acquisition, and expansion. These strategies help market players strengthen their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.

The overall growth strategies mapped from 2014 to 2017 include partnerships, agreements, collaboration, acquisition, and expansion. Acquisitions were the key strategies adopted by industry players to achieve growth in the market.

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