The global Cardiac Surgery Instrument Market is estimated to be valued at US$1.7 billion in 2023 and is expected to exhibit a CAGR of 13.0% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The cardiac surgery instrument market offers a wide range of instruments that are used in various cardiac surgery procedures. These instruments are essential for performing complex cardiac surgeries, such as coronary artery bypass grafting, heart valve repair/replacement, and heart transplantation. The demand for advanced cardiac surgery instruments is on the rise due to the increasing prevalence of cardiovascular diseases and the growing geriatric population worldwide. These instruments not only aid in accurate surgical procedures but also improve surgical outcomes, leading to a lower risk of complications and better patient recovery. The need for these instruments is driven by the increasing demand for minimally invasive surgeries and the rising adoption of technologically advanced surgical instruments in the field of cardiac surgery.
Market Key Trends:
One key trend observed in the cardiac surgery instrument market is the increasing adoption of robotic-assisted cardiac surgery. Robotic-assisted surgeries offer several advantages over traditional open-heart surgeries, including smaller incisions, reduced blood loss, shorter hospital stays, and faster recovery times for patients. The use of robotic systems allows surgeons to perform complex cardiac surgeries with enhanced precision and control, resulting in better patient outcomes. Additionally, the incorporation of advanced imaging technologies and real-time monitoring systems in robotic systems further improves surgical accuracy and safety. With ongoing advancements in robotic-assisted surgical technologies, the market for cardiac surgery instruments is expected to witness significant growth in the coming years.
Threat of New Entrants: The threat of new entrants in the cardiac surgery instrument market is low. This is due to the high barriers to entry, including the need for substantial investment in research and development, regulatory approvals, and established distribution networks. Additionally, the market is dominated by a few key players who have strong brand loyalty and long-standing relationships with healthcare providers.
Bargaining Power of Buyers: The bargaining power of buyers in the cardiac surgery instrument market is moderate. While buyers, such as hospitals and healthcare providers, have the ability to negotiate prices and terms with suppliers, they are limited in their options due to the specialized nature of these instruments. The high switching costs associated with changing suppliers also reduce the bargaining power of buyers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the cardiac surgery instrument market is moderate to high. Suppliers, such as manufacturers of medical devices and equipment, have the ability to charge high prices and dictate terms due to the limited number of suppliers in the market. Moreover, suppliers who offer innovative and high-quality products have a stronger bargaining position.
Threat of New Substitutes: The threat of new substitutes in the cardiac surgery instrument market is low. Cardiac surgery instruments are essential in performing surgeries and there are no viable alternatives that can replicate their functions. Any substitutes would require extensive research and development and regulatory approvals, making it difficult for new products to enter the market.
Competitive Rivalry: The competitive rivalry in the cardiac surgery instrument market is high. The market is highly consolidated, with a few key players dominating the industry. These companies compete based on product innovation, quality, and pricing. Furthermore, the high research and development costs associated with developing new products create barriers to entry for new players.
The global Cardiac Surgery Instrument Market Forecast is expected to witness high growth, exhibiting a CAGR of 13.0% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing prevalence of cardiovascular diseases, advancements in surgical techniques, and the aging population.
Regionally, North America is expected to be the fastest-growing and dominating region in the cardiac surgery instrument market. This can be attributed to the presence of well-established healthcare infrastructure, a high prevalence of cardiovascular diseases, and increasing investments in research and development.
Key players operating in the cardiac surgery instrument market include Medtronic, Edwards Lifesciences, Abbott Laboratories, Boston Scientific, LivaNova, Sorin Group (now part of LivaNova), Terumo Corporation, Getinge AB, CryoLife, MicroPort Scientific Corporation, B. Braun Melsungen AG, Maquet (now part of Getinge AB), W. L. Gore & Associates, Stryker Corporation, and Merit Medical Systems. These companies have a strong market presence and compete based on product quality, innovation, and pricing strategies.