May 26, 2024

Cardiac Surgery Instrument Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Cardiac surgery instruments such as clamps and forceps are used to repair diseased or damaged heart valves, correct congenital heart defects and perform bypass surgery. These instruments allow surgeons to delicately handle tissues and vessels with precision. The demand for cardiac surgery is increasing globally owing to rising prevalence of cardiovascular diseases. Additionally, the increasing adoption of minimally invasive techniques over traditional open-heart surgeries is propelling the cardiac surgery instruments market growth. Minimally invasive cardiac surgery causes less pain, fewer complications and faster recovery time compared to traditional surgeries.

The global cardiac surgery instrument market is estimated to be valued at US$ 2.5 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/cardiac-surgery-instrument-market-6163

Market key trends:

The major trend gaining traction in the cardiac surgery instruments market is the development of single-use or disposable instruments. Single-use instruments prevent the risk of infection due to transmission from one patient to another. They are sterilized individually and thus ensure greater sterility compared to reusable instruments. Single-use clamps, probes and other small devices are becoming popular owing to advantages like eliminating reprocessing costs and logistics. Major players are focusing on developing single-use surgical staplers, vessel dissectors and other items to cash in on the opportunities in this segment. Single-use instruments are expected to dominate the cardiac surgery instruments market during the forecast period.

Porter’s Analysis

Threat of new entrants: The cardiac surgery instrument market requires large capital investments and there are stringent regulatory standards. This poses high barriers for new companies to enter the market.
Bargaining power of buyers: Individual buyers have low bargaining power in this market as cardiac surgery instrument companies have strong brands and control a huge market share. However, large healthcare providers and group purchasing organizations have moderate bargaining power.
Bargaining power of suppliers: A few large multi-national companies dominate the supply of specialized materials and components used to manufacture cardiac surgery instruments. This gives them significant bargaining power over instrument manufacturers.
Threat of new substitutes: Currently, there are no cost-effective or widely adopted alternatives to cardiac surgery instruments. New technologies may pose a threat in the long run if they proved to be clinically effective substitutes.
Competitive rivalry: The cardiac surgery instrument market is fragmented but dominated by a few large global players. Intense competition exists in terms of product quality, pricing, innovation and expanding to emerging markets.

Key Takeaways

The global cardiac surgery instrument market is expected to witness high growth over the forecast period of 2023 to 2030. The global cardiac surgery instrument market is estimated to be valued at US$ 2.5 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

Regional analysis: North America currently dominates the cardiac surgery instrument market globally mainly due to the increasing prevalence of cardiovascular diseases, growing geriatric population and developed healthcare infrastructure. Asia Pacific is anticipated to grow at the fastest rate during the forecast period driven by the expansion of healthcare facilities, rising medical tourism and growing disposable incomes in China and India.

Key players: Key players operating in the cardiac surgery instrument market are Medtronic, Sorin Group, MAQUET Holding B.V. & Co. KG, Surgical Holdings, Becton, Dickinson and Company, B. Braun Melsungen AG and Teleflex Incorporated. Medtronic and MAQUET Holding are the global leaders in cardiac surgery instruments with a wide product portfolio and strong geographic presence across major markets.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it