by The global Cardiac Surgery Instrument Market is estimated to be valued at US$ 1.7 Bn or Billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac surgery instruments are medical devices used in open-heart surgeries as well as in minimally invasive cardiac surgeries. Some common instruments used include clamps, scalpels, retractors, surgical needles, electrophysiology catheters, and cannulas. These instruments allow surgeons and cardiologists to safely operate and access different parts of the heart during procedures. Minimally invasive cardiac surgeries lead to reduced trauma, scarring, recovery time, and risk of complications for patients.
Market key trends:
One of the key trends in the cardiac surgery instrument market is the rising preference for minimally invasive surgical procedures. Minimally invasive procedures offer various advantages over traditional open-heart surgeries such as reduced pain, scarring, recovery time, risk of infection, and longer hospital stay. This is driving increased demand for specialized cardiac instruments suitable for minimally invasive procedures. Furthermore, technological advancements are enabling the development of smaller and more advanced surgical instruments suitable for minimally invasive access routes. Surgeons can access and operate on the heart through just a few small incisions using these instruments as opposed to opening the entire chest cavity. This is expected to further drive the growth of cardiac surgery instruments tailored for minimally invasive surgeries.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate. The cardiac surgery instrument market requires significant capital investment and has regulatory barriers to entry.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of substitutes provides moderate bargaining power to buyers. However, the importance of cardiac surgery instruments in critical operations limits shifts to substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is high given the specialized nature of inputs and technologies used to produce cardiac surgery instruments. This makes it difficult for buyers to substitute inputs.
Threat of new substitutes: The threat of new substitutes is low as the core functions performed by cardiac surgery instruments have limited alternatives. While some digital technologies hold promise as complements, substitutes to physical instruments are slow to emerge.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players.
Key Takeaways:
The Global Cardiac Surgery Instrument Market Size is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence of cardiovascular diseases and the rapid growth of the geriatric population which is more prone to heart diseases. The number of cardiac surgeries performed is also growing due to technological advancements and increasing access to healthcare globally.
Regionally, North America is expected to dominate the cardiac surgery instrument market during the forecast period. This is attributed to growing incidence of cardiac diseases, availability of advanced healthcare facilities, growing healthcare spending, and presence of key market players in the region. However, Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period owing to rapidly developing healthcare infrastructure, rising medical tourism, and growing healthcare expenditure in emerging economies such as China and India.
Key players operating in the cardiac surgery instrument market are 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, Merit Medical Systems. Key players are focusing on new product launches, partnerships, and strategic acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
