Cardiac Surgical Devices Market by Product Type (Beating Heart Surgery Systems, Cardiopulmonary Bypass Equipment, Cardiac Ablation Devices, and Perfusion Disposable), by Application (Congenital Heart Defects, Cardiac Arrhythmia, Coronary Heart Disease, Congestive Heart Failure)
Portland, OR -- (SBWIRE) -- 07/25/2017 -- Cardiac Surgical Devices Market Report, published by Allied Market Research, projects that the global market was valued at $1,700 million in 2016, and is projected to reach $2,124 million by 2023, growing at a CAGR of 3.2% from 2017 to 2023. The perfusion disposable segment held more than seven-tenths share of the total market in 2016.
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Cardiac surgical devices are used for surgery performed to treat the complications of heart diseases such as valvar and congenital heart diseases. Constant technological developments, large pool of geriatric population, rise in incidence and prevalence of cardiac diseases, and increase in medical tourism in the developing countries are the factors that drive the growth of the market. However, high cost of the cardiac surgical procedures is projected to restrain the market growth during the forecast period.
Detailed segmentation of the global cardiac surgical devices market is provided in terms of product type, application, age-group, and geography. Based on product type, the market is divided into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposables. The perfusion disposable market segment held the largest share in 2016 owing to high usage of perfusion disposables for keeping continuous heart beat and transferring oxygen to different parts of the body.
Based on application, the cardiac surgical devices market is segmented as congenital heart defects, cardiac arrhythmia, coronary heart disease, congestive heart failure, and other applications. Cardiac arrhythmia held the largest market share in 2016 owing to high prevalence of cardiac arrhythmia among adults as well as geriatric population.
Based on age-groups, the cardiac surgical devices market is segmented as new-born, infant, children, and adults. Adults undergo highest number of surgeries and hence captured the highest market share in 2016.
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North America accounted for more than two fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to increase in incidence of cardiac diseases due to rise in geriatric population, well-established healthcare systems, and increase in awareness among the population toward timely diagnosis and treatment of cardiac diseases. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the market. However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from large pool of patient population, and improvement in healthcare infrastructure.
Key Findings of the Cardiac Surgical Devices Market Study:
By product type, the perfusion disposable segment dominated the market in 2016, and is projected to grow at the highest CAGR.
By application, the cardiac arrhythmia segment accounted for the highest share of in 2016.
The U.S. was the major shareholder in the North America cardiac surgical devices market in 2016.
Asia-Pacific is expected to show the highest growth rate during the analysis period.
China is expected to grow at the highest CAGR in the Asia-Pacific immunoprotein diagnostic testing market.
Key Players of Market:
The major players profiled in the global cardiac surgical devices market are Edwards Life Science Corporation, Medtronic Inc., Getinge Group, Atrion Corporation, Abbott Laboratories, Sorin S.P.A., Terumo Medical Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc.