NEWARK, Del, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The coronary artery bypass graft market is estimated to be worth US$ 17,612.1 million in 2023 and is set to surpass US$ 22,765.9 million by 2033. The demand for coronary artery bypass grafts will rise at a moderate CAGR of 2.6% between 2023 and 2033. The aging global population contributes significantly, as older individuals are more prone to cardiovascular diseases necessitating coronary artery bypass graft procedures.
Advancements in medical technology, such as minimally invasive procedures and robot-assisted surgeries, enhance the effectiveness of CABG, attracting more patients. Furthermore, the increasing adoption of telemedicine and remote healthcare services has expanded access to CABG consultations, further driving demand.
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The coronary artery bypass graft industry faces several challenges and restraints. The high cost associated with CABG procedures, including hospitalization, surgery, and post-operative care, makes it less accessible to lower-income populations. The industry contends with a shortage of skilled cardiovascular surgeons and medical staff, limiting its capacity to cater to the growing demand.
Regulatory hurdles and stringent approval processes for new coronary artery bypass graft technologies can hinder innovation and market expansion. The perception that CABG is a last resort after failed medical management sometimes delays patient decision-making and surgical interventions.
The coronary artery bypass graft industry holds promising opportunities for growth and development. With the increasing emphasis on preventive healthcare, there is room for expanding coronary artery bypass graft awareness and early intervention programs to reduce the need for more complex procedures. Market players can explore emerging economies with a rising middle class and greater healthcare access as untapped coronary artery bypass graft services markets.
The coronary artery bypass graft industry observes several cutting-edge trends. Minimally invasive coronary artery bypass graft procedures, including robotic-assisted surgeries, are gaining popularity due to their reduced recovery times and patient benefits. The incorporation of artificial intelligence (AI) and machine learning (ML) in diagnosing cardiovascular diseases and predicting patient outcomes is a noteworthy trend.
Integrating telemedicine and remote monitoring enables better pre- and post-operative care, enhancing patient experiences. Patient-centric care models, emphasizing shared decision-making and personalized treatment plans, are becoming integral to the coronary artery bypass graft industry, improving patient outcomes and satisfaction.
"The emergence of bioresorbable grafts and drug-eluting grafts signifies a shift towards more innovative and patient-friendly coronary artery bypass graft solutions."- Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Key Takeaways from the Coronary Artery Bypass Grafts Market
- Off-pump technology is forecast to command a 55.5% market share in the coronary artery bypass graft industry in 2023.
- Hospitals play a critical role in the coronary artery bypass graft industry, accounting for 63.2% of the market in 2023.
- With a significant value share of 54.1% in 2023, the United States dominates the coronary artery bypass graft (CABG) industry.
- In 2023, Germany is expected to maintain a 3.5% value share of the coronary artery bypass graft market.
- The United Kingdom is expected to rise at a CAGR of 1.6% in the global the coronary artery bypass graft market in 2023.
- With a CAGR of 3.4% in 2023, China's CABG industry has tremendous room for growth.
- India coronary artery bypass graft industry is expected to witness a 3.9% CAGR through 2033.
- With a 6.1% CAGR through 2033, Japan continues stable growth in the coronary artery bypass graft industry.
Competition Outlook for the Coronary Artery Bypass Grafts Market
The coronary artery bypass graft industry is highly competitive, with several major players vying for market share. The leading coronary artery bypass graft providers offer various services, including surgery, post-operative care, and rehabilitation.
Coronary artery bypass graft providers are constantly innovating and developing new techniques and procedures to stay at the top of the market. For example, many CABG providers are now offering minimally invasive and robotic coronary artery bypass graft surgery. These procedures are less invasive than traditional CABG surgery and can offer patients several benefits, such as shorter hospital stays and faster recovery times.
Recent Developments in the Coronary Artery Bypass Grafts Market
- Medtronic received FDA approval for its new Micra AV Pacing System, the world's smallest and most lightweight pacemaker.
- Abbott Laboratories launched its new Navis-Prime Coronary Stent System, a drug-eluting stent designed to improve blood flow to the heart and reduce the risk of restenosis.
- Edwards Lifesciences launched its new TAVR Elite valve system, a transcatheter aortic valve replacement (TAVR) system designed to be more durable and easier to implant.
Top 10 Key Companies in the Coronary Artery Bypass Grafts Market:
- Medtronic
- TERUMO CORPORATION
- Guidant Group
- MAQUET Holding B.V. & Co. K.G.
- Vitalitec International, Inc.
- Novadaq Technologies Inc.
- KARL STORZ GmbH & Co. K.G.
- Edwards Lifesciences
- Genesee Biomedical Inc.
- Sorin Group
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Segmentation Analysis of the Coronary Artery Bypass Grafts Market:
By Technology:
- Off-pump CABG
- On-pump CABG
- Others
By Procedure:
- Single CABG surgery
- Double CABG surgery
- Triple CABG surgery
- Quadruple CABG surgery
- Others
By End User:
- Hospitals
- Cardiology Clinics
- Research Institutes
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East and Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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