New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiovascular Surgery Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277180/?utm_source=GNW
The global cardiovascular surgery devices and equipment market will grow from $1.68 billion in 2022 to $1.75 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cardiovascular surgery devices and equipment market is expected to grow to $1.91 billion in 2027 at a CAGR of 2.2%.
The cardiovascular surgery devices and equipment market consist of sales of perfusion disposables, beating heart surgery systems, cardiopulmonary bypass equipment, and cardiac ablation devices that are used for cardiovascular surgeries.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cardiovascular surgery devices and equipment are used in cardiac surgery and other cardiovascular procedures performed to repair structural defects of the cardiovascular system and damaged or blocked valves and vessels.
The main product types in the cardiovascular surgery devices and equipment are beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposables.Cardiopulmonary bypass equipment is used in open-heart surgeries and is operated by perfectionists.
The various applications are congenital heart defects, cardiac arrhythmia, coronary heart disease, congestive heart failure, and other applications. These are used in home and ambulatory care, hospitals, diagnostic laboratories, and research laboratories.
North America was the largest region in the cardiovascular surgery devices and equipment market in 2022.Western Europe was the second-largest region in the cardiovascular surgery devices and equipment market.
The regions covered in the cardiovascular surgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rising geriatric population along with the rising deaths related to cardiovascular disorders is driving the cardiovascular surgical devices market. According to American Heart Association (AHA), in the US, approximately 43.7 million aged above 60 suffered from cardiovascular disorders. It is also reported by AHA that death related to cardiac diseases amount to 17.3 million per year and is expected to rise to more than 23.6 million by 2030, worldwide. Due to these factors, a higher number of surgeries are being performed, thereby driving the market.
The cardiovascular surgical devices market may be restrained due to stringent and longer approval processes by the regulatory authorities.According to a researcher from Harvard Business School, innovative first-mover products such as implantable defibrillators or transcatheter heart valves are delayed for approvals by FDA, thereby adding to the development cost to the manufacturer.
For new cardiovascular devices (first-entrants), the innovator spends 7.2 months longer than the first follow-on innovator. For example, Edwards Lifesciences trans-catheter heart valve was approved in Europe 4 years before it was approved in the USA. The study also estimated the financial loss associated with the delay in getting the approval. The delay may cost firms an average of $6.7 million to the already existing $94 million average prices to introduce a new medical device to market, thereby hampering companies’ pursuit of innovations.
Companies in the cardiovascular surgery devices and equipment market are investing in second-generation bioresorbable stents and as well rectifying the glitches which occurred in the earlier version of bioresorbable stents.This advancing segment is poised to garner $247 million by 2025.
Due to the all-new device features such as thinner strut thicknesses, faster resorption times, and better radial force, these are expected to grow at a higher growth rate.A higher elective procedure volume due to the less-invasive nature of PCIs, when compared to coronary artery bypass grafting, is expected to drive bioresorbable stents adoption.
For instance, Amaranth Medical has developed three medical devices with thinner strut thickness, the latest bearing a magnitude of 100 microns.
The U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) made public, its priority list for medical device guidance documents. This would allow the companies in promoting innovation and as well save them from the stringent consequences of non-approval of any product. Thus, a clearer and transparent approval method would drive the cardiovascular surgical devices market in the future.
The countries covered in the cardiovascular surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The cardiovascular surgery devices and equipment market research report is one of a series of new reports that provides cardiovascular surgery devices and equipment market statistics, including cardiovascular surgery devices and equipment industry global market size, regional shares, competitors with a cardiovascular surgery devices and equipment market share, detailed cardiovascular surgery devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular surgery devices and equipment industry. This cardiovascular surgery devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277180/?utm_source=GNW
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