Global Cardiovascular Surgical Devices Market Overview
Various cardiovascular surgeries such as, open heart surgery, heart transplant, cardiac valve procedures, coronary artery bypass graft surgery, and many more surgeries need cardiovascular surgical devices. Rising number of patients suffering from cardiovascular diseases due to obesity, diabetes and increasing aging population is driving the cardiovascular surgical devices market.
As reported by the World Health Organization (WHO), in 2015, around 17.7 million people died from cardiovascular diseases, which represent 31% of all global deaths. Of these deaths, around 7.4 million were due to coronary heart disease and 6.7 million were due to stroke. According to the World Health Organization (WHO) in the year 2015, about 8.5% of adults who were aged 18 years and older were reported to have had diabetes and around 1.6 million deaths were directly caused by diabetes in 2014. Thus, rising occurrence of chronic diseases leading to heart attacks and failures is attributed to serve as the major factor in propelling the global cardiovascular surgical devices market.
Market Size & Forecast
Cardiovascular surgical devices market is predicted to record a significant CAGR of 8.6% over the forecast period. Many multi-national companies are concentrating towards new product advances in cardiovascular surgical devices. Moreover, occurrence of cardiovascular diseases has augmented in individuals below 35 years. New forms of cardiovascular surgical devices are discovered through ongoing R&D activity which is expected to drive the cardiovascular surgical devices market rapidly.
Currently the market is pushed by some key factors for instance launch of rental services for cardiovascular surgical devices, reducing the rate and making it reasonable in developing countries, future development in technology will help in introducing patient friendly devices. Advance in healthcare industry in the past few years and growing technological explorations is projected to drive cardiovascular surgical devices market steadily during the forecast period. On the basis of regional platform, global Cardiovascular Surgical Devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
On account of increasing market penetration of surgical devices, and presence of sophisticated healthcare infrastructure, North America is panned to observe substantial growth in cardiovascular surgical devices market usage. North America is estimated to be followed by Asia Pacific in terms of utility on the back of increasing geriatric population of the region suffering from cardiovascular disorders. On account of multiplying cardiovascular surgical devices uses in growing end-users and government outlook of this region to better the quality of healthcare, Asia Pacific is budding as a regional cardiovascular surgical devices utility market.
Europe is expected to drive demand and positively impact cardiovascular surgical devices market growth over the forecast period owing to swelling aging population and added life expectancy.
Growth Drivers & Challenges
Increasing Adoption of Sedentary Lifestyle
Increasing occurrence of cardiovascular disorders and rising geriatric demographics are the key propellants in global cardiovascular surgical devices market growth. Besides this, increasing co-morbidities, increasing sedentary lifestyle, excessive use of tobacco, diabetes and rise in number of people suffering from obesity are some other factors predicted to stimulate the global cardiovascular surgical devices market. Moreover, advancing technology in medical devices is adding fuel to the growth of the market for instance; new technology of suture-less large bore closure device is expected to boost the market volume of global cardiovascular surgical devices across the globe. Increasing government support in the developing countries is further propelling the cardiovascular needles market.
Increasing Incidences of Cardiovascular Disorders
Intensifying number of current population suffering from vascular malfunctions and congenital defects along with rise in number of people suffering with poor nutrition due to changing lifestyles and increased obese population is anticipated to contribute significantly in driving the cardiovascular surgical devices market over the forecast period. Declining cardiac functioning due to hypertension on account of busy living schedules across the developed as well as the developing regions around the world is expected to surge the cardiovascular surgical devices market robustly. Stressful living with maximum employment availability in the tertiary sector is estimated to help in the cardiovascular surgical devices market growth. Rising urbanization and awareness regarding cardiovascular diseases with increase in overall healthcare expenses for preventive measures is expected to propel the cardiovascular surgical devices market during the forecast period.
Association of High Cost Constraints
However, cost constraints associated to these devices along with lack of skilled professionals in the under-developed as well as the developing regions of the world is anticipated to sluggish the cardiovascular surgical devices market growth over the forecast period. Furthermore, the use of conventional surgical technology has been decreasing due to rise in use of alternative surgical technology that is estimated to serve as a key factor in the restraint of cardiovascular surgical devices market.
Our-in depth analysis of the global Cardiovascular Surgical Devices market includes the following segments:
By Surgical Device
Global Cardiovascular Surgical Devices Market is further classified on the basis of region as follows:
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