Surging Medical Tourism Stimulating Coronary Artery Bypass Graft Market
Market Research Future (MRFR) postulates that the global coronary artery bypass graft market is slated to garner USD 116 million, grabbing a CAGR of 6.0% during the forecast period (2016-2022). The surging incidences of cardiovascular disease due to changing lifestyle is estimated to favor the market growth worldwide. Coronary artery bypass grafting (CABG) is referred to as a type of bypass surgery used to create new routes for the blood to flow into the heart. CABG is generally used in patients suffering from severe coronary heart disease. CABG is caused due to anxiety, deskbound lifestyle, high consumption of junk food, and stress.
Market Potential and Pitfalls
The coronary artery bypass graft market is anticipated to exhibit a sturdy CAGR with the increased incidences of cardiovascular diseases due to changing lifestyle worldwide. The growth in therapies and surgeries along with the rising awareness about the disease has resulted in the market to expand globally. The increased adoption of endoscopic surgeries, changes in demography, increasing complications like stress and obesity due to geriatric population and sedentary lifestyle, and surging medical tourism are some of the major factors likely to intensify the market growth throughout the appraisal period. The market is also propelled by the augmenting need for repeat revascularization process, and increased use of anastomosis assist devices and endoscopic vessel harvesting devices. Moreover, the advent of minimally invasive devices enables the market to reach out to a wider range of audiences. The benefits of minimally invasive devices such as less recovery time, reduced risk of infection, smaller incision, and less bleeding has made them popular across the globe.
On the contrary, increased complications after CABG, lack of regulatory approvals, and high cost of such surgeries are some of the top barriers considered to vitiate the market growth in the long run. Moreover, poor payment models and healthcare reimbursement policies, rising healthcare budget, and consolidation of market leaders are likely to dampen the market’s course across the globe.
Global Coronary Artery Bypass Graft Market: Segmental Analysis
The global coronary artery bypass graft market has been segmented on the basis of type, procedure, and end-users.
By mode of type, the global coronary artery bypass graft market has been segmented into on-pump, off-pump, endoscopic vein harvesting, minimally invasive direct CABG, and others. Among these, the off-pump segment is estimated to gain significant prominence in the long run due to the advantages it offers. The reduced inflammatory response, minimal blood loss, lower postoperative complications, mortality rate, and lower morbidity drive the segment globally.
By mode of procedure, the global coronary artery bypass graft market has been segmented into double CABG surgery, single CABG surgery, quadruple CABG surgery, triple CABG surgery, and others.
By mode of end-users, the global coronary artery bypass graft market has been segmented into cardiology clinics, hospitals, research institutes, and others. Among these, the hospital's segment is likely to occupy a major share. The rising number of hospitals, increased prevalence of cardiovascular diseases, and improvements in the reimbursement policies are estimated to fuel the segment’s growth.
The prominent players operating the global coronary artery bypass graft market comprises Genesee BioMedical, MAQUET Holding B.V. & Co. KG., Edwards Lifesciences Corporation, Neograft Inc., Sorin Group, Dextera Surgical Inc., Terumo Cardiovascular Systems Corporation, VasoPrep Surgical, Hancock Jaffe Laboratories Inc., NOVADAQ Technologies Inc., and others.
Global Coronary Artery Bypass Graft Market Information, by Type (off-pump, on-pump, minimally invasive direct CABG, endoscopic vein harvesting and others), by Procedure (single CABG surgery, double CABG surgery, triple CABG surgery, quadruple CABG surgery and others), by End User (hospitals, cardiology clinics, research institutes and others) - Forecast Till 2022 : https://www.marketresearchfuture.com/reports/coronary-artery-bypass-graft-market-2285