The cardiac surgery instrument market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The cardiac surgery instrument market comprises surgical instruments used to perform surgeries related to the heart and circulatory system. These instruments include scissors, forceps, clamps, dilators, needles and retractors specially designed to operate on delicate cardiac tissues. They aid surgeons to perform open-heart surgeries, heart transplants, and minimally invasive cardiac procedures with precision. Advancement in instrument technology has improved outcomes of complex cardiac surgeries.

Market key trends:
The growing prevalence of cardiovascular diseases is a key factor fueling the demand for cardiac surgeries which is driving the cardiac surgery instrument market growth. According to the World Health Organization (WHO), cardiovascular diseases are the major cause of death globally, accounting for over 17.9 million deaths in 2019. Moreover, growing geriatric population more susceptible to age-related heart disorders is further propelling market growth. Additionally, ongoing miniaturization of cardiac surgery instruments enabling minimally invasive cardiac procedures and technological advancements such as 3D-printed retractors and 3D surgical planning and guidance systems are some notable trends in the market expected to support its expansion over the forecast period.

Porter’s Analysis
Threat of new entrants: The high capital investment required for R&D and manufacturing along with regulatory barriers restricts new companies to enter the market.

Bargaining power of buyers: The large number of existing players in the market increases competition and provides buyers with better product choice and price leverage.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute materials and components. However, suppliers of advanced materials have some pricing power.

Threat of new substitutes: The threat is moderate as technological advancements are steadily providing newer product alternatives.

Competitive rivalry: Intense due to the presence of global and regional players offering similar products.

SWOT Analysis

Strength: Wide product portfolio and strong brand image of market leaders along with robust R&D capabilities. Technological advancements enable minimally invasive surgeries.

Weakness: High R&D and manufacturing costs incurred by players increases the pricing of products. Supply chain disruptions affected product availability during the pandemic.

Opportunity: Growing geriatric population susceptible to cardiovascular diseases. Expanding healthcare infrastructure in developing countries presents an untapped market.

Threats: Stringent regulatory approvals for new products lengthen time-to-market. Reimbursement issues and budgetary constraints in some countries hamper market growth.

Key Takeaways

The Global Cardiac Surgery Instrument Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing prevalence of cardiovascular diseases. The number of cardiac surgeries performed annually is rising globally due to the growing burden of heart conditions attributed to sedentary lifestyles and obesity.

The North American region currently dominates the cardiac surgery instrument market due to advanced healthcare facilities and supportive insurance coverage in the region. However, the Asia Pacific region is emerging as the fastest growing market due to improving access to healthcare and rising medical tourism in countries like India, China, and Japan.

Key players operating in the cardiac surgery instrument market include Medtronic, Edwards Lifesciences, Abbott Laboratories, Boston Scientific, LivaNova, Sorin Group, Terumo Corporation, Getinge AB, CryoLife, MicroPort Scientific Corporation, B. Braun Melsungen AG, Maquet, W. L. Gore & Associates, Stryker Corporation, and Merit Medical Systems. These players are focusing on new product launches and acquisitions to strengthen their market position.

Read more: https://www.rapidwebwire.com/cardiac-surgery-instrument-market-share-analysis/