The Global Open Heart Surgery Tools Market size is estimated to reach USD 2,182.8 Million from USD 1,320.0 Million in 2020, delivering a CAGR of 6.40% through 2027. The market growth is driven by the growing prevalence of cardiac diseases and an associated rise in the number of cardiac surgeries performed annually around the world.
Cardiovascular diseases are one of the leading concerns of death in the world, primarily in Asian countries. Nearly 60% of the total CVD cases in the world are from the APAC region only. Increasing degradation in the lifestyle with an unhealthy lifestyle, bad eating habits, hypertension, smoking, and others are some of the key reasons leading to increasing cases of coronary artery disease, diabetes mellitus, dyslipidemia, and other ischemic heart diseases.
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Further key findings from the report suggest
- Based on application, the Coronary Artery Bypass Grafting (CABG) segment is estimated to witness a CAGR of 6.6% over the analysis period. Open Heart Surgery Tools are witnessing high demand for minimally invasive CABG methods as the surgery requires instruments proficient in making small cuts.
- The heart valve repair & replacement segment is estimated to account for 21.1% of the Open Heart Surgery Tools market share, exhibiting a CAGR of 5.2% through 2027.
- Based on instruments, the clamps & dilators segment is anticipated to account for 17.5% of the Open Heart Surgery Tools market, delivering a CAGR of 5.3% through 2027.
- The needle holders & needles sub-segment accounted for 21.3% of the market revenue share in 2019 and is forecast to showcase a growth rate of 5.4% over the analysis period.
- On the basis of sales channel, the online retail channel is expected to grow at a CAGR of 7.4% through 2027. The robust growth can be attributed to the increasing popularity of online retailing of medical instruments as online retailers offer reduced prices compared to the offline vendors on account of no involvement of the distributor chains in the process.
- In terms of end-use, the cardiac segment is estimated to register a CAGR of 3.4%, generating USD 0.38 Billion in terms of revenue by 2027.
- The ambulatory surgery centers segment accounted for USD 0.18 Billion in terms of revenue generation in 2018 and is expected to exhibit a CAGR of 9.1% over the analysis period.
- North America dominated the market 34.4% share in 2019 and is set to witness substantial growth through 2027 due to increasing incidences of coronary heart diseases and the exponential growth of ambulatory surgery centers in the region.
- Europe region is estimated to account for 27.6% of the market share, exhibiting a growth rate of 6.3% during the forecast period.
- APAC region is forecast to showcase the fastest growth rate of 9.3% over the analysis period and owing to a record number of cardiac patients in China, Japan, and India, impressive advancements in the healthcare industry, and exponential growth in the number of super-specialty cardio-centric hospitals in the region.
Competitive Outlook of the Global Open Heart Surgery Tools Market
The globla Open Heart Surgery Tools market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Open Heart Surgery Tools market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers & acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Becton, B. Braun Melsungen AG, Dickinson and Company, Sklar Surgical Instruments, Jarvis Surgical, Inc., Symmetry Surgical Inc., Rumex International Corporation, Fehling Surgical Instruments, Inc., Surtex Instruments Ltd., Delacroix-Chevalier, and Geister Medizintechnik GmbH, among others.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Open Heart Surgery Tools Market Segmentation:
Instrument Type Outlook (Revenue, USD Billion; 2018-2028)
- Forceps & Scissors
- Clamps & Dilators
- Needle Holders & Needles
- Retractors & Rongeurs
- Others
Sales Channel Outlook (Revenue, USD Billion; 2018-2028)
- Online Retailing
- Offline Retailing
Application Outlook (Revenue, USD Billion; 2018-2028)
- Coronary Artery Bypass Grafting (CABG)
- Heart Valve Repair & Replacement
- Implantable Cardioverter Defibrillator (ICD)
- Pediatric Cardiac Surgery
- Heart Transplant
- Others
End-User Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals
- Cardiac Clinics
- Ambulatory Surgery Centers
- Others
Geographic Segment Covered in the Report:
The Open Heart Surgery Tools report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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