Albany, NY, Oct. 26, 2018 (GLOBE NEWSWIRE) -- The global Cardiac Surgery Instruments Market stood at US$1,061.4 million in 2017. Expanding at a steady CAGR of 5.9% during 2017–2022, the global prospects of the market is projected to reach worth of US$1,412.7 million by the end of the forecast period.
Global Prevalence of Cardiovascular Diseases and Associated Mortality boosting Market
The global prevalence of cardiovascular diseases (CVDs), especially in developing nations, is a key factor driving the market for cardiac surgery instruments. The large mortality of CVDs across the globe in general and developing countries in particular is a crucial factor propelling the demand for cardiac surgery. This in turn is boosting the cardiac surgery instruments market. The presence of several lifestyle-based triggering factors has increased the morbidity and mortality of cardiovascular diseases, especially among populations in Southeast Asia and Latin America.
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Substantial advances made in cardiothoracic surgical instruments in recent years has resulted in the cardiac surgery instruments market take large strides. The substantial need for preventing premature deaths in patient populations from heart attacks and strokes is also catalyzing the expansion of the cardiac surgery instruments market.
The presence of robust healthcare infrastructures in developed nations especially in Western countries has supported the cardiac surgery instruments market to expand steadily in recent years. Moreover, the demand for better cardiac surgery instruments by surgeons to improve surgical outcomes is significantly boosting the cardiac surgery instruments market growth. In several economies, awareness about the risk factors associated with CVDs and related disorders has risen over the past few years. This is also boosting the cardiac surgery instruments market.
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Stringent Regulations for Design and Development of Cardiac Surgery Instruments key Bottleneck
However, stringent regulations for the design and development of medical devices has hampered the prospects of cardiac surgery instruments to an extent in some regions. Nevertheless, the large unmet needs for cardiothoracic surgery in developing regions will help bolster the revenues of the cardiac surgery instruments market in the coming years. Moreover, the rising intensity of competition among players is likely to bode well for the cardiac surgery instruments market.
The substantial adoption of minimally-invasive surgery procedures in various parts of the world has also been a favorable trend expected to accentuate the global cardiac surgery instruments market in the coming years. The developments will be supported by substantially rising investments by private players in developing regions, such as the Middle East and Asia Pacific.
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Vascular forceps, among the key product types, is expected to hold the leading share in the global cardiac surgery instruments market throughout the assessment period. The growth is expected to be driven by the constant industry urge for innovation in this type of cardiac surgery instruments, given their critical role in ensuring patient safety in a wide variety of cardiac procedures.
Regionally, North America is anticipated to hold dominance in the global cardiac surgery instruments market throughout the assessment period. By 2022 end, the regional market is estimated to be worth US$503.1 million. This can be attributed to the constant influx of cutting-edge technologies by globally prominent medical device manufactures domiciled in the region.
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The global cardiac surgery instruments market is increasingly competitive, given the presence of several players focusing on leveraging the commercial prospects of the market, finds Transparency Market Research (TMR). In the coming years, relentless efforts by top players to introduce broad range of specialized cardiovascular surgical instruments will in all likelihood raise the ante higher for incumbent players and new entrants in the cardiac surgery instruments market. TMR observes that product innovation would be the key focus of new entrants and emerging players to gain a better foothold in the cardiac surgery instruments market. The overall cardiac surgery instruments market is also expected to be notably affected by forces of fragmentation for at least few years down the line.
Top players operating in the cardiac surgery instruments market include Teleflex Incorporated, Becton, Dickinson, and Company, Cardinal Health Inc., Delacroix-Chevalier, Medline Industries Inc., and Cardivon Surgical Inc.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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