New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Cardiovascular Needle Market: Key Insights
According to our new research study on “Cardiovascular Needle Market to 2028 – Global Analysis and Forecast – by type, application, usage, end user, and geography,” the Cardiovascular Needle Market Size is projected to reach US$ 137.855 million by 2028 from US$ 84.429 million in 2021; it is expected to grow at a CAGR of 7.3% from 2021 to 2028.
Cardiovascular Needle Market: Competitive Landscape
Ethicon (Johnson & Johnson Services, Inc.), Mani, Inc., Barber of Sheffield, FSSB surgical needles GmbH, Medtronic, Aurolab., Teleflex Incorporated., Meril Life Sciences Pvt. Ltd., CP Medical., and SMB Corporation of India are among the key companies operating in the cardiovascular needle market. The major market players are focusing on the launch of new product, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
North America to Dominate Cardiovascular Needle Market:
The North America cardiovascular needle market is further segmented into the US, Canada, and Mexico. The US is the largest contributor to the market in this region. The leading position of North America in the global cardiovascular needle market is primarily attributed to the significantly rising prevalence of the cardiovascular diseases, technological advancements in the related therapeutic procedures, and presence of major market players in the region.
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As per the data collected by the American Heart Association (AHA) in 2020, in the US, ~15.5 million people of age more than 20 suffer from chronic heart diseases (CHDs). The recent data by Society of Thoracic Surgeons Congenital Heart Surgery Database indicate that 122,459 congenital heart surgeries were performed from July 2014 to June 2018, and in 2018, the most ever, i.e., 3,408, heart transplantations were performed in the US. ~2,300 Americans die of cardiovascular disease per year and an average of one death is recorded in every 38 seconds. In the US, ~92.1 million adults are suffering from some form of the cardiovascular disease.
The Asia Pacific cardiovascular needle market is mainly represented by China, Japan, India, Australia, and South Korea. The rest of the countries in Asia Pacific also contribute to the regional market growth. The market in this region is driven by developments in the healthcare systems and infrastructure, in addition to the rise in cardiovascular disease prevalence across the region. In China, the growing prevalence of cardiac diseases such as heart stroke and the development for the cardiovascular surgical instruments are likely to propel the cardiovascular needle market growth. The burden of the cardiovascular diseases is spurring significantly due to incidence of hypertension, as well as the other factors such as high prevalence of smoking and dominance of unhealthy food in diet or imbalance in diet. According to China Cardiovascular Surgery Registry, a national database for coronary artery bypass grafting (CABG) and valve surgery, 87 major hospitals in China have been reported to be performing more than 100 cardiovascular surgeries per year. These conditions are leading to elevated demand for cardiovascular needles in the country.
Cardiovascular diseases (CVDs) are the disorders of heart and blood vessels, and the category includes cerebrovascular disease, coronary heart disease, rheumatic heart disease, and other conditions. Tobacco consumption, unhealthy diet, and physical inactivity, which increase the risk of heart attacks and strokes, are a few of the major lifestyle factors that lead to the CVDs. Other risk factors causing these diseases include hypertension, diabetes, and increased cholesterol levels. CVDs are among the top 10 causes of death across the world. According to the World Health Organization (WHO), cardiovascular diseases are number one cause of the death across the world. Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world. As per WHO data, ~17.9 million people in the world died from CVDs in 2016, which was 31.0% of the total mortality reported in that year. Among these, ~85% death cases were due to heart attack and stroke. Fat depositions around blood vessels that prevents blood from flowing to the heart or brain is a main cause of heart attack and stroke. Bleeding vessels or blood clots in brain are a few other causes of stroke.
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According to the European Cardiovascular Disease Statistics 2017, CVDs cause 3.9 million and more than 1.8 million death cases in Europe and European Union (EU), respectively, every year. Thus, these diseases account for 45.0% and 37.0% of total mortality in Europe and the EU, respectively. Furthermore, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, i.e., ~50% of the US adult population, suffer from CVDs every year. According to the Journal of the American College of Cardiology, Asia has increasingly high prevalence of high blood pressure, diabetes, elevated cholesterol levels. Countries such as Japan, China, and India are the major contributors to the total CVD incidence in the region.
Thus, the significantly rising incidence of CVDs across the world is contributing to the high demand for diagnostic and treatment cardiovascular devices, which is driving the cardiovascular needles market growth.
Cardiovascular Needle Market: Segmental Overview
Based on type, the cardiovascular needle market is segmented into round-bodied needles and cutting needles. The round-bodied needles segment would account for a larger market share in 2021, and the cutting needles segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on application, the cardiovascular needle market is segmented into open heart surgery and cardiac valve procedures. The open-heart surgery segment is expected to hold a larger share of the market in 2021, and it is estimated to register a higher CAGR in the market during 2021–2028.
Based on usage, the cardiovascular needle market is segmented into single use and multiple use. The single use segment is estimated to account for a larger market share in 2021. The market for this segment is estimated to grow at a higher CAGR from 2021 to 2028.
Based on end user, the cardiovascular needle market is segmented into hospitals and clinics, ambulatory surgical centers, and cardiovascular centers. The hospitals and clinics segment would hold the largest share of the market in 2021; it is further estimated to register the highest CAGR in the market during the forecast period.
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Impact of COVID-19 Pandemic on Cardiovascular Needle Market:
The COVID-19 pandemic has become the most significant challenge across the world, as it has been pressurizing healthcare systems of various countries in the world. Cardiac disease patients requiring surgical services require vital ICU resources, but they are also easy target of COVID-19-related complications. Hence, most of the hospitals and surgical enters considered cancelling or postponing elective surgeries, including cardiovascular surgeries. Hence, the COVID-19 hindered the growth of the cardiovascular needle market to a certain extent. However, in the long run, with the emphasis on mass vaccination and lowering of transmission rates, healthcare systems would return to normal, thereby bolstering the demand for cardiovascular needles.
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