Report: Global CV surgery device market to reach $2.4B by 2016
The global market for cardiovascular surgery devices is expected to reach $2.4 billion in 2016—growing by a compound annual growth rate (CAGR) of 3 percent from the $2 billion market valuation in 2009, according to a report by GlobalData.
The market research firm attributes the swell to the increased number of patients who suffer from coronary artery disease (CAD), which was estimated at 6.5 percent of the U.S. population in 2009. The report said the rising costs also stem from patients who are aware that surgery may be safer than PCI in some cases, like triple-vessel disease.
Additionally, the beating heart surgery global market is expected to reach $389 million in 2016, a CAGR of 5 percent from the $274.8 million that the market was valued at in 2009.
“Beating heart surgery is forecasted to be the fastest growing category in cardiovascular surgery. Globally, about 700,000 bypass procedures are performed annually. In the U.S., about 15 to 20 percent of bypass procedures are performed on the beating heart,” the report stated.
Emerging device markets, such as India's, will drive the growth of the CV surgery device market and is expected to reach $251.6 million in 2016—a CAGR of 15 percent from the $92 million reported in 2009.
This growth is expected to be driven by patient demographics and medical tourism due to the low costs of CABG surgery in India compared to other developing countries.
The World Health Organization reported that the current incidence of CAD in India is 10 percent, but it is expected to grow.
Combined, Terumo, Medtronic and the Sorin Group held 66 percent of the global surgery device market in 2009. Terumo, the market leader, held 26 percent of total market shares.
The report said the companies have market dominance because of the presence they have in the perfusion disposables market, which accounts for 81 percent of the CV surgery device market.
“The market is expected to be driven by cost effectiveness, less invasive approach and high patient safety of beating heart surgery compared to traditional cardiopulmonary (CPB) surgery,” the report stated.
Additionally, the report said that heart surgery has a lower price tag because it has been linked to a shorter length of stay and eliminates the need for heart and lung machines, which also cuts costs.
The market research firm attributes the swell to the increased number of patients who suffer from coronary artery disease (CAD), which was estimated at 6.5 percent of the U.S. population in 2009. The report said the rising costs also stem from patients who are aware that surgery may be safer than PCI in some cases, like triple-vessel disease.
Additionally, the beating heart surgery global market is expected to reach $389 million in 2016, a CAGR of 5 percent from the $274.8 million that the market was valued at in 2009.
“Beating heart surgery is forecasted to be the fastest growing category in cardiovascular surgery. Globally, about 700,000 bypass procedures are performed annually. In the U.S., about 15 to 20 percent of bypass procedures are performed on the beating heart,” the report stated.
Emerging device markets, such as India's, will drive the growth of the CV surgery device market and is expected to reach $251.6 million in 2016—a CAGR of 15 percent from the $92 million reported in 2009.
This growth is expected to be driven by patient demographics and medical tourism due to the low costs of CABG surgery in India compared to other developing countries.
The World Health Organization reported that the current incidence of CAD in India is 10 percent, but it is expected to grow.
Combined, Terumo, Medtronic and the Sorin Group held 66 percent of the global surgery device market in 2009. Terumo, the market leader, held 26 percent of total market shares.
The report said the companies have market dominance because of the presence they have in the perfusion disposables market, which accounts for 81 percent of the CV surgery device market.
“The market is expected to be driven by cost effectiveness, less invasive approach and high patient safety of beating heart surgery compared to traditional cardiopulmonary (CPB) surgery,” the report stated.
Additionally, the report said that heart surgery has a lower price tag because it has been linked to a shorter length of stay and eliminates the need for heart and lung machines, which also cuts costs.