Coronary Artery Bypass Graft Devices Market
Number of pages: 100 | Report Format: PDF | Published date: February 06, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 17.89 billion |
|
Revenue Forecast in 2030 |
US$ 29.98 million |
|
CAGR |
5.9% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Techniques, Device Types, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global coronary artery bypass graft devices market was valued at US$ 17.89 billion in 2021 and is expected to register a revenue CAGR of 5.9% to reach US$ 29.98 million by 2030.
Coronary Artery Bypass Graft Devices Market Fundamentals
Coronary artery bypass graft (CABG) devices are used in the surgical treatment of coronary artery disease, a condition in which the coronary arteries become narrowed or blocked. These devices are used during a coronary artery bypass graft procedure, which involves creating a bypass around a blocked coronary artery using a healthy blood vessel taken from the patient's own body. This creates a new path for oxygen-rich blood to flow to the heart muscle, reducing the symptoms of coronary artery disease and improving the patient's overall heart function.
CABG devices include a wide range of products, such as heart-lung machines, cannulas, stabilizing devices, and grafts. Heart-lung machines are used to support the patient’s circulation and oxygenation during the procedure, cannulas are used to access the heart and blood vessels, and stabilizing devices are used to hold the heart in place during the surgery. Grafts are used to create the bypass and are typically made from the patient's own vessels, such as the saphenous vein or the internal thoracic artery.
Chest discomfort, weariness, palpitations, irregular heart rhythms, shortness of breath, swelling in the hands and feet, and indigestion are some symptoms of coronary artery disease. During the CABG procedure, a healthy blood vessel called a graft, is attached to the blocked coronary artery, creating a blood flow bypass. The CABG procedure has a high success rate and can significantly improve the quality of life in patients.
[4644564]
Coronary Artery Bypass Graft Devices Market Dynamics
The rising cardiovascular disease cases, largely attributed to factors such as obesity, diabetes, and high blood pressure, is the primary factor for the global coronary artery bypass graft devices market revenue growth. For instance, according to WHO’s 2021 factsheet, cardiovascular disease is one of the leading causes of death causes globally. In 2019, it killed almost 17.9 million individuals, and three-quarters of cardiovascular disease deaths occur in low and middle-income countries. The development of new and improved CABG devices, such as robotic-assisted systems, has made CABG procedures safer and more effective, increasing the demand for these devices. Moreover, as the population ages, the incidence of cardiovascular disease increases, leading to a higher demand for CABG procedures and the associated devices, thus resulting in the revenue growth of the coronary artery bypass graft devices market. Additionally, the growing efforts by various government and non-governmental organizations to increase awareness about the available and novel treatment procedures are also helping boost market revenue growth.
However, the high cost of these devices and difficult reimbursement scenarios in emerging nations are some of the factors impeding the overall revenue growth of the global coronary artery bypass graft devices market.
Coronary Artery Bypass Graft Devices Market Ecosystem
The global coronary artery bypass graft devices market has been analyzed from four perspectives: techniques, device types, end-user, and region.
Coronary Artery Bypass Graft Devices Market by Techniques
[132435234]
Based on techniques, the global coronary artery bypass graft devices market is segmented into on-pump CABG (ONCAB), off-pump CABG (OPCAB), and others.
The on-pump CABG (ONCAB) segment accounted for the principal revenue share of the market in 2021, owing to the surging application of different devices, such as oxygenators, stabilizers, and heart-lung machines, in CABG procedures. ONCAB is a traditional way of performing CABG and is a time-honored procedure performed when the heart is temporarily stopped. Additionally, reduced risk of stroke, faster recovery time, lower risk of renal injury, and decreased need for blood transfusion are some of the advantages of the ONCAB that eventually lead to the segment’s revenue growth.
Coronary Artery Bypass Graft Devices Market by Device Types
Based on the device types, the global coronary artery bypass graft devices market is segmented into tissue stabilizers, heart positioners, refractors, cannulas, cardiopulmonary bypass machines, endoscopic vessel harvesting systems, and others.
The endoscopic vessel harvesting (EVH) systems segment dominated the market with the largest revenue share in 2021, attributed to their surging demand among surgeons due to successful outcomes with minimal complications. EVH is a minimally invasive procedure that causes less trauma to the body compared to open surgical methods, which can result in a faster recovery time and fewer complications. EVH can typically be performed more quickly than open surgical methods, which can lead to shorter hospital stays and lower costs. EVH systems can improve the harvested vessels’ quality, resulting in better patency of the bypassed vessels. These advantages are further expected to propel the overall segment revenue growth.
Coronary Artery Bypass Graft Devices Market by End-user
Based on the end-user, the global coronary artery bypass graft devices market is segmented into hospitals, ambulatory surgical centers, and others.
The hospitals segment dominated the market with the largest revenue share in 2021, owing to the availability of modern treatment, high patient footfall, and the presence of trained physicians. Hospitals benefit from a highly skilled workforce of healthcare professionals, including cardiologists, pulmonologists, and other specialists, who are trained in operating and interpreting CABG instruments. This allows hospitals to provide reliable diagnostic and treatment services to patients. Additionally, hospitals are equipped with state-of-the-art medical facilities and the latest diagnostic and treatment technologies, such as CABG devices, which drives the segment revenue growth.
Coronary Artery Bypass Graft Devices Market by Region
Globally, the global coronary artery bypass graft devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global coronary artery bypass graft devices market in 2021, owing to increasing research and development activities by various government and pharmaceutical organizations in the region’s infectious disease and cancer diagnosis. Additionally, partnerships, mergers, and acquisitions between the firms are also helping the regional market to grow. For instance, in October 2022, Swiss-based medical technology company MedAlliance announced an agreement with Cordis for its acquisition. Cordis is a worldwide leader in developing and manufacturing interventional cardiovascular and endovascular technologies. MedAlliance's innovative and revolutionary sustained sirolimus drug-eluting balloon (DEB) program, SELUTION SLR (Sustained Limus Release), provides a flagship product family which complements Cordis' existing product portfolio, sales, marketing, and distribution expertise. Cordi’s customers were expected to benefit from the extensive clinical study program and publication plan that MedAlliance was executing to further Cordis' heritage of bringing innovative products to patients.
Coronary Artery Bypass Graft Devices Market Competitive Landscape
The prominent players operating in the global coronary artery bypass graft devices market are:
Coronary Artery Bypass Graft Devices Market Strategic Developments
The coronary artery bypass graft devices market is estimated to reach US$ 29.98 million by 2030.
The coronary artery bypass graft devices market is expected to register a growth at a revenue CAGR of 5.9% during the forecast period from 2022 to 2030.
The increasing cases of cardiovascular disease, growing initiatives by various government and non-governmental organizations to spread awareness about the available treatment procedure, and technological advancements are driving the market revenue growth.
The on-pump CABG (ONCAB) segment dominates the coronary artery bypass graft devices market.
AtriCure Inc., Terumo Cardiovascular Systems Corporation, Edwards Lifesciences Corporation., Medtronic plc, and Saphena Medical Inc. are among the leading players in the global market.
*Insights on financial performance are subject to the availability of information in the public domain