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Cardiovascular Surgery Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

Major players in the cardiovascular surgery devices and equipment market are Abbott Laboratories, Boston Scientific Corporation, Cook Medical, C. R. Bard and Abiomed. The global cardiovascular surgery devices and equipment market is expected to grow from $16.

New York, May 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiovascular Surgery Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067826/?utm_source=GNW
58 billion in 2020 to $18.46 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $23.1 billion in 2025 at a CAGR of 5.8%.

The cardiovascular surgery devices and equipment market consists of sales of cardiovascular surgery devices and related services.Cardiovascular surgery devices and equipment are used in cardiac surgery and other cardiovascular procedures performed to repair structural defects of the cardiovascular system of the heart and its damaged or blocked valves and vessels.

Cardiovascular surgery devices are divided into perfusion disposables, beating heart surgery systems, cardiopulmonary bypass equipment and cardiac ablation devices.

The cardiovascular surgical devices market may be restrained due to stringent and longer approval process by the regulatory authorities.According to a researcher from Harvard Business School, innovative first-mover products such as implantable defibrillators or trans-catheter heart valves are delayed for approvals by FDA, thereby adding to the development cost to the manufacturer.

For new cardiovascular devices (first-entrants), the innovator spends 7.2 months longer than the first follow-on innovator. For example, Edwards Lifesciences trans-catheter heart valve, was approved in Europe 4 years before it was approved in the USA. The study also estimated the financial loss associated with the delay in getting the approval. The delay may cost firms an average of $6.7 million to the already existing $94 million average price to introduce a new medical device to market, thereby hampering companies’ pursuit on new innovations.

The U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) made public, its priority list for medical device guidance documents. This would allow the companies in promoting innovation and as well save them from the stringent consequences of non-approval of any product. Thus, a clearer and transparent approval method would drive the cardiovascular surgical devices market in the future.

Rising geriatric population along with the rising deaths related to cardiovascular disorders is driving the cardiovascular surgical devices market. According to American Heart Association (AHA), in the US, approximately 43.7 million aged above 60 suffered from cardiovascular disorders. It is also reported by AHA that death related to cardiac diseases amount to 17.3 million per year and is expected to rise to more than 23.6 million by 2030, world-wide. Due to these factors, higher number of surgeries are being performed, thereby driving the market.

Companies in the cardiovascular surgery devices and equipment market are investing in second generation bioresorbable stents and as well rectifying the glitches which occurred in the earlier version of bioresorbable stents.This advancing segment is poised to garner $247 million by 2025.

Due to the all-new device features such as thinner strut thicknesses, faster resorption times, and better radial force, these are expected to grow at a higher growth rate.A higher elective procedure volume due to the less-invasive nature of PCIs when compared to coronary artery bypass grafting is expected to drive bioresorbable stents adoption.

For instance, Amaranth Medical has developed three medical devices with thinner strut thickness, latest bearing a magnitude of 100 microns.
Read the full report: https://www.reportlinker.com/p06067826/?utm_source=GNW

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