The global market for cardiovascular surgical devices was valued at $29.7 billion in 2012. This market is expected to reach nearly $31.7 billion in 2013 and nearly $47.2 billion by 2018, a compound annual growth rate (CAGR) of 8.3% for the period of 2013 to 2018.
This report provides:
- An overview of the global market for cardiovascular surgical devices.
- Analyses of global market trends, with data from 2012, estimates for 2013, and projections of compound annual growth rates (CAGRs) for the period 2013 to 2018.
- Incidence rates of cardiovascular diseases in the United States, WHO regions, and in selected countries.
- Discussion of key cardiovascular surgical procedures, traditional and interventional surgery, and adoption of robotics in surgery.
- Examination of procedures related to cardiac rhythm management, including devices and definitions.
- Reviews of procedures and devices related to cardiac assist.
- Patent analysis of various devices by year and by assignee.
- Comprehensive company profiles of major players in the industry.
GLOBAL MARKET FOR CARDIOVASCULAR SURGICAL DEVICES, 2012 AND 2018
Source: BCC Research
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STUDY GOALS AND OBJECTIVES
The goals of this study are to explore the different factors affecting cardiovascular surgery and the manufacture of cardiovascular devices, as well as to quantify the market for various segments of the cardiovascular device market. Cardiac surgery is increasing globally, with the contribution of macroeconomic factors such as aging populations, increasing rates of obesity, poor nutrition and other health stressors. In recent years, new technologies have been developed that make sophisticated therapies accessible for patients in previously underserved locations.
Whether through disease, congenital defects or degradation of cardiac and vascular function with advancing age, the incidence of cardiovascular disease is growing dramatically, substantiating the continued growth in cardiovascular surgical procedures.
REASONS FOR DOING THIS STUDY
The American Heart Association, in its publication Heart Disease and Stroke Statistics, 2013 Update At-A-Glance, estimates that 83.6 million American adults, or more than one in three, have one or more types of cardiovascular disease. Surgery represents the most effective therapy for certain advanced cardiovascular conditions. Recent innovations such as minimally invasive procedures, “beating heart” surgeries, ventricular assist devices and artificial hearts, replacement valves and treatments for hypertension such as renal denervation offer therapeutic options that result in shorter recovery times and reduced complication risks.
Newer cardiovascular devices and therapeutic techniques will play an increasing role in enhancing quality of life for a growing elderly population, as well as patient groups with poor cardiac function. The ability of government-run health agencies and private insurance providers to cope with the increased need for cardiovascular procedures, together with rising healthcare costs, have led agencies and insurers to closely evaluate their coverage for cardiovascular surgical procedures and continually seek out lower cost but still efficacious options.
This report will identify areas of growth within the cardiovascular surgical device market and will discuss innovative technologies that have been recently launched or are presently under development. Market growth rates will be projected based on manufacturers’ net revenues, unless otherwise indicated.
This report is designed to achieve the following objectives:
- To describe the trends and developments affecting each type of cardiovascular surgical technology and discuss how each addresses market needs.
- To analyze market demand, competitive dynamics and regulatory/ reimbursement-related factors to project the market size for each technology and to highlight target applications.
- To examine the competitors in the cardiovascular surgical device business with respect to market position and product development.
This report is designed to appeal to many types of readers, including marketing and management executives within the medical device industry, venture capital professionals interested in exploring commercialization opportunities and anyone else who would like to better understand how market factors and technologies interact in this industry.
SCOPE OF REPORT
The scope of this study encompasses multiple technologies and procedures related to cardiovascular surgical devices. The study focused primarily on four categories of cardiovascular surgery: traditional (open), interventional, cardiac rhythm management (CRM) and cardiac ablation procedures. These procedure categories are categorized logically so that comparisons can be made within procedural groups as well as across the cardiovascular surgical devices industry as a whole. Note that carotid artery surgery related to stroke, AAA surgery to correct aortic aneurysms, and surgical and stenting procedures designed to address peripheral vascular disease are not addressed in detail in this report.
BCC analyzes the industry on a worldwide basis from market, product and technology perspectives. Regulations and reimbursement issues and patents issued from 2010 through mid-2013 are also examined to identify patient safety, regulatory review and insurance coverage issues for stakeholders and potential stakeholders in this industry.
The report examines the cardiovascular surgery device industry in general, the types of technologies currently in use as well as future technological developments, and regulatory influences that affect product distribution. The industry structure section discussed the most active manufactures with respect to relative market share, marketing strengths and forces that promote or hinder the growth of technologies. The technology sections detail historical, current (2013) and projected (2013 to 2018) market values.
BCC presents an analysis across the entire cardiovascular surgical device market based on company-specific revenue dollars and units shipped as reported to the U.S. Securities and Exchange Commission (SEC) and/or other governmental agencies, as well as company information such as conversations with company officials, annual reports and product/financial news releases.
We also analyze data collected from the United States Patent Office (USPTO) databases. Technological and demographic information is gathered from industry sources, governmental sources and published news reports.
BCC conducted primary and secondary research to develop this report. Sources included companies in the cardiovascular device market and supply industry, public documents, SEC filings, corporate white papers and other technical documentation for U.S. and international companies directly involved in manufacturing and distributing of cardiovascular surgery devices and related products. The report excludes resellers and retailers, focusing rather on the primary companies responsible for the development of the underlying technology. Where precise information was not available, a consensus was made using reasonable assumptions and estimates based on historical data.
Mary C. Patton, M.B.A, D.B.A., is the BCC Research Analyst of this report. Dr. Patton’s experience includes over 25 years of designing and managing custom research projects involving both qualitative and quantitative techniques with a broad range of medical, surgical and healthcare industry providers and patients. She has conducted extensive research on surgical devices, diagnostic equipment, specific disease states, EMR systems and PACS systems. She has also worked in product management and strategic management roles for several major medical device manufacturers. Dr. Patton is the author of more than a dozen previous research reports related to the medical device industry.
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The information developed in this report is intended to be as reliable as possible at the time of publication and is of a professional nature. This information does not constitute managerial, legal or accounting advice; nor should it be considered as a corporate policy guide, laboratory manual or an endorsement of any product, as much of the information is speculative in nature. BCC research and the author assume no responsibility for any loss or damage that might result from reliance on the report information or from its use.
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