October 03, 2016
Wellesley, Mass., Oct 03, 2016 – The global economic burden of coronary heart disease is projected to rise from an estimated 47 million disability adjusted life years in 1990 to an estimated 82 million disability adjusted life years by 2020. BCC Research reveals in its new report that increasing global adoption of new medical technologies should drive the demand for cost-effective cardiovascular disease treatment options.
This report, which encompasses multiple technologies and procedures related to cardiovascular surgical devices, reviews four categories of cardiovascular surgery: traditional (open), interventional, cardiac rhythm management (CRM) and cardiac ablation procedures.
The global market for cardiovascular surgical devices is expected to reach nearly $37 billion and $57.2 billion in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 9.4%. Interventional cardiovascular surgery devices as a segment should grow from nearly $12.6 billion in 2015 to $21.2 billion in 2020, demonstrating a five-year CAGR of 11%. Cardiac ablation systems should total nearly $2.4 billion and $4.5 billion in 2015 and 2020, respectively, growing at a five-year CAGR of 13.8%.
Technological advancements such as healthcare robotics, hybrid operating rooms and others are expected to boost the cardiovascular surgical device market. The healthcare industry is gradually transforming from conventional operating methods to intraoperative approaches for surgeries. An estimated 234 million major surgeries are performed every year globally, which include cardiac catheterizations, endoscopy, and neurosurgery. The increasing demand for minimally invasive surgeries is driving the growth of hybrid operating rooms.
Also, the increasing sophistication of surgical techniques and instrumentation, including miniature cameras and robotics, has supported the recent shift from open-heart procedures to minimally invasive heart procedures performed percutaneously. This has produced an increase in the number of therapeutic options, and a decline in morbidities associated with heart surgery. Minimally invasive procedures offer the major advantage of eliminating the need for sternotomy, thus reducing the risk of post-surgical complications and infection. These key drivers are boosting growth in the surgical device market.
Additionally, 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.
"Development of these technologies has enabled surgeons to perform complex cardiac procedures, including mitral and aortic valve replacement, coronary artery bypass grafting and atrial septal defect closure, through smaller incisions,” says BCC Research analyst Bhavna Joshi, BCC Research analyst. "The expanding use of minimally invasive procedures has led to the proliferation of hybrid operating rooms in hospitals that combine the surgical suite and the cardiac catheterization lab."
Cardiovascular Surgical Devices: Technologies and Global Markets (HLC076C) analyzes the technologies and procedures related to cardiovascular surgical devices, with a primary focus on four categories of cardiovascular surgery: traditional (open), interventional, cardiac rhythm management (CRM), and cardiac ablation procedures. The report also examines regulations, reimbursement issues, and patents issued from 2011 through mid-2016 to identify patient safety, regulatory review and insurance coverage issues for stakeholders. Global market drivers and trends, with data from 2014, estimates for 2015, and projections of CAGRs through 2020 also are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Cardiovascular Surgical Devices: Technologies and Global Markets( HLC076C )
Publish Date: Sep 2016
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.