Reportlinker.com announces the release of the report "Cardiovascular Surgery Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967797/?utm_source=GNW
1 billion in 2019 to $15.6 billion in 2020 at a compound annual growth rate (CAGR) of -18.5%. The decline is mainly because of the lockdown measures due to the COVID-19 outbreak. The decrease in the demand for cardiovascular devices due to decreased number of cardiac surgeries for reasons such as re-scheduling of surgeries, cancellations and no-show by patients, coupled with the restrictions by government and health authorities to shutdown factories manufacturing these devices to contain the spread of virus and keep the staff safe, contribute to this decline. The market is then expected to recover and grow at a CAGR of 5.9% from 2021 and reach $24.3 billion in 2023.
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.
North America was the largest region in the cardiovascular surgery devices and equipment market in 2018. This region is expected to remain the largest during the next five years. The cardiovascular surgery devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
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 for the fiscal year 2017. 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.
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.
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.
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.
Read the full report: https://www.reportlinker.com/p05967797/?utm_source=GNW
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