LONDON, Sept. 18, 2019 /PRNewswire/ -- The global cardiovascular surgery devices and equipment market was valued at about $27.23 billion in 2018, and is expected to grow to $35.69 billion at an annual growth rate of 7.0% through 2022. Driving the market is the increasing geriatric population along with the increasing deaths related to cardiovascular disorders. According to the American Heart Association (AHA), in the US, approximately 43.7 million people aged above 60 suffered from cardiovascular disorders. It was also reported by the AHA that deaths related to cardiac diseases amounted to 17.3 million per year, and this number is expected to increase to more than 23.6 million by 2030, world-wide. Due to these factors, higher number of surgeries are being performed, thereby driving the cardiovascular surgery devices and equipment market. View complete report @ https://www.thebusinessresearchcompany.com/report/cardiovascular-surgery-devices-and-equipment-global-market-report .
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 segmented 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 also forecast to register a high growth rate during 2018-2023.
Stringent Regulations In The Cardiovascular Surgery Devices & Equipment Market
The cardiovascular surgical devices market will be restrained due to stringent and longer approval processes by regulatory authorities. According to a researcher from the Harvard Business School, innovative first-mover products such as implantable defibrillators or trans-catheter heart valves are delayed for approvals by the Food and Drug Administration, thereby adding to the development costs of 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 in the market, thereby hampering companies' pursuit on new innovations. Request A Sample Of This Research @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2389&type=smp .
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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 will help companies in promoting innovation and will also save them from the stringent consequences of non-approval of any product. Thus, a clearer and transparent approval method will drive the cardiovascular surgical devices market in the future.
Development Of Bioresorbable Stents : Companies in the cardiovascular surgery devices and equipment market are investing in second generation bioresorbable stents and are also rectifying the glitches which occurred in earlier versions of bioresorbable stents. This growing segment is poised to garner $247 million by 2025. Due to all-new device features such as thinner strut thicknesses, faster resorption times, and better radial force, these devices are expected to grow at a higher growth rate than before. Higher elective procedure volumes due to the less-invasive nature of PCIs (Percutaneous Coronary Intervention) 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, the latest bearing a magnitude of 100 microns.
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