Cardiac Surgery Market to Exceed $24B Due to Global Shift Towards Minimally Invasive Surgeries (TAVI/TAVR and TMVr) | iData Research

VANCOUVER, BC, Aug. 28, 2024 /PRNewswire/ - In a world, where cardiovascular diseases (CVDs) remain a leading cause of death, the global cardiac surgery market has emerged as a cornerstone of life-saving interventions, driven by innovations in medical technology. According to iData Research's (iData) latest suite of reports, the global cardiac surgery market was valued at over $17 billion in 2023 and is projected to experience a robust growth, reaching almost $25 billion by the end of the forecast period.

Cardiac surgery devices are fundamental tools in combating the increasing global burden of cardiovascular diseases. From tissue and mechanical heart valves to highly advanced transcatheter heart valve replacement (THVR) devices, the global market offers a wide array of solutions. Key devices in this market also include annuloplasty repair devices, transcatheter mitral valve repair (TMVr) devices, cerebral embolic protection devices, coronary artery bypass devices (ONCAB and OPCAB), ventricular assist devices (VADs), and extracorporeal membrane oxygenation (ECMO) systems.

Comprehensive Overview of Cardiovascular Disease

Cardiovascular diseases continue to dominate the landscape of global health crises. According to the World Health Organization, CVD causes over 17 million deaths annually, representing a staggering 32% of all global deaths. Coronary artery disease (CAD) and cerebrovascular disease are the primary drivers of these CVD-related fatalities.

In the U.S., an estimated 9.8 million Americans live with angina, with approximately 500,000 new cases emerging each year. Additionally, heart disease disproportionately impacts certain ethnic groups, with White (Non-Hispanic), Native Hawaiian/Pacific Islander, and Black (Non-Hispanic) communities experiencing heart disease death rates of over 20%.

Europe faces a similarly dire situation. The European Heart Journal reports that CVDs are responsible for more than 4 million deaths annually across the continent, accounting for nearly 45% of all fatalities. Central and Eastern Europe are particularly affected, with the highest CVD mortality rates in Europe. In the European Union alone, the economic burden of CVD is estimated at a staggering €210 billion per year.

Asia-Pacific is also witnessing an alarming rise in CVD cases, particularly in China and Japan. In China, urbanization, lifestyle changes, and an aging population have contributed to CVD accounting for over 40% of annual deaths, with over 290 million people affected. Japan, home to the world's oldest population, is experiencing heightened demand for cardiovascular treatments due to the increasing prevalence of heart-related ailments.

Key Market Segments and Emerging Trends

The global cardiac surgery market is dominated by key regions, with North America leading the charge, followed by Western Europe and Asia-Pacific. North America continues to be the largest market for cardiac surgery devices, but as growth plateaus, companies are increasingly turning their attention to emerging markets in Asia-Pacific, Eastern Europe, and Latin America, where the demand for cardiovascular treatments is surging.

Transcatheter heart valve replacement (THVR) devices have secured their position as the largest market segment, with strong growth anticipated due to increasing unit sales. However, the introduction of transcatheter aortic valve replacements (TAVRs), also known as transcatheter aortic valve implantation (TAVI), as a first-choice therapy is exerting pressure on other segments, such as transcatheter pulmonary valve replacements (TPVRs), which are expected to experience slower growth.

A major trend reshaping the landscape is the shift towards minimally invasive surgery, which is revolutionizing patient care and procedural efficiency. Technologies like TAVI/TAVR and transcatheter mitral valve repair (TMVr) are poised to drive significant gains in the coming years, as they offer less invasive alternatives to traditional open-heart surgeries. The TAVI/TAVR market, in particular, is expected to see strong expansion, fueled by the pressing need for this therapy among a growing patient population. Likewise, the TMVr market is projected to increase its market share, as it addresses the substantial demand for mitral valve repair without requiring open-heart surgery.

Untapped Potential in the LAA Closure Device Market

The left atrial appendage (LAA) closure device market is poised for significant expansion as new companies enter the space, driving heightened competition and downward pressure on pricing. Currently, there are a limited number of companies active in this segment, but increasing interest from additional players is reshaping the landscape. AtriCure has experienced exponential growth, particularly with their AtriClip Flex V Device, as revenue skyrocketed between 2018 and 2023, according to iData's U.S. MedSKU data.

As more patients are identified with the clotting risk associated with the LAA, the market value for closure devices is expected to rise sharply. Additionally, routine exams to check for clots in the LAA are becoming increasingly common worldwide. As health systems continue to evolve and this practice expands, the number of patients identified with clot risks will only grow, further fueling demand for LAA closure devices.

Market Share Leaders

Major players are fiercely competing for market share globally, with Edwards Lifesciences emerging as the dominant force in 2023. Despite only competing in four segments, Edwards Lifesciences leads the market in all but one. Abbott, the second-leading competitor, is a giant in the medical device world, poised to increase its market share across a wide range of cardiac surgery devices. Medtronic, another key player, commands significant presence in numerous device categories and is expected to maintain its stronghold as the market evolves.

Other notable competitors in the global cardiac surgery device market included Abiomed, Boston Scientific, Getinge, LivaNova, Terumo, Gore, AtriCure, Artivion, Becton Dickinson, Syncardia, and more.

In Summary

With shifting trends towards minimally invasive procedures, innovations in TAVI/TAVR and TMVr devices are set to shape the future of cardiac care. As healthcare providers and patients alike demand more efficient and less invasive treatments, these devices are at the forefront of a new era in cardiac surgery.

For a comprehensive analysis of the Global, European, and U.S. cardiac surgery markets, explore our in-depth reports that delve into the latest trends, competitive dynamics, and market forecasts shaping the future of this vital industry.

About iData

iData Research stands out as the premier MedTech market research and intelligence provider, offering unparalleled insights and comprehensive data analysis across a multitude of industries. With a strong reputation and a proven track record, iData Research has solidified its position as the best choice for businesses seeking to make informed decisions in today's dynamic medical market landscape.

SOURCE iData Research Inc.