Market key trends:
One of the key trends in the cardiac surgery instrument market is the increasing adoption of robotic-assisted cardiac surgery systems. Robotic systems provide surgeons highly magnified 3D views of the surgical area through tiny incisions, more range of motion, precision, and control over conventional laparoscopic instruments. Some of the key factors favoring the adoption of robotic cardiac surgery are reduced patient trauma, speedier recovery, and shorter hospital stays as compared to open-chest surgery. Companies are focusing on developing innovative robotic cardiac surgery platforms to meet the growing demand. For instance, Intuitive Surgical markets the ‘da Vinci Surgical System’ and recently launched the da Vinci SP Surgical System exclusively designed for robotic cardiac surgery.
The global Cardiac Surgery Instrument Market is estimated to be valued at US$ 1.70 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the cardiac surgery instruments market as it requires high investment to set up manufacturing facilities and RD. Established players such as Medtronic and Stryker have strong brand recognition and control significant market share.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of alternative treatment options increases bargaining power of hospitals and healthcare facilities.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative component and raw material suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives for cardiac surgery.
Competitive rivalry: The competitive rivalry is high among key players such as Medtronic, Stryker and Getinge who continuously invest in new product development and innovation to gain market share.
Key Takeaways
The global cardiac surgery instruments market is expected to witness high growth. North America region currently dominates the market owing to developed healthcare infrastructure and rising cardiac disease rates. The prevalence of cardiovascular diseases has been increasing in the US and Canada resulting in higher demand for cardiac surgeries and instruments.
Europe is also a major market for cardiac surgery instruments. Countries like Germany, UK and France have presence of major players and developed healthcare systems. The rising aging population and focus on cardiac health programs has been propelling the European market growth.
Key players operating in the cardiac surgery instruments market are Medtronic, Murray Surgical , SternMed GmbH, CARDIC INSTRUMENTS, Edwards Lifesciences Corporation., Abbott, Boston Scientific Corporation, LivaNova, Inc., Terumo Corporation, Getinge, Artivion, Inc., MicroPort Scientific Corporation, B. Braun SE, and Stryker. Major players are focusing on new product launches, acquisitions and geographical expansion to strengthen their market position.
