Cardiac Surgery Instruments Market: Reduction in Medicare Payments to Healthcare Providers in the U.S

Pune, India, 2020-Jul-29 — /EPR Network/ — Cardiac Surgery Instruments Market by Product (Clamps, Forceps, Scalpel, Scissors, Needle Holder), Application (Coronary Artery Bypass Graft, Heart Valve Surgery, Pediatric Surgery, Heart Transplant), & End User (Hospital, ASC).

[150 Pages Report] The overall cardiac surgery instruments market is expected to reach USD 1.63 Billion by 2022 from USD 1.16 Billion in 2017 at a CAGR of 7.1%.

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Major factors driving the growth of this market include growing prevalence of cardiac conditions and the subsequent increase in the number of surgical procedures, rising geriatric population, and growing investments, funds, and grants by government bodies worldwide. However, adoption of alternative surgical methods and lack of Medicare payments may restrain the growth of this market.

The market in this report is segmented on the basis of products, applications, end users, and regions. Based on product, the market is segmented into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments. The forceps segment dominated the market in 2017, and it is also projected to experience the highest growth during the forecast period. The high growth in this segment is attributed to the increase in the number of cardiac surgeries and the repeated use of forceps in most cardiac procedures.

Based on application, the market is further divided into coronary artery bypass graft (CABG), heart valve surgery, pediatric cardiac surgery, and other applications. CABG forms the largest and fastest-growing application segment of the global market. This is mainly attributed to the high incidence of cardiac diseases and the resulting increase in the number of surgical procedures. Heart valve surgery forms the second largest segment.

North America dominated the global cardiac surgery instruments market in 2017, with the U.S. accounting for a major share of this regional market. Factors such as high incidence of cardiac diseases, rising awareness programs and increased funding for research projects are likely to drive the growth of the North American market.

Followed by North America, Europe dominated the global market in 2017. The European market is mainly driven by increasing adoption of surgical procedures in cardiology, growth in European healthcare sector, and awareness programs. However, the Asian market is slated to grow at the highest CAGR owing to the increasing government and private sector investments in healthcare, growing purchasing power and high incidence of cardiac diseases. Some prominent markets in Asia include China, India, and Japan.

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Leading Companies in Cardiac Surgery Instruments Market

Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Teleflex Incorporated (U.S.), Medline Industries, Inc. (U.S.), KLS Martin Group (U.S.), STILLE (Sweden), Sklar Surgical Instruments (U.S.), Symmetry Surgical Inc. (U.S.), Delacroix-Chevalier (France), Wexler Surgical (U.S.), Surgins (U.K.), Surtex Instruments Ltd. (U.K.), Cardivon Surgical Inc. (China), Rumex International Corporation (U.S.), and Scanlan International (U.S.).