Market Synopsis:
Market Research Future (MRFR) postulates that the global Coronary Artery Bypass Graft Market Growth is slated to garner USD 116 million, grabbing a CAGR of 6.0% during the forecast period (2016-2022). The surging incidences of cardiovascular disease due to changing lifestyle is estimated to favor the market growth worldwide. Coronary artery bypass grafting (CABG) is referred to as a type of bypass surgery used to create new routes for the blood to flow into the heart. CABG is generally used in patients suffering from severe coronary heart disease. CABG is caused due to anxiety, deskbound lifestyle, high consumption of junk food, and stress.
Market Potential and Pitfalls:
The coronary artery bypass graft market is anticipated to exhibit a sturdy CAGR with the increased incidences of cardiovascular diseases due to changing lifestyle worldwide. The growth in therapies and surgeries along with the rising awareness about the disease has resulted in the market to expand globally. The increased adoption of endoscopic surgeries, changes in demography, increasing complications like stress and obesity due to geriatric population and sedentary lifestyle, and surging medical tourism are some of the major factors likely to intensify the market growth throughout the appraisal period. The market is also propelled by the augmenting need for repeat revascularization process, and increased use of anastomosis assist devices and endoscopic vessel harvesting devices. Moreover, the advent of minimally invasive devices enables the market to reach out to a wider range of audiences. The benefits of minimally invasive devices such as less recovery time, reduced risk of infection, smaller incision, and less bleeding has made them popular across the globe.
Competitive Dashboard:
• Genesee BioMedical
• MAQUET Holding B.V. & Co. KG
• Edwards Lifesciences Corporatio
• Neograft Inc
• Sorin Group
• Dextera Surgical Inc
• Terumo Cardiovascular Systems Corporation
• VasoPrep Surgical
• Hancock Jaffe Laboratories Inc
• NOVADAQ Technologies Inc
Global Coronary Artery Bypass Graft Market: Segmental Analysis:
• The global coronary artery bypass graft market has been segmented on the basis of type, procedure, and end-users.
• By mode of type, the global coronary artery bypass graft market has been segmented into on-pump, off-pump, endoscopic vein harvesting, minimally invasive direct CABG, and others. Among these, the off-pump segment is estimated to gain significant prominence in the long run due to the advantages it offers. The reduced inflammatory response, minimal blood loss, lower postoperative complications, mortality rate, and lower morbidity drive the segment globally.
• By mode of procedure, the global coronary artery bypass graft market has been segmented into double CABG surgery, single CABG surgery, quadruple CABG surgery, triple CABG surgery, and others.
• By mode of end-users, the global coronary artery bypass graft market has been segmented into cardiology clinics, hospitals, research institutes, and others.
Regional Insights:
Geographically, the global coronary artery bypass graft market spread across regions namely, Americas, Europe, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the coronary artery bypass graft market is dominated by the American region and is considered the largest regional market. North America is considered to command a larger share in this region owing to the high availability of specialty care services in tertiary care centers and hospitals, surging demand for treatment options for cardiovascular diseases, and increased incidences of cardiovascular diseases. The market in South America is witnessing a positive and a steady growth owing to the surging emphasis on coronary artery bypass procedure, the growing geriatric population suffering from chronic diseases like obesity and diabetes which increases the risk of cardiovascular disease and augmenting demand for better cardiovascular devices.
The European region is considered to occupy the second spot in the global market as governments in this region fund for R&D activities associated with medical science. Germany, France, Italy, Spain, and the U.K. are regarded as the most important country-based markets in this region. Moreover, the rising geriatric population with chronic diseases and increased incidences of cardiovascular disease are contributing to the market growth in this region.
The Asia Pacific region has emerged as the fastest growing market with the presence of economies like India, China, South Korea, and Japan. These economies are highly contributing to the market growth due to the rising prevalence of cardiovascular diseases, and growing demand cardiovascular treatment options.