Friday, 18 September 2020

Prosthetic Heart Valve Market to Reach $8,392 Million by 2023

 

According to a new report published by Allied Market Research, titled, Prosthetic Heart Valve Market by Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global prosthetic heart valve market was valued at $3,874 million in 2016, and is expected to reach at $8,392 million by 2023, growing at a CAGR of 11.4% from 2017 to 2023. The transcatheter heart valve segment accounted for more than three-fifths share of the total market in 2016.

 

Prosthetic heart valves are implanted in patients suffering from valvular heart disease, which results in failure of one or more valves present in the human heart. These patients are treated by replacing a natural heart valve with a prosthetic heart valve.

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The market is driven by rise in prevalence of cardiac disorders, such as rheumatic heart diseases, increase in geriatric population, and change in lifestyle of people, novel technological advancements in prosthetic heart valves, rise in patient awareness, demand for minimally invasive cardiovascular surgeries, and surge in transcatheter heart valve surgery centers. However, this growth is limited by high cost, risk associated with prosthetic heart valves, and stringent approval process for prosthetic heart valves. Use of transcatheter heart valves for new indications and emerging markets in Asia-Pacific and LAMEA are expected to provide several opportunities for key players operating in prosthetic heart valve market.

 

The transcatheter heart valve segment is expected to maintain its dominant position throughout the analysis period, owing to rise in prevalence of aortic stenosis, increase in geriatric population, and new device approvals. In addition, transcatheter heart valve segment is expected to grow at the highest CAGR of 15.0%, owing to increase in adoption rate for transcatheter valve implantation procedures.

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Key Findings of the Prosthetic Heart Valve Market

  • Based on product type, the transcatheter heart valve segment accounted for more than three-fifths of the total market in 2016.
  • Europe accounted for more than half of the transcatheter heart valve market (in terms of value) in 2016, with a CAGR of 13.8%.
  • Europe accounted for both, major share (nearly two-fifths) in 2016 (in terms of volume) and highest CAGR of 11.1% (for volume market) from 2017 to 2023, in the global market.
  • LAMEA is expected grow at a high CAGR of 11.7% from 2017 to 2023.

 

Europe accounted for majority of the share (nearly half) in the market in 2016, and is expected to remain dominant throughout the forecast period, owing to increased adoption of prosthetic valves, enhanced technological advancements, and development of novel products by the key players. In addition, increase in prevalence of aortic stenosis, rise in awareness among patients & physicians about the availability of advanced prosthetic valves, and advanced healthcare infrastructure fuel the market growth. Moreover, rise in awareness for availability of prosthetic valves and procedures in certain European nations are the key factors that have increased the adoption of advanced prosthetic valves in the region.

 

The major companies profiled in the report include Abbott Laboratories, Medtronic plc., Medical Technology Est., Boston Scientific Corporation; Micro Interventional Devices, Inc., Direct Flow medical, Inc., Edwards Lifesciences Corporation, LivaNova PLC., JenaValve Technology, Inc., and Cryolife, Inc.

Orthopedic Implants Market Expected to Reach $66,636 Million by 2025

 

According to a new report published by Allied Market Research, titled,"Orthopedic Implants Market by Product, Type and Biomaterials: Global Opportunity Analysis and Industry Forecast, 2017 - 2025,"the orthopedic implants market size was valued at $45,901 million in 2017, and is projected to reach $66,636 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025.

 

Orthopedic implant is a medical device surgically placed inside the body to restore bone function by reinforcing or replacing a damaged structure. These implants are either permanently incorporated inside the human body or withdrawn after desired results. The growth in number of replacement surgeries, such as knee, hip, shoulder, and other (bone or joint) has propelled the demand for implants globally.

 

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Factors that drive the growth of the global orthopedic implants market are rise in prevalence of orthopedic injuries or diseases and the rapid rise in geriatric population. In addition, technological innovations, such as robot-assisted surgical tools, acceptance for implantable medical devices, and widespread application of orthopedic implants to treat musculoskeletal, orthopedic diseases, & injuries further supplement the market growth. However, high cost associated with procedures involving orthopedic implants for treatment and stringent government policies hamper the market growth. Furthermore, the emerging economies present lucrative opportunities for the market.

 

According to type, the knee segment accounted for the highest orthopedic implant market share share in 2017, and is anticipated to maintain this trend during the forecast period. However, spine is estimated to register the highest CAGR during the forecast period attributed to increase in geriatric population, rise in incidence of spinal disorders, and expansion in the indications for which spinal fusion surgery is performed.
By material type, the metallic biomaterials segment occupied the largest share in 2017, owing to cost-effectiveness of these materials. Metallic biomaterials provide efficacy of bone healing as compared to other materials. These are used to manufacture various orthopedic implants such as screws, plates, vertebral compression fracture (VCF) devices, and others. However, other biomaterials are estimated to register the highest CAGR during the forecast period. This is due to the growing demand for these materials owing to their several advantages over synthetic biomaterials. These advantages include biocompatibility, no toxicity, and may also carry specific protein binding sites, and other biochemical signals that can help in the process of tissue healing or integration.

 

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 Key Findings of the Orthopedic Implants Market:

  • The orthobiologics segment is anticipated to grow at a highest rate during the forecast period.
  • U.S. was the major shareholder in the North America orthopedic implants market, accounting for more than three-fourths share in 2017.
  • The metallic segment occupied about 64.85% share of the total biomaterial market in 2017.
  • China occupied about one-third share of the total Asia-Pacific orthopedic implants market in 2017.
  • The knee segment accounted approximately one-fourth share of the orthopedic implants market in 2017.

 

In 2017, Asia-Pacific and LAMEA collectively accounted for more than one-fourth of the total orthopedic implants industry and are expected to continue this trend due to increase in implants development, specifically in China, India, and the other developing countries. Factors such as rise in buying power with developing healthcare infrastructure, and increase in geriatric population, fuel the growth of the orthopedic implants market in the Asia-Pacific region.

 

The major companies profiled in this report include Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic Plc, and Smith and Nephew Plc., Wright Medical Group N.V., CONMED Corporation., Arthrex, Inc., DJO Finance LLC, and Globus Medical Inc.

UK IVF Services Market Expected to Reach $685.4 Million, by 2022

 

According to a new report published by Allied Market Research titled, UK IVF Services Market by End User and Cycle Type: Opportunity Analysis and Industry Forecast, 2014-2022, the UK IVF services market is estimated to reach $685.4 million by 2022, registering a CAGR of 7.7% from 2016 to 2022.

 

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The UK IVF services market is characterized by important factors such as increase in cases of infertility, delayed marriages, and parenthood decisions. In addition, decrease in birthrate also boost the market growth. For instance, in 2014 total fertility rate decreased to 1.83 per woman from 1.85 in 2013. The IVF services market in the UK is anticipated to experience a continuous growth due to supportive regulatory bodies such as Human Fertilization and Embryo authority (HFEA), which closely regulates the functioning of IVF treatments and research involving human embryos in the UK supplements the market growth. The growth of the market is associated with decrease in birthrate, increase in infertility, and supportive regulations for IVF treatments.

 

The fertility clinics segment is anticipated to dominate the market during the forecast period in terms of volume and revenue. This is because the fertility clinics provide technologically advanced and wide range of fertility treatments under one roof for patients.

 

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 Key Findings of the UK IVF Services Market:

  • Based on cycle type, fresh IVF cycles (non-donor) is projected to be one of the fastest growing segment at a CAGR of 8.3% from 2016 to 2022, in terms of revenue
  • Based on end users, fertility clinics is projected to be the one of the fastest growing segment at a CAGR of 8.9% from 2016 to 2022, in terms of revenue
  • Based on cycle type, fresh IVF cycle (non-donor) is projected to be the one of the fastest growing segment at a CAGR of 7.6% from 2016 to 2022, in terms of volume
  • Based on end users, fertility clinics is projected to be the one of the fastest growing segment at a CAGR of 8.2% from 2016 to 2022, in terms of volume

 

Key players in the UK IVF services market includes companies, hospitals, surgical centers, fertility centers, and clinical research institutes. These includes Lister Fertility Clinics, The Bridge center, and Chelsea and Westminster Hospital.

Medical Bionics Market to Reach $29,160 Million, Globally, by 2023

 

Medical Bionics Market Report, published by Allied Market Research, forecasts that the global market was valued at $15,348 million in 2016, and is expected to garner $29,160 million by 2023, registering a CAGR of 9.6% during the forecast period 2017 - 2023. Cardiac bionics segment held more than one-third share of the total market in 2016.

 

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Bionics are the implantable devices, which imitates the function of a natural organ. Advent of technologically advanced systems such as cochlear implants and rise in incidence of chronic disease majorly drive the market growth. In addition, rise in geriatric population and increased focus of government funding on R&D initiatives are anticipated to further drive the demand for medical bionics globally. However, high cost of the device and stringent regulatory approval procedures restrict the market growth.

 

Cardiac bionics are expected to dominate the market throughout the analysis period, owing to the increase in the incidence of cardiac disorders, such as heart failure and structural heart defects. On the other hand, bionic eye segment is expected to grow at the highest CAGR of 13.9% during the forecast period.

 

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 Key findings of Medical Bionics Market:

  • Bionic eye segment is projected to grow at a CAGR of 13.9% during the forecast period.
  • Implantable bionics accounted for more than four-fifths share of the global medical bionics market.
  • Exoskeleton segment is expected to register the highest CAGR of 21.0% during the analysis period owing to the increasing number of amputees.
  • France and Germany jointly contributed for nearly one-fourth of the European medical bionics market in 2015.
  • Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific medical bionics market in 2015.

 

Asia-Pacific is projected to grow at the highest CAGR of 11.4% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.

 

The major companies profiled in the report include Abbott, Boston Scientific Corporation, Cochlear Ltd., LivaNova PLC, Medtronic plc, Orthofix Holdings, Inc., ssur Corporate, Retina Implant AG, Sonova, SECOND SIGHT, SynCardia Systems, LLC, and William Demant Holding A/S.

Molecular diagnostics Market to reach $10,557 Million, Globally, by 2023

 

Molecular Diagnostics Market Report, published by Allied Market Research, forecasts that the global market was valued at $5,962 million in 2016, and is expected to garner $10,557 million by 2023, registering a CAGR of 9.1% during the forecast period 2017-2023. The reagents segment accounted for the highest market share of the global molecular diagnostics market in 2016, owing to the increase in demand for the reagents with rise in number of testing various diseases. These are used in hospitals, laboratories, and others.

 

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Molecular diagnostics are cumulative techniques for analyzing biological markers at the molecular level, such as genome and proteome. These techniques are used for diagnosis of the various infectious diseases, cancer, and other genetic disorders, by performing tests, which detect specific sequences in DNA or RNA including single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others. Growth in number of patients suffering from infectious diseases and cancer; advancement in molecular diagnostics; increase in awareness and acceptance for personalized medicines, and growth in the biomarker identification market are the major factors driving the market growth. Stringent regulatory requirements for product approval hampers the market growth. Increase in adoption of molecular diagnostics in the emerging region provide growth opportunities for the market.
The PCR segment accounted for the highest share of the global market in 2016, owing to the increase in the demand for using PCR in proteomics and genomics and is a cost-effective technique, automation of laboratories is possible with cost-effective techniques.

 

The infectious diseases segment accounted for more than two-fifths share of the global market in 2016, owing to the increase in the number of patients suffering from, Human Immunodeficiency Virus (HIV), Hepatitis C virus (HCV), Human Papillomavirus (HPV), Chlamydia trachomatis/ Neisseria gonorrhoeae (CT/NG), and other infectious diseases.

 

The hospitals segment accounted for highest market share of the global market in 2016, owing to the large number of patients are treated in hospitals and most of the tests for these patients are performed in laboratories attached to hospital.

 

Geographically, North America dominated the global market in 2016, and is estimated to continue its dominance during the forecast period. This is attributed to higher adoption for technologically advanced devices, well-equipped healthcare facilities, higher adoption of personalized medicine, and rise in number of patients suffering from infectious diseases and cancer.

 

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Key Findings of Molecular Diagnostics Market

  • In 2016, the PCR segment accounted for the highest share of the global molecular diagnostics market.
  • The infectious diseases segment contributed the highest revenue to the global market in 2016
  • The hospital segment is projected to grow at a CAGR of 8.8% during the forecast period.
  • North America market is projected to grow at a CAGR of 9.0% from 2017 to 2023

 

The major companies profiled in the report include Abbott Laboratories, Inc., BioMrieux SA, Becton, Dickinson and Company, Cepheid (subsidiary of Danaher Corporation) (Denmark), Grifols, Hologic Corporation, Novartis AG, Qiagen N.V., Siemens Healthcare GmbH, and Roche Diagnostics.

 

Wednesday, 16 September 2020

Medical Carts Market Expected to Reach $1,302 Million by 2023

 

Medical Carts Market size valued at $571 million in 2016, and is projected to reach $1,302 million by 2023, growing at a CAGR of 12.4% from 2017 to 2023. The emergency cart segment accounted for nearly half share of the total market in 2016.

 

Medical cart/trolley is a mobile equipment, which consists of a set of shelves, trays, compartments, and drawers for hospital use and medical settings. It carries, dispense, and transport emergency drugs, medicines, medical devices, and medical instruments. Carts are a crucial aspect of medical aid as it provides storing, recording, and dispensing drugs, supplies, and patient information along with patient care. Many carts are designed to supply various surgical and emergency needs depending on the operating room and other medical settings.

 

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The emergency carts segment is expected to dominate the Asia-Pacific medical carts market throughout the forecast period, both in terms of value and volume. China dominated the Asia-Pacific medical carts market in 2016, accounting for more than one-third market share in terms of value, and is projected to continue this trend in the future. In addition, growth in improvement of patient safety and nursing efficiency supplement the market growth. Further, advancement in technologies, such as telemedicine offer lucrative opportunities for the growth of this market. However, lack of skilled professionals, high cost of medical carts, and limited government funding restrain the market growth.

 

The emergency carts segment is anticipated to maintain its dominance, generating highest revenue throughout the forecast period, owing to the large-scale employment of emergency carts at the time of crisis. This is because emergency carts contain sophisticated devices, such as defibrillators, suction devices, advanced cardiac life support (ACLS), apart from drugs, such as atropine, dopamine and others. In addition, it also includes generic drugs to treat common problems, rapid sequence intubation, and pediatric equipment. However, procedure carts segment is growing at the highest CAGR of 13.0% from 2017 to 2023 in terms of value, as it consists many medical equipment that aid in operating procedures, such as endoscopy, cardiology and others and provides access to essential drugs at the same time.

 

Key Findings of the Medical Carts Market:

  • The procedure carts segment is anticipated to grow at the highest growth rate during the forecast period.
  • North America dominated the global medical carts market, accounting for maximum share of overall market in 2016.
  • Asia-Pacific is exhibited to grow at a higher growth rate of 13.5% during the forecast period in terms of value, owing to the high population base in countries, such as India and China.
  • The emergency cart segment dominated the overall market in 2016, growing at a CAGR of 12.3% in terms of value, from 2017 to 2023.
  • In terms of both value and volume, China accounted for the largest share in 2016, and is anticipated to maintain this trend throughout the forecast period in Asia-Pacific region.
  • UK is expected to grow at a remarkable CAGR of 13.8% in terms of value and 13.2% in terms of volume during the forecast period.
  • In terms of volume, procedure carts are anticipated to grow at the highest rate of 12.9% from 2017 to 2023.

 

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Asia-Pacific has witnessed highest growth rate for medical carts during the forecast period, and is expected to continue this trend. This is attributed to increase in sizeable population, rise in incidence of diseases and injuries, healthcare infrastructural development, and huge market potential, owing to the arrival of new and robust carts by key players focusing on the emerging markets.

 

Key players operating in the medical carts market have adopted product launch as their key developmental strategy, and focus on launching innovative products to cater to the consumer requirements and strengthen their market share. The major companies profiled in the report include InterMetro Industries Corporation (A Part of Ali Group), Harloff Company (Harloff Manufacturing Co.), Armstrong Medical, Capsa Solutions LLC., Omnicell Inc., Medline Industries Inc., ITD GmbH, Midmark Corporation, The Bergmann Group, and Life-Medic HealthCare Supplies Pte Ltd.

 

The other key players in the value chain include Jegna, Herman Miller, Inc., Zhangjiagang Bestran Technology Co. Ltd., Merino International, BiHealthcare, Tianjin Xuhua Medical Equipment Factory, Medical Master, Hua Shuo Plastic Co., Ltd., Joson-Care Enterprise Co., Ltd., and Tonglu Rex Medical Instrument Co., Ltd.

Neurovascular Devices Market to Reach $3,409 Million by 2023

 

According to a new report published by Allied Market Research, titled, "Neurovascular Devices Market by Product, and Disease Pathology: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global neurovascular devices market was valued at $2,371 million in 2016, and is projected to reach $3,409 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. The embolization devices segment held more than two-fifths share of the total market in 2016.

 

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Neurovascular devices are used for the treatment of neurovascular disorders such as cerebral aneurysm. Increase in geriatric population and rise in number of patients suffering from neurovascular disorders are expected to drive the market growth. Moreover, surge in adoption of new minimally invasive devices such as flow diversion and carotid artery stents boosts the market growth. However, high cost of the devices and dearth of neurosurgeons are expected to impede the market growth.

 

Embolization devices segment is expected to dominate the market throughout the analysis period, owing to increase in the incidence of neurovascular disorders, such as arteriovenous malformations (AVMs), carotid artery disease, and intracranial atherosclerotic disease. On the other hand, revascularization devices segment is expected to grow at the highest CAGR of 8.5% during the forecast period.

 

Key Findings of the Neurovascular Devices Market:

  • Revascularization devices segment is projected to grow at a CAGR of 8.5% during the forecast period.
  • Aneurysm contributed for nearly three-fifths share of the global neurovascular devices market in 2016.
  • Ischemic stroke segment is expected to register the highest CAGR of 5.7% during the analysis period.
  • France and Germany jointly contributed for more than one-third share of the European neurovascular devices market in 2016.
  • Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific neurovascular devices market in 2016.

 

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Asia-Pacific is projected to grow at the highest CAGR of 5.9% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for the market growth.

 

The major companies profiled in the report include Stryker Corporation, Medtronic Plc., Johnson & Johnson, Terumo Corporation, Penumbra, Inc., Integer Holdings Corporation, Microport Scientific Corporation, Merit Medical Systems, Inc., W.L. Gore & Associates, and Acandis GmbH & Co. KG.

Cone Beam Computed Tomography (CBCT) Systems Market to Reach $1,041 Million by 2023

 

According to a new report published by Allied Market Research, titled, "CBCT Systems Market by Application, Patient Position, Detector Type, Field of View and End-User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global CBCT systems market was valued at $536 million in 2016, and is projected to reach $1,041 million by 2023, growing at a CAGR of 9.9% from 2017 to 2023. Dental application segment held more than four-fifths share of the total market in 2016.

 

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Cone beam computed tomography (CBCT) systems are a special type of x-ray equipment. These systems are used by medical professionals to reconstruct a 3D image of various regions of patients anatomy such as dental, oral and maxillofacial region, and ears, nose and throat.

 

Rise in geriatric population, wide range of applications of CBCT systems in dental practice and upsurge in number of patients suffering from dental diseases are expected to drive the market growth. Moreover, expanding application of CBCT systems in other medical fields such as breast imaging further boosts the market growth. However, high cost of the devices and image related issues such as lack of clarity are expected to impede the market growth.

 

Dental application segment is expected to dominate the market throughout the analysis period, owing to the increase in the incidence of dental disorders, such as tooth loss, periodontal disorders, and TMJ disorders. On the other hand, other application segment is expected to grow at the highest CAGR of 11.8% during the forecast period.

 

Key Findings of the CBCT Systems Market:

  • Breast imaging segment is projected to grow at a CAGR of 12.2% during the forecast period.
  • Hospitals & Clinics accounted for more than three-fifths share of the global CBCT systems market in 2015.
  • Flat-panel image detector is expected to register the highest CAGR of 10.0% during the analysis period.
  • France and Germany jointly contributed for more than one-third of the European CBCT systems market in 2016.
  • Japan is the major shareholder, accounting for more than one-third of the Asia-Pacific CBCT systems market in 2015.

 

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Asia-Pacific is projected to grow at the highest CAGR of 10.1% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.

 

The major companies profiled in the report include Carestream Health, Danaher, Planmeca OY, Dentsply Sirona, Vatech Co., Ltd., Cefla s.c., ASAHIROENTGEN IND.CO., LTD., J. Morita, Curve Beam, and Prexion.

 

Coronary Stents Market to Reach $9,003 Million by 2022

 

Coronary Stents Market Report, published by Allied Market Research, projects that the global market was valued at $4,806 million in 2015, and is projected to reach at $9,003 million by 2022, growing at a CAGR of 9.5% from 2016 to 2022. The drug-eluting stents (DES) segment accounted for nearly half of the total market in 2015.

 

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Coronary stents are small elastic tubes used for the treatment of narrowed and blocked coronary arteries in patients with coronary artery disease (CAD). These reduce the symptoms of chest pain (angina) and aid in the treatment of a heart attack. These types of stents are also called as heart stents or cardiac stents. They comprise metal mesh and are implanted in constricted coronary arteries during a technique known as percutaneous coronary intervention (PCI) or angioplasty.

 

Factors that drive the growth of the global coronary stents market are increase in prevalence of CAD, improved patient outcomes with stenting, and emergence of new trends in the field of coronary artery stents. In addition, increase in demand for coronary stents from the emerging countries and growth in awareness about availability of suitable insurance & reimbursement policies provide opportunities to the coronary stents manufacturers. However, high cost of procedures associated with coronary stents and availability of substitute method for the treatment of CAD are expected to hamper the market growth.

 

DES is expected to maintain its dominant position throughout the analysis period, owing to its significant property of preventing the growth of scar tissue (restenosis) in the arterial wall after the procedure. In addition, with the advancements in stents field, DES have been significantly improved and show reduction in stent thrombosis. Moreover, they provide improved outcomes for patients with CAD treated with percutaneous coronary intervention (PCI).

 

The metallic biomaterials segment dominated with three-fourths of the market, in 2015, owing to cost-effectiveness of these materials. Metallic biomaterials provide efficacy of vascular healing as compared to other materials. These are used to manufacture expandable and drug-eluting stents. The global metallic biomaterials market segment is expected to grow at a CAGR of 9.5%.

 

In 2015, Asia-Pacific and LAMEA collectively accounted for one-fourth of the total coronary stents market and are expected to continue this trend due to increase in stents development, specifically in China, India, and the other developing countries. Rise in geriatric population is the main reason for the growth of coronary stents market in the Asia-Pacific region.

 

The major companies profiled in the report include Abbott Laboratories, Boston Scientific Corporation, C. R. Bard, Inc., Medtronic plc., Microport Scientific Corporation, B. Braun Melsungen AG, Terumo Corporation, Biotronik SE & Co. KG, Biosensors International Group, Ltd., and Stentys SA.

 

The other companies that are included in the coronary stents market are Meril Life Sciences Pvt. Ltd., Vascular Concepts Limited, Translumina GmbH, REVA Medical, Inc., and Elixir Medical Corporation.

 

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Key Findings of the Coronary Stents Market Study:

  • The bio-absorbable stents are anticipated to grow at a highest rate during the analysis period from 2016 to 2022.
  • Asia-Pacific is projected to maintain its lead position throughout 2022, growing at a CAGR of 11.5%.
  • The metallic biomaterial segment occupied more than half of the total market in 2015.
  • China occupied one-fourth of the share of the total Asia-Pacific coronary stents market in 2015.
  • India is expected to grow at the highest CAGR of 14.2% from 2016 to 2022

Cardiac Surgical Devices Market Expected to Reach $2,124 Million by 2023

 Cardiac Surgical Devices Market was valued at $1,700 million in 2016, and is projected to reach $2,124 million by 2023, growing at a CAGR of 3.2% from 2017 to 2023. The perfusion disposable segment held more than seven-tenths share of the total market in 2016.

 

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Cardiac surgical devices are used for surgery performed to treat the complications of heart diseases such as valvar and congenital heart diseases. Constant technological developments, large pool of geriatric population, rise in incidence and prevalence of cardiac diseases, and increase in medical tourism in the developing countries are the factors that drive the growth of the market. However, high cost of the cardiac surgical procedures is projected to restrain the market growth during the forecast period.

 

Detailed segmentation of the global cardiac surgical devices market is provided in terms of product type, application, age-group, and geography. Based on product type, the market is divided into beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposables. The perfusion disposable market segment held the largest share in 2016 owing to high usage of perfusion disposables for keeping continuous heart beat and transferring oxygen to different parts of the body.

 

Based on application, the cardiac surgical devices market is segmented as congenital heart defects, cardiac arrhythmia, coronary heart disease, congestive heart failure, and other applications. Cardiac arrhythmia held the largest market share in 2016 owing to high prevalence of cardiac arrhythmia among adults as well as geriatric population.

 

Based on age-groups, the cardiac surgical devices market is segmented as new-born, infant, children, and adults. Adults undergo highest number of surgeries and hence captured the highest market share in 2016.

 

North America accounted for more than two fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to increase in incidence of cardiac diseases due to rise in geriatric population, well-established healthcare systems, and increase in awareness among the population toward timely diagnosis and treatment of cardiac diseases. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the market. However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from large pool of patient population, and improvement in healthcare infrastructure.

 

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Key Findings of the Cardiac Surgical Devices Market Study:

  • By product type, the perfusion disposable segment dominated the market in 2016, and is projected to grow at the highest CAGR.
  • By application, the cardiac arrhythmia segment accounted for the highest share of in 2016.
  • The U.S. was the major shareholder in the North America cardiac surgical devices market in 2016.
  • Asia-Pacific is expected to show the highest growth rate during the analysis period.
  • China is expected to grow at the highest CAGR in the Asia-Pacific immunoprotein diagnostic testing market.

 

The major players profiled in the global cardiac surgical devices market are Edwards Life Science Corporation, Medtronic Inc., Getinge Group, Atrion Corporation, Abbott Laboratories, Sorin S.P.A., Terumo Medical Corporation, Boston Scientific Corporation, Cook Medical, and Angiodynamics, Inc.