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Albany, New York, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Increasing number of heart disorders has boosted demand in the global Coronary Artery Bypass Graft Market. Based on the stats revealed by the World Health Organization, there are about 17.5 million people die every year because of cardiovascular diseases. This figure is equal to 31% of all projected deaths across the globe. Thus, to reduce symptoms of angina, increase life expectancy of people, and minimize other cardiovascular disorders, coronary artery bypass graft surgeries are performed.
Based on the rising number of heart diseases and increasing heart surgeries, Transparency Market Research has published a recent report on the global coronary artery bypass graft market. This report gives complete information about the market and factors contributing in this market. Analysis states that the global coronary artery bypass graft market is projected to rise at healthy 5.3% CAGR over the period of eight years from 2018 to 2026. Revenue to be generated by the end of 2026 is likely to be ~ US$ 163.9 million, thus the incremental opportunity is approximately US$ 59.9 million during the projected tenure.
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Keeping in mind these figures, players operating in the global coronary artery bypass graft market are investing in different organic and inorganic growth strategies that will help them to strengthen their position in the market. Innovative and business effective strategies will also help these players in expanding their product portfolio, reaching to newer markets in different regions, and increasing their client base. Some of the prominent players contributing in the global coronary artery bypass graft market include Neograft, MAQUET Holding B.V. & Co.KG, Sorin Group, Edwards Lifesciences, Novadaq Technologies Inc., Vitalitec International, Inc., and Boston Scientific. Significant steps taken by these players are systematically presented in the report with examples, along with their shareholding in the market.
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Hospital – The Largest End-User to Remain Prominent
The demand for coronary artery bypass graft is widely seen in hospitals as compared to academic and research institutes, and cardiology clinics. Data revealed by the U.S. American Hospital Association 5,534 hospitals are listed, which provide different types of surgeries for heart diseases. Thus, with increased number of hospitals, the reimbursement policies have improved drastically. Moreover, rising number of cardiovascular disorders that are mostly treated in hospitals has increased the demand for coronary artery bypass graft in these hospitals. These changes have collectively benefited growth in the global coronary artery bypass graft market. Therefore, dominance of hospital segment is distinctively in seen among the various end users for coronary artery bypass graft.
Besides, the rising demand for coronary artery bypass graft in hospitals, its demand is also gradually rising in the cardiology clinics. The cardiology clinics are growing in Asia Pacific region, which in turn will make lucrative opportunities for this market in Asia Pacific region.
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Medical Tourism to Create New Opportunities in Asia Pacific
Growth opportunity region wise is high in Europe and North America, and these two regions collectively held nearly 60% share in the global market. People living in these regions are high aware and ready for advanced techniques, which opens numerous growth opportunities for coronary artery bypass graft market. Additionally, advanced and improved healthcare facilities available in the market further makes these regions key market for the growth of coronary artery bypass graft.
Furthermore, rising medical tourism in Asia Pacific region is also opening new growth avenues for the global coronary artery bypass graft market. In Asia Pacific, Japan and China are likely to stand out, as the availability of innovative medical devices and use of advanced healthcare facilities are high these two countries.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Coronary Artery Bypass Graft Market (Product Type - On-pump CABG, Off-pump CABG, Minimally Invasive Direct CABG, Conventional CABG; Device Type - Tissue Stabilizers, Heart Positioners, Refractors, Cannulas, Cardiopulmonary Bypass Machines, Endoscopic Vessel Harvesting Machines; Technique - Traditional Vessel, Harvesting, and Endoscopic Vessel Harvesting; End-user: Hospitals, Cardiology Clinics, Research and Academic Institutions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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