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Albany, NY, Aug. 13, 2018 (GLOBE NEWSWIRE) -- The global cardiac surgery instruments market is estimated to expand at a healthy CAGR of 5.9% during the forecast period of 2017 to 2022. The market was valued at US$1,061.4 mn during 2017 and is anticipated to reach US$1,412.7 mn by 2022.
According to product segment, global cardiac surgery market is led by vascular forceps and is expected to remain dominant during the forecast period with a rising CAGR of 6.3% by 2022. The shares of vascular forceps are expected to rise from 29.6% to 30.3%.
Geographically, the global market for cardiac surgery instruments is led by Asia Pacific with a 6.2% CAGR by the end of forecast period. The market value is likely to rise to US$237.2 mn by 2022.
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Supportive Government Regulations to Boost the Market for Global Cardiac Surgery Instruments
The rise in cardiac disorder in Eastern as well as Western economies is likely to drive the market for cardiac surgery instruments at a steady rate. There is a rise in awareness in the healthcare sector regarding the importance of product development which will boost the market. Government is actively helping and supporting medical devices and healthcare sectors. The adoption of sedentary lifestyle will remain the key factor for rise in cardiac disorders. Adoption of western dietary habits and lifestyles in emerging Latin American and Southeast Asian countries are also aiding the growth of cardiac disorder hence, leading to growth of cardiac surgery instruments market. The rise in cardiovascular diseases leading to deaths in various countries is also one of the leading factor for the rise of global cardiac surgery instruments. Government support for product advancement in emerging economies is rising, leading to rise in demand for global cardiac surgery instruments. Significant investments from private and government bodies and fast growth of healthcare industry in the western economies will also boost the market in the coming years.
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Alternative Surgical Techniques can Hamper the Growth of Market
The global cardiac surgery instruments market is likely to face sluggish growth during the forecast period due to stringent Food and Drug Administration regulations in US. Uncertainty of healthcare facilities and policies in the developing economies will also affect the market. One of the major factors of slow growth of market is the poor per capita income in underdeveloped economies with poor expenditure in healthcare. Lack of awareness among healthcare sectors hampers the growth of the market. Adoption of alternative techniques for surgical purpose also affects the market for global cardiac surgery instruments.
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Global cardiac surgery instruments market is fragmented in nature due to numerous players in the market engaged in manufacturing cardiac surgery instruments. According to a recent report by Transparency Market Research, the major players have adopted various strategies such as acquisitions, partnerships, joint ventures, expansions, agreements, product launches and others so as to expand their horizon in the market. The market is expected to experience major competition during the forecast period of 2017 to 2022 mainly due to increasing commercial expectation in the market. Some of the leading companies in the market are Medline Industries Inc., Cardivon Surgical Inc., Beckton, Delacroix-Chevalier, Cardinal Health Inc., Dickinson and Company, Teleflex Incorporated, CONMED Corporation, B. Braun Melsungen AG, and C.R. Bard Inc.
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