iData Research, a global consulting and market research firm, has released exclusive research in the cardiac surgery device market, addressing key insights and the consequences of COVID-19 in 2020, 2021, and beyond. While the overall market is down from previous levels, iData forecasts show an increase in the number of cardiac surgeries, which will lead to strong medical device sales moving forward.
Within this global report, multiple medical device markets are analyzed in extensive detail including related procedure volumes. The devices included are:
- Tissue Heart Valves,
- Mechanical Heart Valves,
- Annuloplasty Repair Devices,
- Transcatheter Mitral Valve Repair Devices,
- Transcatheter Aortic Valve Implantation Devices,
- On-Pump Coronary Artery Bypass Devices,
- Off-Pump Coronary Artery Bypass Devices,
- Autotransfusion Devices,
- Endoscopic Vessel Harvesting Devices,
- Anastomosis Assist Devices,
- Ventricular Assist Devices,
- Intra-Aortic Balloon Pump Devices,
- Patent Foramen Ovale Closure Devices,
- Atrial & Ventricular Septal Defect Closure Devices,
- Left Atrial Appendage Closure Devices,
- Pre-shaped Guidewires,
- Cerebral Embolic Protection Devices
According to iData’s Global Report for Cardiac Surgery, the global market value is projected to reach over $14.2 billion in 2021. However, the market drastically declined in 2020 by 11% due to many surgical procedures being deferred. iData’s forecast analysis details this decline under, best-, base- and worst-case scenarios with input from many industry insiders, specialists, key opinion leaders, group purchasing organizations as well as hospital and ambulatory managers, to better advise companies as to how they could best navigate the uncertain times. Despite this, most of the segments indicate growth as the market recovers moving into 2022. The report further analyzes the regions around the world that will gain or lose momentum over the forecast period due to COVID-19. North America and Western Europe for example, are the regions that account for the majority of the global market, experiencing forecasted growth. Additionally, other regions such as Asia-Pacific, the Middle East, and Africa are displaying indicative signs of growth, despite their smaller presence in the global market.
Among the many suppliers competing in this market worldwide, Edwards Lifesciences, Medtronic, and Abbott are the leaders by varying market shares followed by Abiomed, Boston Scientific, and Getinge. LivaNova, Terumo, W.L. Gore, and Cardiac Dimensions are trailing the leaders by a substantial margin, pushing for a larger share of the global market. There are over 40 other competitors analyzed within this report which have one or more products offered in this space.
To accurately estimate market shares, units sold, average selling prices, product segments, and brands as well as procedural volumes, iData Research uses its proprietary databases, and hospital purchase order data to complement its primary and secondary research initiatives.