According to the International Diabetes Federation in 2016, it was estimated that 420 million adult population had diabetes, which is increasing at the rate of 8.4% and is expected to reach 625 million by 2040. Furthermore, increasing prevalence of population suffering from cardiovascular diseases, diabetes, and obesity driving the growth of the cardiovascular needles market globally.
The global cardiovascular needles market is growing rapidly owing to its application in various fields such as open heart surgery, cardiac valve procedures, coronary artery bypass graft surgery, heart transplant, and others.
According to the World Health Organization (WHO) in 2015, around 1.6 million deaths were directly caused by diabetes and in 2014, 8.5% of adults aged 18 years and older had diabetes. Thus, rising prevalence of chronic diseases is majorly driving the global cardiovascular market.
According to the World Health Organization (WHO), in 2015, around 17.7 million people died from cardiovascular diseases, which represents 31% of all global deaths. Of these deaths, around 7.4 million were due to coronary heart disease and 6.7 million were due to stroke.
Various factors are adding fuel to the growth of the global cardiovascular needle market, such as unhealthy diet, low physical activities, etc. According to a research, smoking increases the possibility of diabetes; more than 60% of the global population smokes, this has increased the risk of diabetes and contributed to the growth of the market.
Moreover, advancing technology in the medical devices is adding fuel to the growth of the market. Furthermore, increasing government support in the developing countries drive the market growth.
However, increasing use of surgical staples instead of needles and suture can deter the demand for cardiovascular needles.
The global cardiovascular needle market is expected to grow at a CAGR of 7.2% during the forecast period 2017-2023.
Some of the key the players in the market are Becton, Dickinson, and Company (US), B. Braun Melsungen AG (Germany), Sheffield Ltd. (UK), CP Medical, Inc. (the US), Ethicon Inc. (US), KLS Martin Group (US), Sklar Surgical Instruments (US), Rumex International Corporation Ltd. (US), Scanlan International Inc. (US), Teleflex Incorporated (US), Medline Industries, Inc. (US), Surgins surgical Ltd. (UK), Surtex Instruments Ltd. (UK), Cardivon Surgical Inc. (China), Symmetry Surgical Inc. (US), Delacroix-Chevalier (France), Wexler Surgical (US), Quality Needles Pvt. Ltd. (India), FSSB surgical needles GmbH (Germany)
The global cardiovascular needle market is segmented on the basis of types, by application, by usage, and by the end user.
On the basis of the type, it is segmented into round bodied needles and cutting needles. Furthermore, round-bodied needles segmented into taper point needles and blunt point needles. Also, cutting needles segmented into conventional cutting needles and reverse cutting needles.
On the basis of the application, it is segmented into open heart surgery, cardiac valve procedures, coronary artery bypass graft surgery, heart transplant, and others.
On the basis of the usage, it is segmented into single use and multiple uses.
On the basis of the end user, it is segmented into hospitals, clinics, ambulatory surgical centers, and others.
The Americas dominate the global cardiovascular needle market owing to the rising prevalence of diabetes, obesity, and cardiovascular diseases. Furthermore increasing government support for research & development have fuelled the growth of the market in this region. According to the American Heart Association, in 2017, cardiovascular disease listed as the underlying cause of death which is likely to account for nearly 801,000 deaths in the US by the end of this year. It further estimated that about 2,200 Americans die of cardiovascular disease each day.
Europe holds the second position in the global cardiovascular needle market owing to the presence of major players. Although companies within this region are also involved in export to the developing countries which leads the market of Europe.
The Asia Pacific is the fastest growing Cardiovascular Needle market owing to the high presence of a patient with cardiovascular disease. Furthermore, the government of this region is looking forward to better the quality of needles, which increases the demand for cardiovascular needle market in this region.
On the other hand, in the Middle East and Africa hold the least market due to low research and development activities and poor healthcare infrastructure.