Market Potential and Pitfalls:
The primary reasons because of which people are prone to cardiovascular ailments that require CABG in order to be cured include anxiety, deskbound lifestyle, high consumption of junk food, and stress. Due to the rise in cardiovascular ailments, the market for coronary artery bypass grafting is also rising. Other factors responsible for the growth of this market include changing lifestyle, increase in patient’s awareness of this ailment, and surgeries & therapies related to CABG.
Market Research Future (MRFR) postulates that the global Coronary Artery Bypass Graft Market Size is slated to garner USD 116 million, grabbing a CAGR of 6.0% during the forecast period (2016-2022). The surging incidences of cardiovascular disease due to changing lifestyle is estimated to favor the market growth worldwide. Coronary artery bypass grafting (CABG) is referred to as a type of bypass surgery used to create new routes for the blood to flow into the heart. CABG is generally used in patients suffering from severe coronary heart disease. CABG is caused due to anxiety, deskbound lifestyle, high consumption of junk food, and stress.
Additional factors boosting the growth of the market include increasing population and urbanization led by the improving economic conditions that are increasingly expanding the access to the quality healthcare. Heady lifestyles mirror the demand for CABG, expanding the market size of grafts used in these surgeries.
On the other hand, factors such as the availability of minimally invasive alternative options such as percutaneous coronary interventions are impeding market growth. Also, the matured markets of Europe and North America are obstructing the growth of the markets in other developing regions. Competitive Dashboard:
- Genesee BioMedical
- MAQUET Holding B.V. & Co. KG
- Edwards Lifesciences Corporatio
- Neograft Inc
- Sorin Group
- Dextera Surgical Inc
- Terumo Cardiovascular Systems Corporation
- VasoPrep Surgical
- Hancock Jaffe Laboratories Inc
- NOVADAQ Technologies Inc
Global Coronary Artery Bypass Graft Market: Segmental Analysis:
- The global coronary artery bypass graft market has been segmented on the basis of type, procedure, and end-users.
- By mode of type, the global coronary artery bypass graft market has been segmented into on-pump, off-pump, endoscopic vein harvesting, minimally invasive direct CABG, and others. Among these, the off-pump segment is estimated to gain significant prominence in the long run due to the advantages it offers. The reduced inflammatory response, minimal blood loss, lower postoperative complications, mortality rate, and lower morbidity drive the segment globally.
- By mode of procedure, the global coronary artery bypass graft market has been segmented into double CABG surgery, single CABG surgery, quadruple CABG surgery, triple CABG surgery, and others.
- By mode of end-users, the global coronary artery bypass graft market has been segmented into cardiology clinics, hospitals, research institutes, and others.
Globally North America is leading the global coronary artery bypass graft market which is further expected to grow with approximately 6.4% CAGR during the forecast period (2016-2022). Moreover, factors such as the high per capita healthcare spending and the growing population in the region are expected to spur the market growth in the region.
Markets in the U.S. and Canada led by the rising number of bypass surgeries and the growing prevalence of coronary diseases lead the regional market. Furthermore, the rapid uptake of advanced technologies and devices in the surgical process is also an essential driver of the market.
The European region witnessing the increasing number of coronary artery bypass procedures accounts for the second-largest market, globally. Factors such as increasing healthcare expenditures and spreading awareness of CABG procedures impact the market growth in the region. Also, the resurging economy is playing a vital role in increasing the market value in the region.
Furthermore, factors such as the availability of specialty care services in hospitals & tertiary care centers, increasing demand for the treatment options of cardiovascular diseases, and rising prevalence of cardiovascular diseases escalate the market growth in the region.
Moreover, factors positively impacting the growth of the regional market include the growing emphasis on coronary artery bypass procedures and increasing geriatric population with chronic diseases such as diabetes & obesity which increase the risk for heart disease, and rising prevalence of cardiovascular diseases.