Global Coronary Artery Bypass Graft Market Size, Share & Industry Trends Analysis Report By Procedure, By Method (Off-pump, On-pump, and Minimally Invasive Direct), By End-use (Hospitals, Cardiology Centers), By Regional Outlook and Forecast, 2023 - 2029
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Market Report Description
The Global Coronary Artery Bypass Graft Market size is expected to reach $20.6 billion by 2029, rising at a market growth of 9.0% CAGR during the forecast period.
Single CABG surgery is mostly used procedure in the coronary artery bypass graft to bypass one blocked artery. Hence, Single CABG is anticipated to acquire more than 34% share of the market by 2029. Coronary heart disease, one of the main causes of death worldwide, is frequently treated by CABG. A "Global action plan for the control and prevention of NCDs 2013-2020" was one of several international strategies adopted in 2013 by WHO Member States to lessen the burden of preventable NCDs. By 2025, this plan hopes to achieve nine voluntary, worldwide targets that will lower the number of early deaths caused by NCDs by 25%. Two of the goals are specifically geared toward preventing and managing CVDs. Some of the factors impacting the market are rising applications of CABG, growing incidence of cardiac disorders, and dearth of skilled professionals.
Restoring blood flow to the heart is part of a coronary artery bypass graft (CABG). If a person's arteries start to block, surgery is a viable option. A CABG procedure could lower the risk of having a heart attack. The most frequent type of heart surgery performed is a CABG. In addition, the market is expanding due to the growing number of applications for CABG. The World Health Organization estimates that 17.9 million people globally die from cardiovascular diseases (CVDs), making them the leading cause of mortality. Heart attacks and strokes account for more than four out of every five CVD-related fatalities, with people under 70 accounting for a third of these untimely demises. Therefore, the primary driver driving market expansion is the rapidly rising prevalence of cardiac issues, such as heart blockage, particularly among elderly individuals.
However, according to data from 194 Member States, 65 million people are expected to work in global health by 2020, up 29% since the Global Strategy on Human Resources for Health: Workforce 2030 in 2016. According to the WHO, 10 million workers in the health industry will be needed by 2030, largely in low- or lower-middle-income countries. As a result, it is anticipated that market expansion may be hindered in the years that follow due to the current global shortage of skilled personnel. The world's economy has been adversely impacted by the outspread of COVID-19. During the initial few months, most industries in every nation have experienced losses. This can be ascribed to major interruptions in their individual supply chains and manufacturing processes brought on by precautionary lockdowns and other limitations imposed by governments worldwide. As a result, the market also witnessed the negative impact of the COVID-19 outbreak.
Based on method, the market is segmented into off-pump, on-pump, and minimally invasive direct. The on-pump segment covered a considerable revenue share in the market in 2022. This can be the result of the advantages of using this method rather than off-pump bypass surgery. According to studies, off-pump bypass procedures may raise mortality rates and the prevalence of recurrent angina. Therefore, this element is generally boosting the segment's market growth.
On the basis of procedure, the market is fragmented into single CABG surgery, double CABG surgery, triple CABG surgery, and quadruple CABG surgery. In 2022, the single CABG surgery segment witnessed the largest revenue share in the market. A single CABG procedure is used when a surgeon just needs to bypass one blocked artery. In general, drugs are used to address most heart conditions; however, in minor ones like artery blockage, a single CABG operation may be advised. The coronary arteries supply the heart and have trouble getting enough blood, oxygen, and nutrients to the heart muscle.
By end-use, the market is categorized into hospitals, cardiology centers, and others. In 2022, the hospitals segment dominated the market with the maximum revenue share. This is due to technology developments that help hospitals address complex medical diseases. Hospitals have access to a variety of diagnostic tools that help treat chronic diseases. Consequently, this element is assisting in the segment's expansion. Hospitals also provide patients with complex coronary artery problems a wide range of diagnostic & therapeutic options, which is anticipated to fuel the segment's revenue growth.
|Market size value in 2022||USD 11.3 Billion|
|Market size forecast in 2029||USD 20.6 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 9% from 2023 to 2029|
|Number of Pages||224|
|Number of Table||360|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Procedure, Method, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The high incidence of cardiovascular disorders in the area and the availability of off-pump and on-pump bypass treatments due to technical developments are two factors that contribute to this growth. In addition, numerous for-profit organizations and the Centers for Medicare & Medicaid Services (CMS) also provide reimbursement coverage for medical procedures and devices. These all contribute to the market expansion in the region.
Free Valuable Insights: Global Coronary Artery Bypass Graft Market size to reach USD 20.6 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Terumo Corporation, Karl Storz SE & Co. KG, Edwards Lifesciences Corporation, Johnson & Johnson (Ethicon, Inc.), Boston Scientific Corporation, Stryker Corporation, LivaNova PLC, Genesee BioMedical, Inc., and Vitalitec International Medizintechnik GmbH (Peters Surgical).
Strategies deployed in the Market
» Partnerships, Collaborations and Agreements:
- Jan-2023: Terumo collaborated with Siemens Healthineers, a medical technology company. The collaboration focuses on reinforcing cardiac care in India. This collaboration aims at making better heart care available to more people.
- Jul-2022: Medtronic came into partnership with CathWorks, an Israel-based primarily into developing diagnoses and treatments for coronary artery diseases. The agreement includes investment by Medtronic of up to $75 million in the Israel Based company, and co-promotion of CathWorks' FFRangio® System in the US, Japan, and Europe.
- Feb-2022: Terumo Health Outcomes, a part of Terumo Medical Corporation signed an agreement with Corazon, a provider of consulting, interim management, and recruitment services intended for vascular, neuroscience, and heart specialty programs. The partnership consolidates the company's position in the digital healthcare market.
- Sep-2021: Terumo came into collaboration with Etiometry, a US-based provider of clinic decision-support software. The collaboration involves introducing clinical decision support to cardiac surgery patients. Integrating Etiometry's platform with the surgical devices company's devices would provide clinicians with an in-depth understanding of the patient's condition.
» Mergers and Acquisitions:
- Aug-2022: Medtronic completed the acquisition of Affera, a US-based developer of medical devices. The acquisition of Affera broadens the acquiring company's cardiac ablation platform.
- Feb-2022: Boston Scientific completed the acquisition of Baylis Medical Company, a Canada-based developer of medical devices. This acquisition enables the acquiring company to incorporate Baylis' platforms within its existing electrophysiology and structural heart offerings, thereby reinforcing its market position.
- Feb-2021: Terumo signed an agreement to take over Health Outcomes Sciences (HOS), a US-based developer of medical platforms. The addition of Health Outcomes Sciences and the ePRISM platform broadens the acquiring company's market presence and further enables Terumo to offer innovative solutions.
» Geographical Expansions:
- Dec-2022: Stryker established a new Neurovascular (NV) lab in Haryana, India. The new R&D lab is equipped with advanced technology and aims at advancing stroke care innovation in the Asia-Pacific region.
- Sep-2022: Terumo opened a new manufacturing plant in Costa Rica. The new facility would manufacture the company's complete range of custom perfusion circuits, which are used in cardiovascular surgery.
- Mar-2022: Boston Scientific expanded its global footprint by setting up a new R&D center in Maharashtra, India. The expansion intends to leverage the country's R&D expertise. Further, the new center would provide knowledge to each of the company's therapy areas.
Scope of the Study
Market Segments Covered in the Report:
- Single CABG Surgery
- Double CABG Surgery
- Triple CABG Surgery
- Quadruple CABG Surgery
- Minimally Invasive Direct
- Cardiology Centers
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Medtronic PLC
- Terumo Corporation
- Karl Storz SE & Co. KG
- Edwards Lifesciences Corporation
- Johnson & Johnson (Ethicon, Inc.)
- Boston Scientific Corporation
- Stryker Corporation
- LivaNova PLC
- Genesee BioMedical, Inc.
- Vitalitec International Medizintechnik GmbH (Peters Surgical)
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What would be the size of this Market by 2029?
This Market size is expected to reach $20.6 billion by 2029.
What are the key driving factors and challenges in this Market?
Rising applications of CABG are driving the Market in coming years, however, Dearth of skilled professionals restraints the growth of the Market.
What are the major top companies in the competitive landscape?
Medtronic PLC, Terumo Corporation, Karl Storz SE & Co. KG, Edwards Lifesciences Corporation, Johnson & Johnson (Ethicon, Inc.), Boston Scientific Corporation, Stryker Corporation, LivaNova PLC, Genesee BioMedical, Inc., and Vitalitec International Medizintechnik GmbH (Peters Surgical).
Which segment is leading the Market in 2022?
The Off-pump segment is leading the Market by Method in 2022 thereby, achieving a market value of $11.6 billion by 2029.
Which segment shows the high growth rate of this Market over the forecast period?
The Cardiology Centers segment has shown the high growth rate of 9.2% during (2023 - 2029).
Which region dominated the Market in 2022?
The North America segment dominated the Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $8.9 billion by 2029.