Major factors driving the growth of this market include growing prevalence of cardiac conditions and the subsequent increase in the number of surgical procedures, rising geriatric population, and growing investments, funds, and grants by government bodies worldwide. However, adoption of alternative surgical methods and lack of Medicare payments may restrain the growth of this market.
North America dominated the global cardiac surgery instruments market in 2017, with the U.S. accounting for a major share of this regional market. Factors such as high incidence of cardiac diseases, rising awareness programs and increased funding for research projects are likely to drive the growth of the North American market.
Followed by North America, Europe dominated the global market in 2017. The European market is mainly driven by increasing adoption of surgical procedures in cardiology, growth in European healthcare sector, and awareness programs. However, the Asian market is slated to grow at the highest CAGR owing to the increasing government and private sector investments in healthcare, growing purchasing power and high incidence of cardiac diseases. Some prominent markets in Asia include China, India, and Japan.
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The market is fragmented with several global as well as local players. Players offer several products across different subsegments of this market. Key players in this market include Becton, Dickinson and Company (U.S.), B. Braun Melsungen AG (Germany), Teleflex Incorporated (U.S.), Medline Industries, Inc. (U.S.), KLS Martin Group (U.S.), STILLE (Sweden).
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