STUDY GOALS AND OBJECTIVES The goals of this study are to explore the different factors affecting cardiovascular surgery and the manufacture of cardiovascular devices, as well as to quantify the market for various segments of the cardiovascular device market. Cardiac surgery is increasing globally, with the contribution of macroeconomic factors such as aging populations, increasing rates of obesity, poor nutrition and other health stressors. In recent years, new technologies have been developed that make sophisticated therapies accessible for patients in previously underserved locations. Whether through disease, congenital defects or degradation of cardiac and vascular function with advancing age, the incidence of cardiovascular disease is growing dramatically, substantiating the continued growth in cardiovascular surgical procedures.
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REASONS FOR DOING THIS STUDY The American Heart Association, in its publication Heart Disease and Stroke Statistics, 2016 Update At-A-Glance, estimates that 98 million American adults will have one or more types of cardiovascular disease. Surgery represents the most effective therapy for advanced cardiovascular conditions. Recent innovations such as minimally invasive procedures, “beating heart” surgeries, ventricular assist devices and artificial hearts, replacement valves and treatments for hypertension such as renal denervation offer therapeutic options that result in shorter recovery times and reduced complication risks. Newer cardiovascular devices and therapeutic techniques will play an increasing role in enhancing quality of life for a growing elderly population, as well as patient groups with poor cardiac function. The ability of government-run health agencies and private insurance providers to cope with the increased need for cardiovascular procedures, together with rising healthcare costs, have led agencies and insurers to closely evaluate their coverage for cardiovascular surgical procedures and continually seek out lower-cost but still efficacious options. This report will identify areas of growth within the cardiovascular surgical device market and discuss innovative technologies that have been recently launched or are presently under development. Market growth rates will be projected based on manufacturers’ net revenues, unless otherwise indicated. This report is designed to achieve the following objectives: Describe the trends and developments affecting each type of cardiovascular surgical technology and discuss how each addresses market needs. Analyze market demand, competitive dynamics and regulatory/ reimbursement-related factors to project the market size for each technology and highlight target applications.
Study intensively market growth by geography. Analyze trends and opportunities in major regions: North America, Europe, Asia and the rest of the world (ROW). Identify major stakeholders, product portfolio and recent developments, and draw a competitive landscape for the market leaders. Track and analyze recent developments, alliances, joint ventures, mergers and acquisitions, and patents of the market players in the industry. This report is designed to appeal to many types of readers, including marketing and management executives within the medical device industry, venture capital professionals interested in exploring commercialization opportunities and anyone else who would like to better understand how market factors and technologies interact in this industry.
SCOPE OF REPORT The scope of this study encompasses multiple technologies and procedures related to cardiovascular surgical devices. The study focused primarily on four categories of cardiovascular surgery: traditional (open), interventional, cardiac rhythm management (CRM) and cardiac ablation procedures. These procedure groupings are categorized logically so that comparisons can be made within procedural groups as well as across the cardiovascular surgical devices industry as a whole. Note that carotid artery surgery related to stroke, abdominal aortic aneurysm (AAA) surgery to correct aortic aneurysms, and surgical and stenting procedures designed to address peripheral vascular disease are not addressed in detail in this report. BCC Research analyzes the industry on a worldwide basis from market, product and technology perspectives. Regulations and reimbursement issues and patents issued from 2011 through mid-2016 are also examined to identify patient safety, regulatory review and insurance coverage issues for stakeholders and potential stakeholders in this industry. The report examines the cardiovascular surgery device industry in general, the types of technologies currently in use as well as future technological developments, and regulatory influences that affect product distribution. The industry structure section discusses the most active manufacturers with respect to relative market share, marketing strengths and forces that promote or hinder the growth of technologies. The technology sections detail historical (2014), and projected (2015 to 2020) market values.
METHODOLOGY BCC Research presents an analysis across the entire cardiovascular surgical device market based on company-specific revenue dollars and units shipped as reported to the U.S. Securities and Exchange Commission (SEC) and/or other governmental agencies, as well as company information such as conversations with company officials, annual reports and product/financial news releases. The report also analyzes data collected from the United States Patent Office (USPTO) databases. Technological and demographic information is gathered from industry sources, governmental sources and published news reports.
A top-down approach was used to estimate the market size of cardiovascular surgical devices. The research methodology used to calculate market size also included the following details: Market revenues of key players were determined through primary and secondary research, including a study of the annual reports of top market players, and interviews with key opinion leaders and corporate heads such as chief executive officers (CEOs), directors, product heads, business unit heads, etc. Secondary research included general search by keywords through paid sources such as Factiva and One Source, and other publicly available websites and company websites. The penetration of micromarkets was established through primary and secondary sources and validated through primary sources. The forecast was based on analysis of market trends such as pricing and volume analysis. The regional split was determined by using secondary sources verified through primary sources. The regional split was based on various parameters such as the number of players in a particular region, the extent of research activity occurring in that region and potential growth (e.g., scope for increase in number of laboratories).
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INFORMATION SOURCES BCC Research conducted primary and secondary research to develop this report. Sources included companies in the cardiovascular device market and supply industry, public documents, SEC filings, corporate white papers and other technical documentation for U.S. and international companies directly involved in manufacturing and distributing cardiovascular surgery devices and related products. Paid sources include Factiva, One Source and other subscribed healthcare magazines and journals. The report excludes resellers and retailers, focusing instead on the primary companies responsible for developing the underlying technology. Where precise information was not available, a consensus was made using reasonable assumptions and estimates based on historical data.
ANALYST’S CREDENTIALS Bhavna Joshi has more than six years of healthcare domain experience. In addition to business research and consulting, she has conducted corporate briefings for top players in a wide range of market segments. After earning her MBA (marketing and finance stream) from Chennai University, she worked with major market research firms. Joshi has authored several market research studies in the healthcare domain. Some of these include:
Healthcare tracking technologies. Molecular diagnostics market. High-growth markets in healthcare and life sciences. Adoption rates and analysis of over-the-counter (OTC) diabetic medicines and supplements. Radio frequency identification (RFID), real-time locating systems (RTLS), Internet Protocol (IP) surveillance and other emerging technologies in the healthcare domain.
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