Coronary Artery Bypass Grafts Market : Analysis and Forecast by 2024
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Factors such as growth in number of geriatric population, increase in prevalence of cardiovascular disorder, and change in lifestyle are projected to drive the global coronary artery bypass grafts market during the forecast period. According to the WHO, 17.5 million people die each year due to cardiovascular disease, which is equal to 31% of all estimated deaths worldwide. Technological advancement is another fueling factor, which is likely to add value to the global market. On the other hand, stringent government guidelines are estimated to hinder the market growth.
The global coronary artery bypass grafts market has been segmented by procedure type, product type, end-user, and geography. In terms of procedure type, the market is classified into traditional coronary artery bypass grafting, off-pump coronary artery bypass grafting, and minimally invasive direct coronary artery bypass grafting. The traditional coronary artery bypass grafting is performed when a major artery needs to be bypassed. In terms of product type, the market is classified into saphenous vein graft, left internal thoracic artery graft, and other arterial grafts such as radial artery, ulnar artery, gastroepiploic artery, and inferior epigastric artery. In terms of end-user, the market is classified into hospitals, specialty clinics, and ambulatory centers.
In terms of geography, the coronary artery bypass grafts market is classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Geographically, North America dominates the market due to product availability, technological advancement, presence of top players, and growth in number of geriatric population, which in turn is expected to drive the market during the forecast period. The geriatric population represents about 14.5% of the U.S. population. According to U.S. Department of Health and Human Services, by 2060, the number is projected to grow to 98 million which is twice of the 2014 geriatric population in the U.S. Europe is the second leading market due to increasing number of coronary heart diseases among the population. The Asia Pacific market is expected to grow at a higher rate in the near future due to presence of high target patient pool, growth in adoption of western lifestyle, increase in government initiatives, and rise in awareness among people.
The major global players operating in this market include Boston Scientific Corporation, Medtronic Inc., B. Braun Melsungen AG, C.R. Bard, Cordis Corporation, St. Jude Medical, Inc., Terumo Corporation, Sorin Group, and Ethicon US.
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