Coronary Artery Bypass Graft (CABG) Market to Reach $21.31 Billion by 2032 at a CAGR of 8.2% Driven by Rising Cardiovascular Diseases and Technological Advancements
Research Reports
Jul 16, 2024
Market Overview
Coronary Artery Bypass Graft Market Research Report Information By Type (Off-Pump, On-Pump, Minimally Invasive Direct CABG, Endoscopic Vein Harvesting and Others), By Procedure (Single CABG Surgery, Double CABG Surgery, Triple CABG Surgery, Quadruple CABG Surgery and Others), By End-User (Hospitals, Cardiology Clinics, Research Institutes and Others), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032.
Coronary Artery Bypass Graft Market Size was valued at USD 10.5 billion in 2022 and is projected to grow from USD 11.4 Billion in 2023 to USD 21.31 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period (2024 – 2032).
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Market Dynamics
The global market for coronary artery bypass graft (CABG) devices is expanding due to the rising prevalence of cardiovascular diseases, which are closely linked to conditions such as obesity, diabetes, and high blood pressure. Cardiovascular diseases are a leading cause of death globally, with a significant impact in low- and middle-income countries. Advances in CABG technology, including the development of robotic-assisted systems, have fueled this growth. Additionally, the aging population has increased the incidence of cardiovascular conditions, leading to a higher demand for CABG surgeries and related devices. These factors are contributing to the market’s growth.
As the population ages, coronary artery bypass grafting (CABG) is increasingly being recommended for older patients, particularly those in their eighties, who are more prone to coronary artery disease and represent a rapidly growing age group. Cardiothoracic surgeons are increasingly focusing on this demographic for surgical revascularization. However, performing surgery on older patients poses challenges, such as the risk of suboptimal recovery due to age-related frailty and less resilient tissue. Despite these concerns, the market for CABG devices is expected to grow due to these specific factors.
Additionally, the market’s expansion is likely to be supported by favorable reimbursement policies for CABG procedures across various countries. Reimbursement practices that treat CABG procedures similarly to more complex surgeries, like heart valve replacements, are expected to drive market growth. The availability of adequate reimbursement for CABG is anticipated to boost global revenue in the coronary artery bypass graft market.
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Segment Analysis
Coronary Artery Bypass Graft Type
The Coronary Artery Bypass Graft (CABG) market is segmented by type, including off-pump, on-pump, minimally invasive direct CABG, endoscopic vein harvesting, and other types.
Coronary Artery Bypass Graft Procedure
The CABG market is also segmented by procedure, covering single CABG surgery, double CABG surgery, triple CABG surgery, quadruple CABG surgery, and other variations.
Coronary Artery Bypass Graft End-User
The end-user segmentation of the CABG market includes hospitals, cardiology clinics, research institutes, and other healthcare facilities.
Regional Analysis
The Americas hold the largest share of the global CABG market, driven by growing demand for cardiovascular devices and the increasing prevalence of cardiovascular diseases. In North America, the U.S. leads the market due to rising demand for cardiovascular treatment options and the availability of specialized care services in hospitals and tertiary care centers.
In South America, the market is anticipated to experience steady growth, supported by a greater focus on CABG procedures and an aging population with chronic conditions such as diabetes and obesity, which elevate the risk of heart disease.
The growing prevalence of cardiovascular conditions and the increasing need for advanced cardiovascular devices are fueling market growth. The aging population, particularly in the U.S., is expected to significantly impact the market, with a substantial increase in the number of older adults anticipated in the coming decades.
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Competitive Dynamics
Hancock Jaffe Laboratories, Inc., Terumo Cardiovascular Systems Corporation, VasoPrep Surgical, Dextera Surgical Inc., Neograft Inc., NOVADAQ Technologies Inc., MAQUET Holding B.V. & Co. KG., Genesee BioMedical, Sorin Group, Edwards Lifesciences Corporation and others are the top market players in the Global Coronary Artery Bypass Graft Industry.
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. These strategies determine the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
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