The Coronary Artery Bypass Grafting Market is being driven by Increasing prevalence of CVDs
The Coronary Artery Bypass Grafting Market is expected to grow at a CAGR of 4.49% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 30.3 million. The global geriatric population, defined as individuals aged 65 years and above, has experienced significant growth in recent years. According to the UN Department of Economic and Social Affairs, this demographic segment numbered 702.9 million in 2019, and is projected to reach 727 million in 2020. In India, the geriatric population is expected to increase by 41% over the next decade, reaching 194 million in 2031. This demographic trend poses a substantial risk to public health due to the higher prevalence of cardiac issues among the elderly, including coronary artery blockages. As a result, the demand for Coronary Artery Bypass Grafting (CABG) procedures is anticipated to surge, providing ample growth opportunities for market participants in the healthcare sector.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product Type (On-pump, Off-pump, Minimally invasive surgery) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Coronary Artery Bypass Grafting Market Research Report
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The Coronary Artery Bypass Grafting (CABG) market encompasses medical equipment utilized in addressing coronary artery disease, including acute coronary syndrome and strokes, particularly among the geriatric population. Reimbursement initiatives and minimally invasive procedures, such as percutaneous coronary interventions, are driving market growth. Equipment like heart-lung machines and cardiopulmonary bypass devices are essential for CABG surgeries. Cardiovascular diseases, chronic disorders like hypertension, myocardial injury, myocardial infarction, and the use of drug eluting stents and catheter-based interventions are common indications. Notable institutions, such as the Cleveland Clinic, are at the forefront of CABG research and innovation.
The global healthcare supplies market encompasses businesses involved in the research and development (R&D) of a diverse range of medical products, including those utilized for the diagnosis and treatment of conditions such as coronary artery disease, acute coronary syndrome, and strokes. According to Technavio, the healthcare supplies market size is determined by the collective revenue generated by manufacturers of medical equipment and consumables, including syringes, drapes, gloves, and gowns. Factors fueling market expansion include the growing geriatric population, with the proportion of individuals aged 60 and above projected to rise significantly in both the US and Europe by 2030 and 2050, respectively. This demographic shift will result in increased demand for medical supplies related to the treatment of conditions common among the elderly, such as coronary artery bypass grafting (CABG) and minimally invasive procedures for stroke care.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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