Coronary artery bypass grafting or CABG surgery refers to a procedure that establishes bypass grafts around blocked sections of coronary arteries, typically due to atherosclerosis. CABG surgery involves creation of bypass grafts between aorta and coronary arteries to restore normal blood flow to the heart which helps reduce chest pain and improve survival. CABG procedures are performed utilizing either saphenous vein grafts from the leg or mammary artery grafts from the chest. CABG surgery is recommended for patients with multivessel coronary artery disease or those who do not respond well to nonsurgical forms of treatment like angioplasty.
The global Coronary Artery Bypass Grafting Market is estimated to be valued at USD 14.02 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Coronary Artery Bypass Grafting are Medtronic, Terumo Corporation, KARL STORZ GmbH & Co. KG, Boston Scientific Corporation, Edwards Lifesciences Corporation.
The growing Coronary Artery Bypass Grafting Market Demand can be attributed to the increasing geriatric population which is more prone to suffer from coronary artery diseases. According to the United Nations estimates, the global geriatric population is set to increase from 727 million in 2020 to 1.5 billion in 2050.
CABG procedures market is also expanding globally due to rising medical tourism especially in Asian countries like India and Thailand which provide such surgeries at competitive costs as compared to developed nations like the United States. This is boosting the CABG surgeries volume in Asia Pacific.
Market drivers
The rising prevalence of cardiovascular diseases (CVDs) worldwide is a major driver for CABG procedures market. According to the World Health Organization, cardiovascular diseases accounted for over 17 million deaths globally in 2015 which is estimated to grow to over 23 million by 2030. Heart disease is one of the leading causes of mortality in most nations. As CABG surgery is recommended for patients with severe coronary heart disease, the increasing burden of CVDs is directly fueling the adoption of CABG procedures during the forecast period.
The current geopolitical instability across various regions is impacting the growth of the coronary artery bypass grafting market. Nations around the world are facing economic challenges due to rising inflation and supply chain disruptions caused by the ongoing Russia-Ukraine war. This is hampering healthcare spending and budget allocation for cardiac procedures in many countries. Additionally, international travel restrictions and lockdowns enforced during the Covid-19 pandemic over the past two years have also delayed elective surgeries globally.
However, with the gradual lifting of restrictions, the market is expected to witness steady recovery in the coming years. Market players must devise strategies focusing on emerging economies to counter volatility in mature markets. They should partner with local players and hospitals to enhance service availability in developing Asian and Latin American countries where rates of heart disease are rising. Expanding product portfolios with minimally invasive grafting devices will also help overcome procedure backlogs and cater to the growing geriatric population experiencing age-related cardiac issues.
In terms of geographical concentration, North America currently dominates the global coronary artery bypass grafting market and holds the largest share in terms of value. This can be attributed to the high diagnosis and treatment rates for cardiovascular diseases, availability of advanced medical facilities, and favorable reimbursement policies in the US and Canada. Within the region, the US accounts for the bulk of the market share due to its well-established healthcare system and healthcare expenditure.
Moving forward, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising health awareness, growing medical tourism, increasing healthcare spending, and improving availability of diagnostic and surgical services in emerging economies like China, India and Southeast Asian countries. As heart disease becomes more prevalent in Asia due to rapid urbanization and lifestyle changes, the need for cardiac procedures like CABG will continue to rise significantly.
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