Endoscopic Vessel Harvesting Systems Market Worth $3.4 Billion By 2025
The global endoscopic vessel harvesting systems market is expected to reach USD 3.4 billion by 2025, according to a new report by Grand View Research, Inc. Growing inclination of the patient population toward minimally invasive cardiac surgeries is one of the key factors expected to drive the market in the coming few years.
The introduction of endoscopic vessel harvesting technology in the field of cardiac surgery was a significant milestone in 1996. According to estimates by the Texas Heart Institute, every year over 200,000 procedures were performed in the U.S. Also, based on the statistics published by the department of surgery (Washington University School of Medicine in St. Louis), they perform Coronary Artery Bypass Grafting (CABG) surgeries on approximately 0.5 million people every year. The growing demand for these procedures and technologically advanced surgical procedures are among the few factors anticipated to boost the market over the forecast period.
The presence of favorable reimbursement policies in the U.S. pertaining to CABG surgeries is anticipated to increase the number of these surgeries. In July 2016, the Department of Health & Human Services announced that it will begin implementing bundled payment models for high-quality, coordinated cardiac and hip fracture care. The market is highly concentrated with a limited number of products and market players operating in this space. Many studies stated that the open vessel harvesting technique is as effective as a minimally invasive vessel harvesting technique. However, the growing awareness regarding benefits of Endoscopic Vessels Harvesting (EVH), such as minimally invasive nature, fewer complications, and quick recuperation are some of the factors that are anticipated to propel its growth during the forecast period.
Further key findings from the report suggest:
- The global endoscopic vessel harvesting system market size was estimated at USD 1,881.7 million in 2016 and is expected to grow at a CAGR of 6.1% from 2017 to 2025
- Reusable EVH systems emerged as the largest product segment in 2015 and is estimated to generate revenue of over USD 2,136.0 million by 2025
- Global disposable EVH systems was USD 639.3 million in 2016 and is anticipated to witness the fastest growth over the next 8 years
- The industry in the Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies in the region. The regional market is expected to grow at a CAGR of 7.7% from 2017 to 2025
- Some of the key players including MAQUET Holding B.V. & Co. KG; CARDIO MEDICAL GmbH; Terumo Cardiovascular Group; Med Europe S.r.l. (Elite Life Care); LivaNova plc. (Sorin and Cyberonics); and Saphena Medical, Inc. dominated the global endoscopic vessels harvesting systems market.