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Cardiovascular Needle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, Usage, and End User Geography

Cardiovascular Needle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, Usage, and End User Geography

  • September 2021
  • 171 pages
  • ID: 6176773
  • Format: PDF
  • The Insight Partners

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The cardiovascular needle market was valued at US$ 84.429 million in 2021 and is projected to reach US$ 137.855 million by 2028; it is expected to grow at a CAGR of 7.3 % from 2021 to 2028.

The growth of the cardiovascular needle market is attributed to factors such as an increase in the prevalence of cardiovascular diseases and rise in elderly population. However, the market is likely to get impacted by the preference for surgical staples over cardiovascular needles.

The cardiovascular needles are used during open-heart surgeries, cardiac valve procedures, heart transplantation procedures, coronary artery bypass graft surgeries, and so on.These needles are of two types: single use or eyeless needles and multiple use or eyed needles.

Cardiovascular needles are manufactured from new stainless-steel alloys constituting high concentrations of nickel, Surgalloy, and Ethalloy.

Cardiovascular diseases (CVDs) are the disorders of heart and blood vessels, and the category includes cerebrovascular disease, coronary heart disease, rheumatic heart disease, and other conditions.Tobacco consumption, unhealthy diet, and physical inactivity, which increase the risk of heart attacks and strokes, are a few of the major lifestyle factors that lead to the CVDs.

Other risk factors causing these diseases include hypertension, diabetes, and increased cholesterol levels.CVDs are among the top 10 causes of death across the world.

According to the World Health Organization (WHO), cardiovascular diseases are number one cause of the death across the world.Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world.

As per WHO data, ~17.9 million people in the world died from CVDs in 2016, which was 31.0% of the total mortality reported in that year. Among these, ~85% death cases were due to heart attack and stroke. Fat depositions around blood vessels that prevents blood from flowing to the heart or brain is a main cause of heart attack and stroke. Bleeding vessels or blood clots in brain are a few other causes of stroke.

According to the European Cardiovascular Disease Statistics 2017, CVDs cause 3.9 million and more than 1.8 million death cases in Europe and European Union (EU), respectively, every year. Thus, these diseases account for 45.0% and 37.0% of total mortality in Europe and the EU, respectively. Furthermore, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, i.e., ~50% of the US adult population, suffer from CVDs every year. According to the Journal of the American College of Cardiology, Asia has increasingly high prevalence of high blood pressure, diabetes, elevated cholesterol levels. Countries such as Japan, China, and India are the major contributors to the total CVD incidence in the region.
Thus, the significantly rising incidence of CVDs across the world is contributing to the high demand for diagnostic and treatment cardiovascular devices, which is driving the cardiovascular needles market growth.

The COVID-19 pandemic has become the most significant challenge across the world.As this pandemic has stressed healthcare systems across the globe, prioritizing the limited resources was essential to minimize hospital admissions.

Cardiac surgical patients not only require vital ICU resources but are also potentially in the highest risk category of complications of COVID-19.Hence, most of the hospitals and surgical enters has considered to cancel or postponed elective surgeries including cardiovascular surgeries.

Hence impact of COVID 19 is expected to be somewhat negative on cardiovascular needle market in short run. However, in long run, as the vaccination schedule will establishes and transmission rate decreases, healthcare systems will return to normal and will have increased demand for cardiovascular needle, which will support the market.

Based on type, the cardiovascular needle market is segmented into round-bodied needles and cutting needles. The round-bodied needles segment would account for a larger market share in 2021, and the cutting needles segment is anticipated to register a higher CAGR in the market during the forecast period.

Based on application, the cardiovascular needle market is segmented into open heart surgery and cardiac valve procedures.The open-heart surgery segment is expected to hold a larger share of the market in 2021, and it is estimated to register a higher CAGR in the market during 2021-2028.

Growth of the open-heart surgery segment is attributed to the increasing open-heart surgeries across the globe.

Based on usage, the cardiovascular needle market is segmented into single use and multiple use.The single use segment is estimated to account for a larger market share in 2021.

The market for this segment is estimated to grow at a higher CAGR from 2021 to 2028.

Based on end user, the cardiovascular needle market is segmented into hospitals and clinics, ambulatory surgical centers, and cardiovascular centers. The hospitals and clinics segment would hold the largest share of the market in 2021; it is further estimated to register the highest CAGR in the market during the forecast period.

American Heart Association, European Cardiovascular Disease Statistics, the Journal of the American College of Cardiology, National Health Service, the Food and Drug Administration, the World Health Organization, the Centers for Disease Control and Prevention, and the registry of cardiovascular diseases of various countries are among the major primary and secondary sources referred to while preparing this report.

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