Cardiac surgery market to reach USD 24B

In a world, where cardiovascular diseases (CVDs) remain a leading cause of death, the global cardiac surgery market has emerged as a cornerstone of life-saving interventions, driven by innovations in medical technology. According to iData Research’s (iData) latest suite of reports, the global cardiac surgery market was valued at over $17 billion in 2023 and is projected to experience a robust growth, reaching almost $25 billion by the end of the forecast period.

Cardiac surgery devices are fundamental tools in combating the increasing global burden of cardiovascular diseases. From tissue and mechanical heart valves to highly advanced transcatheter heart valve replacement (THVR) devices, the global market offers a wide array of solutions. Key devices in this market also include annuloplasty repair devices, transcatheter mitral valve repair (TMVr) devices, cerebral embolic protection devices, coronary artery bypass devices (ONCAB and OPCAB), ventricular assist devices (VADs), and extracorporeal membrane oxygenation (ECMO) systems.

Key market segments and emerging tends
The global cardiac surgery market is dominated by key regions, with North America leading the charge, followed by Western Europe and Asia-Pacific. North America continues to be the largest market for cardiac surgery devices, but as growth plateaus, companies are increasingly turning their attention to emerging markets in Asia-Pacific, Eastern Europe, and Latin America, where the demand for cardiovascular treatments is surging.

Transcatheter heart valve replacement (THVR) devices have secured their position as the largest market segment, with strong growth anticipated due to increasing unit sales. However, the introduction of transcatheter aortic valve replacements (TAVRs), also known as transcatheter aortic valve implantation (TAVI), as a first-choice therapy is exerting pressure on other segments, such as transcatheter pulmonary valve replacements (TPVRs), which are expected to experience slower growth.

A major trend reshaping the landscape is the shift towards minimally invasive surgery, which is revolutionizing patient care and procedural efficiency. Technologies like TAVI/TAVR and transcatheter mitral valve repair (TMVr) are poised to drive significant gains in the coming years, as they offer less invasive alternatives to traditional open-heart surgeries. The TAVI/TAVR market, in particular, is expected to see strong expansion, fueled by the pressing need for this therapy among a growing patient population. Likewise, the TMVr market is projected to increase its market share, as it addresses the substantial demand for mitral valve repair without requiring open-heart surgery.

Untapped potential in the LAA closure device market
The left atrial appendage (LAA) closure device market is poised for significant expansion as new companies enter the space, driving heightened competition and downward pressure on pricing. Currently, there are a limited number of companies active in this segment, but increasing interest from additional players is reshaping the landscape. AtriCure has experienced exponential growth, particularly with their AtriClip Flex V Device, as revenue skyrocketed between 2018 and 2023, according to iData’s U.S. MedSKU data.

As more patients are identified with the clotting risk associated with the LAA, the market value for closure devices is expected to rise sharply. Additionally, routine exams to check for clots in the LAA are becoming increasingly common worldwide. As health systems continue to evolve and this practice expands, the number of patients identified with clot risks will only grow, further fueling demand for LAA closure devices. iData Research