The global Endoscopic Vessel Harvesting Devices market, was valued at USD 425.7 million in 2023 and is expected to reach USD 566.5 million by 2032 at a CAGR of 3.6%. Endoscopic Vessel Harvesting Devices (EVH) that includes the surgery to improve vessel gathering for CABG medical procedure, significantly reduces the surgical procedure time. The significant factors attributing market development in the forecast period include the ascent in the rates of the cardiovascular diseases, increasing demand for minimally invasive technique for the medical procedure, and the technological edge that the new methods give over the traditional medical procedure of the CABG.
Rise is available healthcare grants, and support by government bodies for adoption of endoscopic technology and favorable regulatory landscape for endoscopic vessel harvesting devices, are among key factors contributing towards market growth. The technological advancements and infrastructure development for advanced cardiovascular clinical care are anticipated to drive market growth. Furthermore, significant number of emerging companies across the globe are focused on development of innovative endoscopic vessel harvesting devices.
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Technological advancements and developments identified with the Endoscopic Vessel Harvesting Devices are anticipated to support the market during the upcoming forecast period. Specialized surgical equipment is required for this procedure; that includes a laparoscopy trolley, high definition camera & monitor, CO2 insufflator, good energy source and reusable or disposable harvesting instruments (reusable or disposable). Advancements in these segments brings significant enhancements in efficiency and safety of the market. In line with this, the increase in the product launches and regulatory approvals from the government bodies is likely to support the endoscopic vessel harvesting device industry in the coming years.
However, high costs are associated with the CABG medical procedure in America and Europe, is challenging the wide-scale adoption of the technology in these regions. Furthermore, dearth of skilled professional in developing nations and lack of necessary infrastructure to carry out CABG procedure is limiting the market growth in various parts of the world. Also, COVID-19 pandemic is negatively affecting the growth the market.
Based on the product, the worldwide market is sectioned into EVH systems, endoscopes, and accessories. The EVH frameworks segment represented the most significant share in 2022 and is anticipated to register high growth during the forecast period. This can be credited to the rising reception of minimally invasive procedures for vessel harvesting and disposable nature.
Accessibility of reusable systems and the adoption of such gadgets in CABG surgeries, particularly in the developing economies, are indispensable for economic & environmental sustainability of such medical procedures. However, lack of skilled clinicians to carry out the procedure, pandemic induced disruption in supply chains in various parts of the world, and high associated infrastructure costs are among major factors challenging the market growth.
A closed tunnel is required to command the market during the estimated period with largest market share and a CAGR of 4.0% during 2023-2032. The technological advancements and innovations relating to the cardiovascular medical devices market are likely to drive market. The increase in the geriatric population and the upsurge in the self-governing procedures are expected to fuel the market growth.
Based on usability, the market is segmented into dispensable and reusable. In 2022, the disposable segment held significant share of the market. This segment is additionally expected to enroll the most significant CAGR during the forecast period, basically because of the rising inclination for disposable devices over reusable during to rising concerns about hospital acquired infections. However, disposable segments is associated with higher costs, which limits it widespread application.
Vessels Types Outlook:
Based on vessel type, the market is divided into a saphenous vein and radial artery. The saphenous vein segment is likely to register high CAGR during the estimated period. This can be ascribed to the benefits of a saphenous vein considering reduced wound complications, decreased torment, and aesthetics.
Based on the application, the market is fragmented into coronary artery disease and peripheral artery disease. The coronary artery disease segment is likely to account for high market share because of the rising pervasiveness of coronary artery related cardiovascular illnesses and the expanding geriatric populace. Coronary artery disease (CAD) is the primary source of death and physical disability in developing as well as developed countries. With an expanding number of CAD cases, and increasing adoption of Endoscopic Vessel Harvesting, is expected to contribute to market growth.
The geographic sections in this report incorporate North America, Europe, Asia Pacific, and Rest of the world. Among these, the North American segment represented the most significant share of the market in 2022. The considerable share of this segment can fundamentally be ascribed to the high burden of cardiovascular diseases (CVDs), the launch of the Hospital Readmissions Reduction Program (HRRP), and Episode-based Payment Models (EPMs), expanding occurrence of cardiac disorders and developing inclination for minimally invasive harvesting procedures.
However, Asia Pacific is relied upon to be the fastest developing region in the coming years. Asia-Pacific region is anticipated to undergo tremendous development because of the developing medical tourism industry, expanding per capita income, and healthcare spending by the administration, and increasing demand of minimally invasive coronary medical procedures. China is expected to be the fastest developing portion in the Asia Pacific district.
Besides, Latin America is relied upon to follow the Asia Pacific district with a CAGR of 7.1%. Different nations in the Latin American area, such as Colombia and Argentina, are picking up adoption of CABG procedure because of the growing medical tourism industry that takes into account the worldwide interest for low and reasonable cardiac procedures. Along these lines, the clinical division in these nations is changing very fast, in this manner creating colossal interest for cutting edge systems such as EVH systems.
- Open Tunnel by technique held a share of about 44.1% in the year 2022. The fragment is additionally expected to develop at a worthwhile rate, owing to it to the lesser possibility of blood to form clots post-medical procedure.
- Closed by Product segment held a market share of 55.9% in the year 2022. The section is likely to develop at the most prominent rate.
- Reusable by usability fragment held the share of the overall industry of about 62.4% in the year 2022. Favorable research grants scenario to bring environmental sustainability, and focus of market players in endoscopic innovation are expected to support growth of reusable endoscopic vessel harvesting devices.
Companies considered and profiled in this market study
The key players in the Endoscopic Vessel Harvesting Devices market are, Maquet Holding B.V. & Co. KG., Terumo Cardiovascular Systems Corporation, Sorin Group, Inc., OLYMPUS CORPORATION, LivaNova plc., Med Europe S.r.l, Getinge, Saphena Medical, KARL STORZ, Cardio Medical, and Medical Instruments Spa has been profiled in the report. They are significant market players.
The players operating in the market have undertaken several strategies related to the market in the period 2023-2023. The key highlight is:
- In February 2023, Lantheus Holdings Inc., a demonstrative imaging organization and Progenics Pharmaceuticals, Inc., an oncology products organization, corrected a past merger. Thus increasing the demand of the Endoscopic Vessel Harvesting Devices market.
- In February 2023, Novartis collaborated with Microsoft for artificial intelligence development lab and Amazon Web Services to manufacture an enterprise, including information and investigation stage that would deliver propelled prescriptions.
- In August 2022, Terumo Corporation announced that it has invested in USD 50 million in two U.S.-based venture capital funds, such as Strategic Healthcare Investment Partners (S.H.I.P) and Catalyst Health Ventures (CHV). This investment is expected to provide internal research and development team with new technology, expanded strategy, and would also complement business development and acquisition.
The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. The untapped potential in emerging economics will help the startup companies to gain traction during the forecast period.
Mergers and Acquisitions are an integral part of the Endoscopic Vessel Harvesting Devices market. Along with the companies operating in the market, other key market players have also been entering the industry.
- In February 2023, OSE Immunotherapeutics reported a merger with MAbSilico. The merger intends to build up and consolidate innovative critical thinking solutions, including artificial intelligence, to improve new monoclonal antibodies.
- In August 2022, Mateon Therapeutics, Inc. and PointR Data Inc., a secretly held developer of high-performance cluster computer and artificial intelligence Company, entered into a merger.
Reports and Data forecast promising developments for increased adoption of Endoscopic Vessel Harvesting Devices. The companies are designing new product concepts according to the current customer expectations coupled with best clinical outcome. According to industry experts, new manufacturers are expected to enter the market, which is likely to change the market dynamics. New companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity and lowering the overall total cost of operation.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2023 to 2032. The scope of the report can be defined as:
For the purpose of this report, have segmented into the global Endoscopic Vessel Harvesting Devices market on the basis of products, techniques, usability, vessels, applications, and region:
Products Outlook (Revenue, USD Million; 2023-2032)
- EVH Systems
Techniques Outlook (Revenue, USD Million; 2023-2032)
- Open Tunnel
- Closed Tunnel
Usability Outlook (Revenue, USD Billion; 2023-2032)
Vessels Types Outlook (Revenue, USD Million; 2023-2032)
- Saphenous Vein
- Radial Artery
Applications Outlook (Revenue, USD Million; 2023-2032)
- Coronary Artery Diseases
- Peripheral Artery Diseases
Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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