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 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.
The cardiovascular needle market has been segmented on the basis of type, application, usage, end user, and geography. The market, by geography, is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the cardiovascular needle market, emphasizing on parameters such as market trends, technological advancements, and market dynamics along with competitive landscape analysis of the globally leading market players.
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Cardiovascular Needle Market: Strategic Insights
Market Size Value in US$ 84.429 Million in 2021 Market Size Value by US$ 137.855 Million by 2028 Growth rate CAGR of 7.3% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Cardiovascular Needle Market: Strategic Insights
| Market Size Value in | US$ 84.429 Million in 2021 |
| Market Size Value by | US$ 137.855 Million by 2028 |
| Growth rate | CAGR of 7.3% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Lucrative Regions for Cardiovascular Needle Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Increasing Prevalence of Cardiovascular Diseases Boosts Cardiovascular Needle Market Growth
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.
Type-Based Insights
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.
Cardiovascular Needle Market, by Type – 2021 AND 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application-Based Insights
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.
Usage–Based Insights
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.
End User–Based Insights
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.
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.
Acquisitions, collaborations, partnerships, product launches, and expansions are commonly adopted strategies by companies to expand their footprint worldwide and meet the growing demand. The cardiovascular needle market players have been chiefly adopting the strategy of product innovation to cater to the changing customer demand across the world, which also helps them maintain their brand name globally.
Company Profiles
- Ethicon (Johnson & Johnson Services, Inc.)
- Mani, Inc
- Barber of Sheffield
- FSSB surgical needles GmbH
- Medtronic
- Aurolab
- Teleflex Incorporated
- Meril Life Sciences Pvt. Ltd.
- CP Medical
- SMB Corporation of India
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Usage, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Cardiovascular Needle market majorly consists of the players such as players Ethicon (Johnson & Johnson Services, Inc.), MANI, INC., Barber of Sheffield, FSSB surgical needles GmbH, Medtronic, Aurolab., Teleflex Incorporated., Meril Life Sciences Pvt. Ltd., CP Medical., SMB Corporation of India and among others.
The factors that are restraining the adoption of cardiovascular needle are increasing use of surgical staples instead of needles and suture.
The factors that are driving growth of the market are increase in prevalence of cardiovascular diseases across the world and rising geriatric population. There are also other factors that fuel the growth of the market such as excessive intake of tobacco, high number of smoking population, obesity, increasing co-morbidities, and changing standard of living.
The cardiovascular needles are used during a number of cardiovascular surgeries such as open-heart surgery, cardiac valve procedures, heart transplant, coronary artery bypass graft surgery, and many more surgeries need surgical needles. These cardiovascular 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 containing high concentrations of nickel, Surgalloy and Ethalloy.
The List of Companies - Cardiovascular Needle Market
- Ethicon (Johnson & Johnson Services, Inc.)
- MANI, INC
- Barber of Sheffield
- FSSB surgical needles GmbH
- Medtronic
- Aurolab
- Teleflex Incorporated
- Meril Life Sciences Pvt. Ltd.
- CP Medical
- SMB Corporation of India
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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