The latest market report published by Credence Research, Inc. “Global Endoscopic Vessel Harvesting System Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the global endoscopic vessel harvesting system market was valued at USD 1,788.2 Mn in 2015, and is expected to reach USD 3,023.9 Mn by 2023, expanding at a CAGR of 6.7% from 2016 to 2023.
Browse the full report Global Endoscopic Vessel Harvesting System Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023 report at http://www.credenceresearch.com/report/endoscopic-vessel-harvesting-systems-market
Introduction of endoscopic vessel harvesting (EVH) in 1996 turned-out to be a significant breakthrough in the field of modern cardiac surgery and since then it has evolved into a more precise and accurate cardiac surgery system. EVH has made cardiac surgery less invasive, safer and also promotes earlier recovery. Since its introduction EVH has captured a significant position in standard critical care with approximately 80% of coronary artery bypass grafting procedures in the U.S. are performed using EVH, where EVH is already considered as a standard of care. Clinical evidences report that EVH procedures result in less muscle and tissue damage, and thus reduce surgical trauma to the patients, reduces the risk of infection along with that of wound healing complications. Along with the documented short-term benefits of EVH, several studies have also reported on the quality of harvested vessel for bypass. A number of studies has established equivalent graft patency with open vessel harvesting (OVH). Overall, the EVH market is specifically concentrated in nature, with a limited number of products in circulation. Such commercially available systems are equipped with proprietary technologies and methods of operation.
Inclination towards use of minimally invasive techniques, is the major driving factor for EVH market, other benefits includes less scaring, less risk of infection. With evolving techniques and technology leading to reduction in learning curve for surgeon, which has led to surgeon to introduce this technique in standard clinical practice. Thus with rising prevalence cardiovascular disease in geriatric population, along with acceptance of the technology by the surgeon, will give boost to the endoscopic vessel harvesting system market. Overall, the EVH market is specifically concentrated in nature, with a limited number of products in circulation. Such commercially available systems are equipped with proprietary technologies and methods of operation. Based on the type of brand, the Global Endoscopic Vessel Harvesting Systems Market is segmented as follows:
· VirtuoSaph Plus
· MAQUET EVH Systems
· Cardio Vision
· Endoperfect System
North America and Europe are the earliest adopters of EVH systems and procedures. With the increasing healthcare expenditure and growing investment over healthcare infrastructure, Asia Pacific and Latin America are estimated to emerge highly lucrative in the coming years. Southeast Asia region is regarded among the best medical hubs in Asia Pacific. Collectively, India, Singapore and Thailand account for more than 80% of the global medical tourism; thus, the medical sector in the countries is transforming rapidly thereby generating demand for advanced systems such as EVH systems.
Market Competition Assessment:
This market is highly concentrated and competitive with limited number of companies operating. Key players in the global EVH systems market are MAQUET Holdings, Terumo Corporation, LivaNova plc., Med Europe S.r.l., and Cardio Medical GmbH.
Key Market Movements:
- Growing preference for minimally invasive procedures
- Technological evolution has played a significant role in allowing stability to EVH market. Since its introduction, EVH technology has undergone several transformations and the manufacturers have introduced refinements to make EVH procedures easier, faster and safer.
- Further growth in awareness about benefits offered by EVH such as overall cost saving, equal efficacy as of open harvesting, quick recuperation, etc. will lead to growth in demand for EVH systems in developing economies.
- The key factors responsible for significant growth of EVH systems market in is due to factors such as high growth of geriatric population and awareness programs among surgeons, rising prevalence of cardiovascular diseases and high demand for minimally invasive and cost efficient surgery.