Access to healthcare in China has been greatly facilitated by the rapidly growing economy, opening up huge untapped healthcare markets
Vancouver, BC (PRWEB) May 14, 2012
According to a new report by iData Research (http://www.idataresearch.net), the leading global authority in medical device market research, the Chinese cardiac surgery market will almost triple in value by 2018 due to high double-digit growth rates of tissue heart valves, on-pump coronary artery bypass devices (ONCAB) and endoscopic vessel harvesting devices. The Asia-Pacific cardiac surgery market, which includes Japan, South Korea and Australia, is also expected to see strong growth within the tissue heart value, ventricular assist device (VAD) and artificial heart segments.
“Access to healthcare in China has been greatly facilitated by the rapidly growing economy, opening up huge untapped healthcare markets,” says Dr. Kamran Zamanian, CEO of iData. “In addition, China is the world’s largest consumer of tobacco products followed closely by Japan. This is leading to higher rates of cardiovascular disease and heart attacks and fueling the market for cardiac surgery devices. Companies such as Medtronic, Maquet and Edwards Lifesciences are moving in to capitalize on these lucrative segments.”
The report states that the tissue heart valve segment was the second-largest in the Chinese cardiac surgery market in 2011 and by 2018, will grow to become the largest. The market for tissue heart valves is growing faster than that for mechanical heart valves because physicians are recognizing the advantages of tissue valves, one of the most important of which is high biocompatibility. This is especially evident in Japan and South Korea, where tissue heart valve sales are cannibalizing the mechanical heart valve market.
Additionally, the report states that ventricular assist devices (VADs) are the second fastest-growing segment of the Asia-Pacific cardiac surgery device market, and are expected to increase at a CAGR of over 10% through 2018.
“VADs, which are used for assisting weakened hearts by aiding pumping function, are in high demand in Japan where heart transplant rates are well below the global average,” says Dr. Zamanian. “The VAD market was the fastest-growing segment in the Japanese cardiac surgery device market, as well as the second-fastest-growing segment in Asia-Pacific market.”
For more information, register free on iData’s website at:
iData’s 4-report series on the “Markets for Cardiac Surgery Devices 2012” includes the U.S., Europe (15 countries) and Asia-Pacific (3 countries) and China and covers tissue heart valves, mechanical heart valves, annuloplasty repair devices, on-pump coronary artery bypass (ONCAB) devices, off-pump coronary artery bypass (OPCAB) devices, endoscopic vessel harvesting (EVH) devices, anastomosis assist devices (AADs), cardiac ablation devices, ventricular assist devices (VADs), intra-aortic balloon pumps, patent foramen ovale (PFO) devices and atrial and ventricular septal defect devices.
About iData Research
iData Research (http://www.idataresearch.net/idata/discoveridata.php) is an international market research and consulting group focused on providing market intelligence for medical device, dental and pharmaceutical companies. iData covers research in: cardiology, endoscopy, orthopedics and more.