The Thailand Cardiac Surgery Instruments Market is expected to witness growth from $2 Mn in 2022 to $4 Mn in 2030 with a CAGR of 6.94% for the forecasted year 2022-2030. Thailand has an advantageous business climate due to its friendly government policies, affordable labour, and competent labour force. As a result, many manufacturers have established operations in the country to take advantage of the expanding market for cardiac surgery instruments. The market is segmented by type, application and by end user. Some key players in this market include Xovic, Meticuly, LivaNova, B. Braun, Medline Industries, KLS Martin, and STILLE.
The Thailand Cardiac Surgery Instruments Market size is at around $2 Mn in 2022 and is projected to reach $4 Mn in 2030, exhibiting a CAGR of 6.94% during the forecast period. Thailand's healthcare system has a total investment expenditure of $25.3 billion. Costs are anticipated to rise by $47.9 billion by 2026, which would represent an annual growth rate of 6.6% over the preceding ten years. Healthcare costs account for a sizable portion of GDP, 6.6%. The fact that 20% of Thailand's populace will be over the age of 65 by 2024 is another problem. In 2022, each person in Thailand paid $300 for healthcare. From $62 in 2000 to $300 in 2022, Thailand's health expenditures per individual increased by an average of 8.83% annually.
In Thailand, cardiovascular disease is the main source of morbidity and mortality, and both the incidence and prevalence of cardiovascular diseases have been rising recently. The most prevalent form of heart disease in Thailand is ischemic heart disease (IHD). From 2011 to 2021, the age-adjusted incidence rate of IHD in Thailand rose from 211 per 100,000 people to 260 per 100,000 people. Catheters and angiography needles are examples of instruments used in cardiac surgery that are used to diagnose different cardiac conditions. These devices assist medical professionals in obtaining precise images of the heart and blood arteries that can be used to diagnose diseases like coronary artery disease, valvular heart disease, and congenital heart defects. Instruments for cardiac surgery are utilized in a variety of surgical procedures to address cardiac conditions. These devices include, among others, defibrillators, pacemakers, and cardiac valves. These tools enhance patient outcomes and assist in restoring the heart's regular function. Minimally invasive cardiac surgery, which requires fewer incisions and causes less stress to the patient, has become more popular. To reduce tissue damage and hasten healing, cardiac surgery tools like forceps, scissors, and thoracic retractors are used during these operations.
Market Growth Drivers
The friendly policies of Thailand's government, affordable labour costs, and skilled labour force all add to the country's favourable business environment. Since the market for instruments used in cardiac surgery is growing, many manufacturers have opened up businesses here. The Thai government has been investing a lot of money in the healthcare industry, including the construction of cutting-edge medical facilities and the purchase of cutting-edge medical equipment. Manufacturers can now grow their businesses and wrest market dominance away from rivals as a result. Thailand is a well-liked location for medical tourism as many patients from neighbouring nations and abroad travel there for medical procedures, such as cardiac surgery. As a result, there is a growth in demand for top-notch medical tools, including instruments for cardiac surgery. New and inventive cardiac surgery instruments and equipment that offer improved precision, safety, and outcomes have been developed as a result of technological advancements. Manufacturers can take advantage of these opportunities and set themselves apart from the competition by investing in research and development and staying on the cutting edge of technological developments.
Thailand does have some local manufacturers of instruments for cardiac surgery, but it still depends significantly on imports for its medical supplies. Local manufacturers may find it difficult to compete with well-established foreign players and reduce their market share as a result. Patients in Thailand are frequently cost-conscious, and the healthcare industry is price-sensitive. This can make it difficult for manufacturers to command premium prices for cardiac surgery instruments, particularly if they are up against less expensive products from reputable local manufacturers.
2022: Hugo's robotic-assisted surgery system, has been introduced in Thailand, according to Medtronic, a prominent provider of medical technology. The system is made to help surgeons complete operations involving minimally invasive cardiac surgery. The Hugo system will be trained on and supported by a number of renowned institutions in Thailand, according to a separate announcement from Medtronic.
The National Health Security Office (NHSO) of the government delivers universal health coverage in Thailand's well-established healthcare system. The Thai Food and Drug Administration (TFDA), which is in control of ensuring the safety and efficiency of medical devices sold in the country, is in charge of overseeing the regulatory framework for cardiac surgery instruments in Thailand's healthcare market. The TFDA updated its guidelines for medical devices in 2020 with the goal of enhancing patient safety and restructuring the regulatory clearance procedure. These regulations cover cardiac surgery instruments. Prior to requesting regulatory approval, the new regulations mandate that medical device manufacturers provide more thorough clinical testing as well as more detailed information on the presentation and safety of their products.
1. Report Description of the Thailand Cardiac Surgery Instruments Market
1.1 Research Scope and Assumption
1.2 Objective of the study
1.3 Research Methodology
1.4 Reason to buy the report
2. Thailand Cardiac Surgery Instruments Market Executive Summary
2.1 Thailand Cardiac Surgery Instruments Market – Industry Snapshot & key buying criteria, 2022-2030
2.2 Market Size, Growth Prospects, and Key findings
3. Market Dynamics of Thailand Cardiac Surgery Instruments Market
3.1 Market Growth Drivers Analysis
3.2 Market Restrains Analysis
4. Thailand Cardiac Surgery Instruments Market Segmentation
4.1 By Product
4.1.2 Vascular Forceps
4.1.3 Grasping Forceps
4.1.4 Other Forceps
4.1.5 Needle Holders
4.1.8 Other Cardiac Surgical Instruments
4.2 By Application
4.2.1 Coronary Artery Bypass Graft (CABG)
4.2.2 Heart Valve Surgery
4.2.3 Pediatric Cardiac Surgery
4.2.4 Other Applications
4.3 By End User
4.3.1 Hospitals and Cardiac Centers
4.3.2 Ambulatory Surgery Centers
5. Thailand Cardiac Surgery Instruments Market Share
5.1 Market Analysis, Insights, and Forecast – By Revenue
6. Competitive Landscape
6.1 Major Top Market Players
7. Key Company Profiles
7.1 Company 1
7.1.2 Financial Performance
7.1.3 Product & Services
7.1.4 Strategic initiatives
7.2 Company 2
7.2.2 Financial Performance
7.2.3 Product & Services
7.2.4 Strategic initiatives
7.3 Company 3
7.3.2 Financial Performance
7.3.3 Product & Services
7.3.4 Strategic initiatives
7.4 Company 4
7.4.2 Financial Performance
7.4.3 Product & Services
7.4.4 Strategic initiatives
7.5 Company 5
7.5.2 Financial Performance
7.5.3 Product & Services
7.5.4 Strategic initiatives
8. Healthcare Policies and Regulatory Landscape
8.1 Healthcare Policies in Thailand
8.2 Regulatory Framework in Thailand
8.3 Pricing & Reimbursement Scenario in Thailand Cardiac Surgery Instruments Market
9. Factors Driving Future Growth
9.1 New Trends and Development Thailand Cardiac Surgery Instruments Market
9.2 Future Opportunities
10. Strategic Recommendations
By Type (Revenue, USD Billion):
The market is divided into segments in this study based on the goods, applications, end users, and geographical areas. The market is divided into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments based on the product. In 2017 the forceps category led the market, and it is anticipated that it will increase at the fastest rate going forward. The rise in heart surgeries and the frequent usage of forceps in most cardiac procedures are credited with the segment's strong growth.
By Application (Revenue, USD Billion):
The market is further segmented by application into paediatric cardiac surgery, heart valve surgery, coronary artery bypass graft (CABG), and other applications. The Thailand market's largest and fastest-growing application segment is CABG. This is mostly explained by the increased prevalence of heart illnesses and the consequent rise in surgical treatments. The second-largest category is heart valve surgery.
By End User (Revenue, USD Billion):
Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.
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