Thailand Cardiac Surgery Instruments Market Report 2022 to 2030

Thailand Cardiac Surgery Instruments Market Analysis

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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.

ID: IN10THMD004 CATEGORY: Medical Devices GEOGRAPHY: Thailand AUTHOR: Jigyasu Bhandari

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Thailand Cardiac Surgery Instruments Healthcare Market Executive Analysis

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.

Thailand Cardiac Surgery Instruments Market Analysis

Market Dynamics

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.

Market Restraints

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.

Competitive Landscape

Key Players

Xovic (TH)
Meticuly (TH)
Infus Medical (TH)
LivaNova
B. Braun
KLS Martin
Medline Industries
STILLE

Recent Notable Deals

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.

Healthcare Policies and Regulatory Landscape

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. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiac Surgery Instruments Market Segmentation

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.

Forceps
Vascular Forceps
Grasping Forceps
Other Forceps
Needle Holders
Scissors
Clamps
Other Cardiac Surgical Instruments

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.

Coronary Artery Bypass Graft (CABG)
Heart Valve Surgery
Pediatric Cardiac Surgery
Other Applications

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.

Hospitals and Cardiac Centers
Ambulatory Surgery Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.