DUBLIN, Dec. 13, 2023 /PRNewswire/ — The “Global Cardiopulmonary Oxygenator Market: Analysis By Product Type (Membrane Oxygenator and Bubble Oxygenator), By Application, By Type, By Age Group, By End-User, By Region Size, Trends and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global cardiopulmonary oxygenator market was valued at US$742.12 million in 2022. The market value is expected to reach US$926.75 million by 2028.
The cardiopulmonary oxygenator market has grown in recent years due to technological advancements, demographic shifts, and expanding healthcare infrastructure. These trends are likely to persist in the forthcoming years, driven by a commitment to innovation and an aging global population with increasing healthcare needs.
Additionally, the integration of artificial intelligence and data-driven approaches in healthcare is expected to further improve patient care and surgical outcomes, which will sustain the demand for cardiopulmonary oxygenators. The market is expected to grow at a CAGR of approx. 4% during the forecasted period of 2023-2028.
Market Segmentation Analysis:
By Product Type: The membrane oxygenator segment held the highest share of the market and is also expected to grow at the fastest rate in the years to come. The growth in demand for membrane oxygenators can be attributed to their superior performance and safety features. These devices offer a more efficient transfer of oxygen and carbon dioxide, resulting in improved patient outcomes and reduced complications during surgeries.
By Application: Cardiac held the highest share in the market and is expected to be the fastest-growing segment in the forecasted period. Cardiopulmonary oxygenators are widely used in cardiac surgeries, particularly during procedures like coronary artery bypass grafting (CABG) and valve replacement. They play a crucial role in maintaining oxygenation and circulation for patients while the heart is temporarily stopped. The demand for cardiopulmonary oxygenators in cardiac applications has been growing due to the increasing incidence of cardiovascular diseases.
By Type: Reusable oxygenator held the largest market share and is expected to be the fastest growing segment in the forecasted period. Reusable oxygenators are durable, sterilizable devices that can withstand multiple sterilization cycles and are typically used for a certain number of procedures before they need replacement. The growth in demand for reusable oxygenators is primarily due to their cost-effectiveness and sustainability.
By End-Use: Hospitals & Clinics held the highest share in the market. Advancements in medical technology and the availability of skilled medical professionals in hospital settings have improved the safety and success rates of cardiac and respiratory surgeries. This has further driven the need for cardiopulmonary oxygenators, making them a crucial component in hospitals’ cardiac and respiratory care departments.
By Region: North America held the major share of the market in 2022. The US has a rapidly aging population, which has led to an increased prevalence of cardiovascular and respiratory diseases. According to the US Census Bureau, in 2020, about 1 in 6 people in the US were age 65 and over. In 1920, this proportion was less than 1 in 20. As the baby boomer generation continues to age, the demand for cardiac surgeries, lung transplants, and other procedures requiring cardiopulmonary oxygenators has risen significantly. This demographic trend is expected to persist, sustaining the demand for these devices
Driving Forces and Market Challenges
Various growth drivers catalyzing advancements in the cardiopulmonary oxygenator market have been methodically outlined. The aging population, rising healthcare expenditures, increased prevalence of lifestyle-induced conditions such as obesity and diabetes, and a surge in surgical procedures are some of the primary forces accelerating market development.
Conversely, challenges such as the necessity of skilled professionals and stringent regulatory landscapes are also recognized for their potential impact on market progression. These elements collectively dictate the urgency for innovative and sustainable solutions within the market.
Competitive Landscape:
The global cardiopulmonary oxygenator market is moderately consolidated. The key players in the global cardiopulmonary oxygenator market are:
Getinge
LivaNova
Medtronic
Fresenius Medical Care
Nipro
Terumo
Eurosets
Senko Medical Instrument Mfg.
MC3 Cardiopulmonary
Braile Biomedica
Chalice Medical
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Aging Population
6.1.2 Increasing Healthcare Expenditure
6.1.3 Increasing Prevalence of Obesity
6.1.4 Growing Number of Surgical Procedure
6.1.5 Increasing Use of Portable ECMO Devices
6.1.6 Growing Investment in R&D within the Medtech Sector
6.1.7 Rising Prevalence of Cardiovascular Diseases and Respiratory Disorder
6.2 Challenges
6.2.1 Lack of Skilled Professionals
6.2.2 Stringent Rules and Regulations
6.3 Market Trends
6.3.1 Integration Artificial intelligence (AI) in Healthcare
6.3.2 Portability and Customization of Flow Rate
6.3.3 Increasing Usage in Neonatal and Pediatric Patients
6.3.4 Technological Advancements
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/hjejv0
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