Global $398.6 Million Extracorporeal Membrane Oxygenation Machine Market to 2028: Increasing Adoption of ECMO Machines in Hospitals
DUBLIN, June 14, 2021 /PRNewswire/ -- The "Extracorporeal Membrane Oxygenation Machine Market Size, Share & Trends Analysis Report by Component (Oxygenator, Pumps), by Modality, by Patient Type, by Application, by Region, and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global extracorporeal membrane oxygenation machine market size is expected to reach USD 398.6 million by 2028. It is expected to expand at a CAGR of 5.1% from 2021 to 2028.
The market is primarily driven by the increasing incidence of cardiopulmonary and respiratory diseases and technological advancement in the field of ECMO procedures. Cardiovascular disease is one of the leading causes of death globally.
According to the WHO, 17.9 million people died from cardiovascular diseases in 2016. In addition, according to the Extracorporeal Life Support Organization, a total of 45,035 patients globally suffered from respiratory illnesses in 2016. Furthermore, increasing awareness about ECMO procedures, coupled with various government initiatives, is further propelling the growth.
The increasing survival rate of ECMO machine supported surgery for cardiac and respiratory patients is also augmenting the market growth. Applications of ECMO machine procedures have been increased over the years. ECMO machine was traditionally used in cases of circulatory or respiratory failure. Its applications have expanded to use as rescue therapy for post-organ transplantation and sepsis and in cases of heart failure.
The ECMO machine use has been rising gradually worldwide owing to its benefits such as artificial lung for the patients and growing awareness about its use. Moreover, increasing healthcare expenditure by government and private agencies in order to improve healthcare facilities is adding growth to the market.
According to the American Heart Association, medical expenditure related to CVDs is expected to reach USD 960 billion by 2030 from USD 320 billion in 2011. Major players in the market are focusing on technological collaboration and product launches.
Extracorporeal Membrane Oxygenation Machine Market Report Highlights
- North America accounted for the largest share in 2020 owing to favorable reimbursement policies, the presence of key players, and government initiatives.
- By component, the oxygenator segment accounted for the largest share in 2020 owing to its high cost and usage.
- In terms of modality, the veno-arterial segment accounted for the largest share in 2020 and is expected to grow at the fastest rate during the forecast period.
- Based on patient type, the adult segment is expected to grow at a rapid pace during the forecast period owing to the rising incidence of cardiac and pulmonary diseases.
- On the basis of application, the respiratory segment held the largest market share in 2020 and is expected to grow at the fastest rate over the forecast period.
Market Dynamics
Market driver analysis
- Rising prevalence of cardiopulmonary and respiratory diseases
- Increasing adoption of ECMO machines in hospitals
- Technological advancement in ECMO machines
- Growing awareness towards the application of ECMO
Market restraint analysis
- High cost of procedures
- Risk of complications during ECMO procedures
- Presence of conventional technique
Industry challenges
ECMO Machine Market Analysis Tools
- Industry Analysis - Porter's
- ESTEL analysis
- Major deals & strategic alliances analysis
- Market entry strategies
Companies Mentioned
- Medtronic Plc
- Maquet Holding
- Microport Scientific Corporation
- Terumo Cardiovascular System Corporation
- Medos Medizintechnik
- Nipro Medical Corporation
- LivaNova PLC
- CytoSorbents Corporation
- EUROSETS S.R.L
For more information about this report visit https://www.researchandmarkets.com/r/6cgsav
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