Membrane Oxygenators Market Projected to Surpass US$ 166 million by 2032, Showing a 1.9% CAGR, Persistence Market Research
The Membrane Oxygenators Market is witnessing growth fuelled by technological advancements, strategic partnerships among major competitors, and regulatory approvals for innovative devices, indicating a dynamic and evolving landscape
New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- According to a recently published report by Persistence Market Research, the global sales of Membrane Oxygenators Market reached US$ 134 million in 2021 and Projected to grow at a CAGR of 2% from 2022 to 2032, the market is expected to reach a valuation of US$ 166 million by 2032.The Membrane Oxygenators Market is strongly influenced by the prevalence of chronic diseases such as respiratory and cardiovascular diseases (CVD). The research indicates that approximately 655,000 Americans die from heart disease each year, with a ratio of 1:4, and around 805,000 Americans suffer from heart attacks annually. This is expected to drive the demand for membrane oxygenators in the forecast period.
The growth of membrane oxygenators was heightened during the COVID-19 pandemic due to their broad application in the first two waves of the SAR-Cov-2 globally. By July 31, 2021, approximately 197,385,970 COVID-19 cases were reported worldwide, with a growing death rate of 4,214,947. The vaccination of 4 billion people globally is expected to further boost the market growth of membrane oxygenators in hospitals and healthcare facilities.
As per the World Health Organization (WHO), 17.4 million people succumb to cardiovascular diseases annually, constituting 31% of the total death rate. Unhealthy lifestyle patterns, tobacco consumption, smoking, and physical inactivity contribute to the occurrence of these diseases, acting as significant factors in the growth of the membrane oxygenators market during the forecast period.
*Elevate your business strategy with comprehensive market data. Request a sample report now:* https://www.persistencemarketresearch.com/samples/33254*Market Scope:*
*Report Coverage* *Details*
Market Revenue 2023 US$ 136.5 Mn
Estimated Revenue 2033 US$ 166.1 Mn
Growth Rate - CAGR 2.0%
Forecast Period 2022-2032
No. of Pages 250 Pages
Market Segmentation By Type, Age Group, Application and Region
Regions Covered North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
Key Companies Profiled · MicroPort Scientific Corporation
· Nipro Medical Corporation
· Medtronic
· Fresenius SE & Co KGaA
· Terumo Medical Corporation
· Getinge AB
*Membrane Oxygenators Market Analysis: 2017-2021 vs. 2022-2032 Forecast*
According to research conducted by Persistence Market Research, a provider of market research and competitive intelligence, the Membrane Oxygenators Market witnessed a historical increase in market value at an average annual growth rate of approximately 1.7% from 2017 to 2021.
The expected rise in the occurrence of cardiopulmonary disorders is anticipated to fuel the growth of membrane oxygenators in the coming years. These disorders are mainly a result of an unhealthy diet, lack of physical activity, and the use of cigarettes and smoking. Membrane oxygenators are forecasted to gain popularity among paediatric, adult, and elderly patients as the prevalence of cardiovascular disorders continues to rise. The market is projected to experience a significant increase in value, reaching US$ 29.5 million during the forecast period.*In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - *https://www.persistencemarketresearch.com/market-research/membrane-oxygenators-market.asp*What's Driving the Demand for Membrane Oxygenators?*
The increasing occurrence of respiratory and cardiovascular disorders, the growing number of extracorporeal membrane oxygenator centers, and the rising use of membrane oxygenators as a bridge to lung transplantation are all contributing to the market's expansion. The availability of specific devices for infants and adults is also boosting the use of oxygenators, promoting market growth over the forecast period.
Membrane oxygenators play a crucial role in treating acute respiratory insufficiency for long-term care. The advancement in mass transfer efficiency and membrane technology has led to membrane types replacing bubble oxygenators in Cardiopulmonary Bypass (CPB), driving the expansion of the market. These new technologies are expanding the potential applications of membrane oxygenators, making them mobile for both inter and intra-hospital transfers.
*What are the restraints of the Membrane Oxygenators Market?*
The adoption of minimally invasive procedures, the associated risks with oxygenation systems, percutaneous coronary interventions, and strict regulations from the US FDA for Class II category devices, which must meet specific performance standards, are acting as constraints on the market's growth.*Market Segmentation:*
The Hollow Fiber Membrane Oxygenators segment is expected to drive the growth of the Membrane Oxygenators Market, holding the largest share at 62.4% in 2021. These oxygenators, primarily used in treating acute respiratory insufficiency, separate blood and circuit gas with minimal direct contact, making them effective for gas exchange.
The flat sheet membrane oxygenator segment is also growing, offering more investment opportunities.
In the adult age group, asthma prevalence is contributing to the dominance of membrane oxygenators, especially as a leading treatment for respiratory illnesses.
The respiratory segment leads the end-user market, with 54.8% of revenue in 2021. High incidence of respiratory diseases due to unhealthy habits, along with the need for artificial lungs in treating conditions like pulmonary hypertension, drives the demand for membrane oxygenators.
North America holds the largest market share (over 35%), driven by a well-developed healthcare infrastructure, reimbursement network, and government funding. Technological advancements further boost usage in hospitals.
In Asia Pacific, the rising incidence of chronic conditions, government initiatives, and success with ECMO devices drive market growth. Multinational investments in countries like China contribute to the region's market expansion.
*Competitive Intelligence and Business Strategy*
The oxygenators market is quite competitive, with several significant players. Some major competitors are introducing new products with advanced technologies to compete with existing ones, while others are forming partnerships and acquiring other leading businesses. Key players in the market include MicroPort Scientific Corporation, Nipro Medical Corporation, Medtronic, Fresenius SE & Co KGaA, Terumo Medical Corporation, and Getinge AB.
*Recent developments from key providers in the Membrane Oxygenators market include:*
1. In November 2021, China's National Medical Products Administration (NMPA) granted special approval to the Vitasprings Spiral Diversion Integrated Membrane Oxygenator, developed by MicroPort Kewei, a subsidiary of MicroPort Scientific Corporation, under the 'Green Path' procedure for innovative medical devices.
2. In February 2020, the US Food and Drug Administration (FDA) approved Novalung, a lung and heart support system, according to Fresenius Medical Care North America. Novalung is the first extracorporeal membrane oxygenation (ECMO) system approved for usage beyond six hours, aiding in preventing chronic respiratory or cardiopulmonary failure (FMCNA).
*Key Questions Answered in the Report:*
1. What are the contributing factors to the market's growth trends?
2. What is the current market size, and how is it expected to change in the upcoming years?
3. What are the key elements exerting influence on the market?
4. How is the Membrane Oxygenators market segmented, considering types, applications, fuels, or other relevant factors?
5. Who are the major participants in the Membrane Oxygenators market?
6. What strategies are these players employing to establish a competitive edge?
7. What factors are propelling the expansion of the Membrane Oxygenators market?
8. Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
9. What recent technological advancements are impacting the Membrane Oxygenators industry?
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