Cardiopulmonary bypass equipment are medical devices that are used during an open-heart surgery to temporarily take over the function of the heart and lungs. It allows the heart to be stopped, so the work can be done on a still heart. Some key cardiopulmonary bypass equipment include oxygenators, cardiac-pulmonary bypass pumps, perfusion tubing systems, and cannulas among others. Oxygenators play a crucial role by oxygenating and removing carbon dioxide from the blood before returning it to the body. Cardiac-pulmonary bypass pumps help circulate the blood all through the perfusion circuit. Rising prevalence of cardiovascular diseases has significantly boosted the demand for cardiopulmonary bypass surgeries, thus propelling growth of the cardiopulmonary bypass equipment market. The global cardiopulmonary bypass equipment market is estimated to be valued at US$ 1.95 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Prevalence of Cardiovascular Diseases: As highlighted in the heading, increasing prevalence of cardiovascular diseases is a major growth driver for this market. According to World Health Organization, cardiovascular diseases account for over 17.9 million deaths globally each year. Some other statistics indicate that cardiovascular disease is the number 1 cause of death across the globe. Rising geriatric population, sedentary lifestyle, obesity, and stress are some factors contributing to surge in cardiovascular patient pool requiring surgical interventions globally. This increasing prevalence of cardiovascular diseases and related surgical procedures is thus expected to augment demand for cardiopulmonary bypass equipment over the forecast period.
Segment Analysis
The cardiopulmonary bypass equipment market is dominated by the heart-lung machines segment, which held around 60% of the market share in 2022. Heart-lung machines are essential equipment used in most open-heart surgeries to divert blood from the body to an oxygenator, and pump it back into the body during surgery. They are standard equipment used in coronary artery bypass graft surgery procedures. The oxygenators segment is another major segment, growing at over 5% annually due to their increasing use in complex cardiac surgeries.
PEST Analysis
Political: Growth of the market is impacted by initiatives to spread awareness about cardiovascular diseases and related surgeries. Investments in public healthcare are directing more funding towards life-saving cardiac treatments.
Economic: Developing economies with high disease burdens and improving access to insurance are important growth areas. The rising costs of surgeries also boost demand for low-cost bypass equipment.
Social: Changing lifestyles and diets and an aging population are leading to higher rates of cardiac conditions. Growing access to healthcare services across regions is supporting the market size.
Technological: Key players are focusing on developing miniaturized portable equipment and integrating technologies like wireless monitoring systems. Adoption of new materials helps reduce surgery times and risks of failure.
Key Takeaways
The Global Cardiopulmonary Bypass Equipment Market Demand is expected to witness high growth over the forecast period of 2023 to 2028.
Regional analysis: North America dominates the market currently due to advanced healthcare infrastructure and high disease prevalence. However, Asia Pacific is emerging as the fastest growing regional market with improving access in countries like China and India.
Key players: The key players operating in the cardiopulmonary bypass equipment market are Sorin Group, MAQUET Holding B.V. & Co. KG., Braile Biomedica, Terumo Corporation, Medtronic among others. Key players are focusing on new product launches and expanding to emerging regions through partnerships.
For more details on the report, Read- https://www.ukwebwire.com/cardiopulmonary-bypass-equipment-market-growth-demand/
Comments
0 comment