Global Pediatric Perfusion Market is Trending via Improving Pediatric Perfusion Processes
The global pediatric perfusion market comprises medical devices, disposables, and accessories used during pediatric cardiopulmonary bypass surgeries. Pediatric cardiopulmonary bypass helps replace the function of the heart and lungs during surgeries to repair or replace heart valves or structures. It ensures oxygenated blood circulation throughout the body and allows surgeons to operate on a still heart. The demand in this market is driven by the increasing incidence of congenital heart diseases and advancements in miniaturized pediatric perfusion equipment.
The Global Pediatric Perfusion Market is estimated to be valued at US$ 875.3 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global pediatric perfusion market are Medtronic, GE Healthcare, LivaNova, Inc., Getinge, Braile Biomedica, XENIOS AG, BL Lifesciences, Terumo Corporation, 3M, Koninklijke Philips N.V., EUROSETS, Merck KGaA, Stryker, Cardinal Health, Nonin, and Sorin Group USA, Inc. Medtronic and GE Healthcare captured over 40% of the market share in 2022 owing to their robust product portfolio and global market presence.
The growing prevalence of congenital heart diseases among infants and children is anticipated to drive the demand for pediatric perfusion devices and disposables. According to the Center for Disease Control and Prevention (CDC), heart defects affect nearly 1 out of every 100 babies born each year in the United States.
Key players are expanding their global footprint through strategic acquisitions and collaborations. In 2022, LivaNova Plc acquired Baylis Medical expanding its offerings in Japan, China, and other Asian countries. Getinge established a new production facility in Poland to increase the production of cardiopulmonary perfusion systems and further strengthen its presence in Europe.
Market Key Trends
One of the key trends gaining traction in the Global Pediatric Perfusion Market Size is the growing popularity of miniaturized pediatric pump heads and equipment. Product innovations focus on designing equipment with reduced priming volumes which require less blood to prime and smaller components to deliver perfusion to neonates and infants. Market players are also developing non-pulsatile and pulsatile perfusion devices integrated with sensors and data analytics capabilities to improve procedural outcomes.
Porter's Analysis
Threat of new entrants: High capital requirements act as a barrier for new companies to enter the market. Bargaining power of buyers: Buyers have low bargaining power as the market has many established players providing customized pediatric perfusion products and services. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and established buyer-supplier relationships in the market. Threat of new substitutes: Threat from new substitutes is low as pediatric perfusion involves specialized medical devices, machinery, and clinical expertise. Competitive rivalry: Intense competition exists among the top players to gain more market share through new product launches and expansion into emerging countries.
Geographical Regions
North America is concentrated with the highest market value share currently due to the presence of advanced healthcare infrastructure and higher adoption of technologically advanced pediatric perfusion products and services. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditures, increasing incidences of congenital heart diseases, and growing medical tourism in countries like China and India.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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