ECMO Market Size Projected to Reach $346.1 Million by 2024
By ADVANCE Perspectives
The extracorporeal membrane oxygenation market is expected to reach $346.1 million by 2024, according to a new report by Grand View Research, Inc. The growing number of respiratory failure cases and conditions, such as cardiopulmonary disease and Chronic Obstructive Pulmonary Disease (COPD) is anticipated to boost the market growth. According to the U.S. National Center for Health Statistics, in the year 2014, there were about 149,205 deaths due to chronic lower respiratory disorders in the U.S.
Moreover, the increased adoption of ECMO machines in hospitals as a consequence of the medical community taking cognizance of the advantages related to the use of ECMO machines is anticipated to facilitate the emergence of this market during the forecast period.
Apart from the high applicability of these appliances in hospitals, technological advancements have played a pivotal role in further accelerating the usage of these devices. Medtronic's Century heart lung machine, for instance, consists of an arterial pump, data management system and cardioplegia delivery system, and is employed to provide cardiopulmonary functional support to patients.
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Further key findings from the study suggest:
The veno-venous segment held a lucrative share in 2015 among the modality types owing to its efficiency and reliability in furnishing gas exchange support.
The respiratory application segment held a remunerative share in 2015; this is attributed to the increasing number of patients suffering from respiratory conditions. Moreover, the technological advancement in the ECMO machines has further increased its adoption rate in hospitals for its use in respiratory failure conditions.
North America dominated the overall market with a revenue share of over 40% in 2015, owing to the presence of a well-developed infrastructure and a suitable reimbursement framework as well as the rise in number of supportive government funds.
Asia Pacific is anticipated to be the fastest growing region with a CAGR of about 5 % over the forecast period. Notable economic developments and the advancing healthcare system developed with the aid of supportive government initiatives are anticipated to assist the growth.
Rising incidences of respiratory failure and cardiopulmonary diseases are identified as major impact rendering factors for the growth of this market. According to the World Health Organization, about 3 million deaths were reported globally due to COPD in the year 2012, which accounts for 6% of the total mortality.
Some leading players in this vertical include Maquet Holding B. V. & Co.KG, Microport Scientific Corporation, Medos Medizintechnik AG, Sorin Group, Medtronic Plc, Terumo Cardiovascular Systems Corporation and Nipro Medical Corporation.
These key players opt for technologically enhanced products and undertake collaborations with other companies to implement new product development strategy goals to sustain a competitive advantage in the industry.
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