The global Cardiopulmonary Bypass Equipment Market is estimated to be valued at US$ 120.01 Mn or Mn in 2023 and is expected to exhibit a CAGR of 1.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiopulmonary bypass equipment refers to medical devices that diverts a patient’s blood around the heart and lungs so these organs can be accessed during surgery. It consists of a heart-lung machine that maintains circulation and oxygenation of the blood during surgery.
Market key trends:
One of the key trends in the cardiopulmonary bypass equipment market is the increased adoption of minimally invasive procedures. Minimally invasive cardiac surgery (MICS) using endoscopy provides reduced morbidity and mortality, shorter hospital stays and a faster recovery as compared to conventional open-heart surgery. With growing preference of patients for minimally invasive surgeries, manufacturers are focusing on developing miniaturized cardiopulmonary bypass equipment to facilitate these advanced surgical techniques.
Market key trends:
One of the key trends in the cardiopulmonary bypass equipment market is the rising adoption of innovative technologies and devices. Manufacturers are focusing on developing advanced cardiopulmonary bypass equipment integrated with features like better perfusion abilities and self-regulating capabilities. They are incorporating innovative engineering designs, user-friendly interfaces, and automated components to enhance workflow efficiencies for medical professionals. Moreover, with the growing prevalence of cardiac disorders, players operating in this market are engaged in developing affordable and compact cardiopulmonary bypass systems for low-resource settings.
SWOT Analysis
Strengths:
– Growing healthcare expenditure on cardiac treatments is driving the demand for cardiopulmonary bypass equipment.
– Increasing number of cardiac surgeries performed globally every year is positively impacting the market growth.
Weaknesses:
– High costs associated with cardiopulmonary bypass equipment limits its access in low income countries.
– Post-operative complications associated with cardiopulmonary bypass procedures.
Opportunities:
– Rising geriatric population worldwide prone to cardiovascular diseases.
– Emergence of portable and compact cardiopulmonary bypass systems open new opportunities.
Threats:
– Presence of alternative surgeries like catheter-based procedures can hamper the demand.
– Stringent regulatory approvals increase time to market new products.
Key Takeaways
The Global Cardiopulmonary Bypass Equipment Market Size was valued at US$ 120.01 Mn in 2023 and is expected to witness a CAGR of 1.7% over the forecast period, due to rising incidence of cardiovascular disorders and increasing number of cardiac surgeries performed worldwide.
Regional analysis:
North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population, increasing prevalence of cardiac issues, availability of advanced healthcare facilities, and presence of key players in the region. Asia Pacific is projected to exhibit the fastest growth during the analysis period owing to growing medical tourism industry, improving healthcare infrastructure, and rising healthcare spending in emerging countries like China and India.
Key players analysis:
Some of the major players operating in the cardiopulmonary bypass equipment market include Medtronic Plc, LivaNova PLC, MAQUET Holding B.V. & Co. KG., Terumo Corporation, Braile Biomedica, and Tianjin Medical. These players are engaging in new product launches, collaborations, and geographical expansion strategies to strengthen their presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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