Press release
Worldwide Extracorporeal Membrane Oxygenation Market Size Key Players – Getinge, Medtronic, Terumo, Abbott, LivaNova, and Alung Technologies
Extracorporeal Membrane Oxygenation Market will exceed USD 357 million by 2024; as per a new research report.
Increase in incidences of cardiopulmonary diseases and respiratory failure in developing regions will augment the extracorporeal membrane oxygenation market growth over the forecast years. Developed countries such as Japan should also witness increasing incidences of COPD dur to rapidly increasing. Total number of people seeking treatment for respiratory disease in Japan is around 260,000. The rising number of patient will propel the ECMO marker growth in upcoming years.
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Rising patient awareness about benefits offered by extracorporeal membrane oxygenation device in Latin America region will result in tremendous industry growth. Increasing medical tourism, developing healthcare infrastructure and awareness among the people regarding application of ECMO in treatment of cardiopulmonary disorders will fuel the market growth.
High risks complications related to ECMO such as stroke, excessive bleeding, infection and pneumonia will be one of the major market impeding factor. According to a study conducted by National Institute for Health and Care Excellence, around 50% of the patients died during ECMO procedure due to severe bacterial infection and multiple organ failure. Aforementioned factors will play major role in restraining the industry growth.
Venoarterial (VA) ECMO market is estimated to grow with a CAGR of 4.3% during the projection years. Increasing use of Veno-arterial ECMO for resuscitating patients in cardiogenic shock will propel the segment growth. Venoarterial extracorporeal membrane oxygenation (ECMO) has to come up as perfect option to provide definitive and rapid mechanical circulation to the patients with cardiopulmonary failure or post cardiotomy patients with biventricular dysfunction.
Application of ECMO in cardiac diseases held significant market share with a total value of around USD 84.7 million 2017. According to European Heart Network, every year cardiovascular diseases account for around 4 million deaths in Europe. Increase in prevalence of cardiovascular diseases across the globe should drive the segment growth.
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Infant patient population will experience lucrative growth from the year 2018 to 2024 at a robust CAGR of 3.0%. The neonatal respiratory patients have been treated most successfully with the help of ECMO. Increase in use of extracorporeal membrane oxygenation (ECMO) in infants suffering from severe cardiopulmonary failure will augment the segment growth in the near future.
U.S. extracorporeal membrane oxygenation market will witness significant growth in the forecast time frame at a CAGR of 2.6%. Enhanced healthcare infrastructure, presence of skilled labors and increasing prevalence of cardiovascular and respiratory diseases in the country will boost the regional market growth.
China extracorporeal membrane oxygenation market was valued over USD 13.7 million in the year 2017. According to the World Health Organization (WHO), China is facing an increasing epidemic of cardiovascular diseases with around 230 million people suffering from it. Rise in incidence of respiratory disorders among the people due to several environmental factors will fuel the regional industry growth in the upcoming years.
Some of the notable industry players are Getinge, Medtronic, Terumo, Abbott, LivaNova, and Alung Technologies, among others. Industry players are focusing on strengthening their research and development activities by launching technologically improved and enhanced ECMO devices along with initiating remote programs for customers to expand the market at rural level as well as sustain market position by adopting strategies such as partnership, strategic collaboration, acquisition and merger.
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