Heart Lung Machine Market - Latest Scenario with Future Trends Analysis Report

Heart Lung Machine Market: Introduction

According to the report, the global heart lung machine market was valued at US$ 0.3 Bn in 2020 and is projected to expand at a CAGR of 6.9% from 2021 to 2031. Increase in R&D activities to develop novel and technologically advanced heart lung machines are anticipated to boost the growth of the global market during the forecast period. North America dominated the global heart lung machine market in 2020, and the trend is expected to continue over the next few years. This can be attributed to rise in prevalence of cardiovascular diseases & acute respiratory failure, increase in the geriatric population, and technological advancements in heart lung machines.

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The heart lung machine market in Asia Pacific is expected to expand at a CAGR of 7.3% from 2021 to 2031 due to rise in prevalence of cardiac diseases and increase in the geriatric population. The demand for heart lung machines in emerging markets such as India and China is likely to increase in the next few years.

Advent of New Technology to Drive Global Market

The global heart lung machine market has witnessed significant investments by multinational corporates in the past few years. These business conglomerates have invested in companies operating in the heart lung machine market. LivaNova plc announced that it received the U.S. Food and Drug Administration (FDA) 510(k) clearance for B-Capta, the new in-line, blood-gas monitoring system integrated into the market-leading S5 heart-lung machine (HLM). The system is designed to easily and accurately monitor arterial and venous blood gas parameters even during long and complex pediatric and adult cardiopulmonary bypass procedures.

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Getinge's HL 40 heart-lung machine performed flawlessly during a complex first procedure at el Hospital Universitario de Cruces. The patient had multiple cardiovascular conditions, including aortic dilation, mitral insufficiency, and obstructive cardiomyopathy. Almost five hours of perfusion time was needed, and no issues were reported during the procedure.

Fresenius Medical Care, the world's leading provider of dialysis products and services, announced that the U.S. Food and Drug Administration (FDA) has cleared Novalung, a heart and lung support system for the treatment of acute respiratory or cardiopulmonary failure. Novalung is the first extracorporeal membrane oxygenation (ECMO) system to be cleared for more than six hours of use as extracorporeal life support.

Systems Segment Dominated Heart Lung Machine Market

In terms of product type, the global heart lung machine market has been bifurcated into systems and components. The systems segment dominated the global heart lung machine market in 2020 and the trend is projected to continue during the forecast period. Increase in demand for heart lung machine accessories is anticipated to drive the segment over the next few years.

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Open Heart Surgery to Lead Global Heart Lung Machine Market

In terms of application, the global heart lung machine market has been classified into open heart surgery, lung transplant, heart transplant, and others. The open heart surgery segment dominated the global heart lung machine market in 2020 and the trend is expected to continue during the forecast period.

Hospitals to be Promising Segment

In terms of end-user, the global heart lung machine market has been divided into hospitals, ambulatory surgery centers, and others. The hospitals segment held major share of the global heart lung machine market in 2020.

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North America to Dominate Global Market

In terms of region, the global heart lung machine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to account for a leading share of the global heart lung machine market during the forecast period, owing to increase in the number of patients suffering from cardiac diseases in hospitals. The heart lung machine market in North America is projected to grow at a rapid pace over the next few years.

Growth Strategies of Key Players

Key players operating in the global heart lung machine market are LivaNova, Inc., Getinge AB, Terumo Corporation, Medtronic, BraileBiomédica, Tianjin Welcome Medical Equipment Co., Ltd., Elite LifeCare, Hemovent, Fresenius SE & Co. KGaA, Nipro Corp., Senko Medical Instrument Mfg. Co., Ltd., Technowood International Pte. Ltd, and SONOTEC GmbH.

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