Revolutionizing Respiratory Care: Artificial Lungs Market Insights 2024

The Business Research Company recently released a comprehensive report on the Global Artificial Lung Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The artificial lung market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.31 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to growing awareness among healthcare professionals, increasing market penetration, increasing applications in-home care setting, the rise in medical tourism, and improvements in healthcare infrastructure.

The artificial lung market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to the rising prevalence of respiratory diseases, improvements in healthcare facilities, rising acceptance of minimally invasive procedures, enhanced patient quality of life, and rising prevalence of chronic obstructive pulmonary diseases. Major trends in the forecast period include the integration of wireless technology, artificial intelligence (AI) integration, advances in genomics and medical technology, and the development of smaller, more portable artificial lungs.

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Market Drivers and Trends:

The increasing prevalence of respiratory diseases is expected to propel the growth of the artificial lung market going forward. The prevalence of respiratory diseases is increasing due to a combination of factors, including rising air pollution, climate change, and lifestyle changes, leading to a significant burden on public health. Artificial lungs are used in respiratory diseases to provide oxygenation and remove carbon dioxide from the blood, supporting or replacing impaired lung function. For instance, in June 2024, according to the Australian Institute of Health and Welfare, an Australia-based health and welfare agency, approximately 8.5 million people in Australia, or 34% of the population, were estimated to have chronic respiratory conditions. This includes an estimated 2.8 million people, or 11% of the population, living with asthma, and 638,000 people, or 2.5% of the population, living with chronic obstructive pulmonary disease (COPD). Therefore, the increasing prevalence of respiratory diseases is driving the growth of the artificial lung market.

Major companies operating in the artificial lung market are developing innovative solutions, such as respiratory support systems, to enhance patient care and outcomes. Respiratory support systems are medical devices that assist or maintain a patient's breathing. For instance, in December 2021, ALung Technologies Inc., a US-based provider of medical products, received US Food and Drug Administration approval for the Hemolung Respiratory Support System, an artificial lung device. It is the first and only extracorporeal carbon dioxide removal (ECCO2R) device indicated for respiratory support that provides extracorporeal CO2 removal from the patient's blood for up to 5 days in adults with acute, reversible respiratory failure when ventilation of CO2 cannot be adequately or safely achieved using other available treatment options and continued clinical deterioration is expected.

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Major Key Players of the Market:

Terumo Corporation, Getinge AB, Abiomed Inc., MicroPort Scientific Corp., TransMedics Group Inc., Braile Biomédica Ltd., Xenios AG, MC3 Cardiopulmonary Inc., Lung Biotechnology PBC, Breethe Inc., Levitronix LLC, Medos Medizintechnik AG, ALung Technologies Inc., McGowan Institute for Regenerative Medicine, Hemovent GmbH, Novalung GmbH, Haemair Ltd., MedArray Inc., Vivonics Inc., Extracorporeal Life Support (ECLS) Lab

Artificial Lung Market 2024 Key Insights:

• The artificial lung market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• The Rising Prevalence Of Respiratory Diseases Fuels Artificial Lung Market
• Advanced Respiratory Support Systems Enhanced The Artificial Lung Market
• North America was the largest region in the artificial lung market in 2023

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This release was published on openPR.