by The 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 is used during open-heart surgeries to temporarily take over the function of the heart and lungs. It consists of a heart-lung machine, oxygenator, pumps, reservoir, and tubing. The heart-lung machine diverts blood from the body to an oxygenator that provides oxygen and removes carbon dioxide from the blood. Then pumps return the oxygenated blood to circulation. This allows surgical teams to operate on a still, non-beating heart. Common procedures requiring cardiopulmonary bypass include coronary artery bypass grafting and heart valve surgery.
Market Dynamics:
Increasing prevalence of cardiovascular diseases is a major driver of the market. According to WHO, cardiovascular diseases cause over 17.9 million deaths globally every year. Growing geriatric population who are more susceptible to cardiac diseases also boosts demand. Furthermore, technological advancements are introducing minimally invasive procedures requiring smaller incisions and less invasive cardiopulmonary bypass techniques, fueling revenue growth. Some innovations include miniaturized equipment and enhanced perfusion management systems with features like patient warming and auto-regulation of pump parameters. However, high costs associated with cardiac surgeries and equipment may limit market expansion.
Segment Analysis
Content: The cardiopulmonary bypass equipment market is dominated by the heart-lung machines segment which holds around 60% share of the total market. Heart-lung machines or cardiopulmonary bypass machines are medical devices that take over the function of the heart and lungs during surgery, allowing the heart to be stopped. They oxygenate and circulate the blood through the body during the medical procedure. Heart-lung machines see the largest demand as they are an integral part of most cardiac bypass surgeries.
PEST Analysis
Political: The governments across major countries are focusing on increasing healthcare spending which is positively impacting the market. However, stringent regulations for new product approvals can slow down the growth.
Economic: Rising incidence of cardiovascular diseases coupled with increasing patient affordability for high-cost treatments due to economic growth is fueling the market expansion.
Social: Growing awareness about various cardiac conditions and treatments is driving more people to opt for surgical procedures employing cardiopulmonary bypass equipments.
Technological: Advancements in heart-lung machine technology such as miniaturization and improved safety features are supporting the adoption. However, high R&D costs pose challenges.
Key Takeaways
The Global Cardiopulmonary Bypass Equipment Market Size is expected to witness high growth, exhibiting CAGR of 1.7% over the forecast period, due to increasing prevalence of cardiac diseases. The market size for 2023 is estimated to be US$ 120.01 Mn.
Regional analysis: North America holds the major share in the market currently owing to presence of advanced healthcare infrastructure and rising cardiac patient pool in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with countries like China and India emerging as lucrative markets. This can be attributed to growing medical tourism, improving healthcare standards and rising healthcare spending in the region.
Key players: Key players operating in the cardiopulmonary bypass equipment market are Medtronic Plc, LivaNova PLC, MAQUET Holding B.V. & Co. KG., Terumo Corporation, Braile Biomedica, and Tianjin Medical. These players are focusing on new product launches and geographical expansions to consolidate their market presence. For instance, Terumo Corporation launched new heater-cooler units and centrifugal pumps to strengthen its cardiopulmonary bypass product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
