(I-BusinessNews.Com, March 05, 2021 ) According to research report the perfusion systems market is projected to reach USD 1,198.8 million by 2021 from USD 989.4 million in 2016, at a CAGR of 3.9% from 2016 to 2021.
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The growth of the market can be attributed to the increasing prevalence of cardiovascular & respiratory diseases, initiatives by governments & NGOs to encourage organ donation, increasing investment in cell-based research, and developments in biologics manufacturing.
The global perfusion systems market is segmented on the basis of type and region. By type, the market is segmented into cardiopulmonary perfusion systems, cell perfusion systems, and ex vivo organ perfusion systems
This market is highly fragmented with different key players for the different types of perfusion systems. The major players in the cardiopulmonary perfusion systems market include Getinge AB (Sweden), Medtronic plc (Ireland), LivaNova PLC (U.K.), Terumo Corporation (Japan), and XENIOS AG (Germany). The major players in the ex vivo organ perfusion systems market are Lifeline Scientific, Inc. (U.S.) and XVIVO Perfusion AB (Sweden), while, Repligen Corporation (U.S.), Spectrum Laboratories, Inc. (U.S.), Merck KGaA (Germany), Harvard Bioscience, Inc. (U.S.), and ALA Scientific Instruments, Inc. (U.S.) are some of the leading players in the cell perfusion systems market.
Key players adopted strategies such as partnerships, collaborations, joint ventures, agreements, mergers & acquisitions, approvals, product launches, and expansions to maintain and enhance their position in the market.
Partnerships, collaborations, joint ventures, agreements, and mergers & acquisitions accounted for 28.6% of the all strategic developments from 2013 to 2016. Players adopted this strategy to strengthen their distribution networks, expand their research network, and enhance their market reach & customer base. In 2015, Getinge AB partnered with iMDsoft GmbH to integrate its data management systems into Getting’s heart-lung machines, blood/gas monitors, and heater-cooler units. Similarly, in 2015, Sorin and Cyberonic merged to form LivaNova PLC. The key players that adopted these strategies were Getinge AB, Medtronic plc, LivaNova PLC, Terumo Corporation, and XENIOS AG.
Product launches accounted for 21.9% of strategic developments in the market from 2013 to 2016. This strategy was employed by players to enhance their product portfolios. In 2015, Medtronic plc launched Affinity CP Centrifugal Blood Pump in Brazil. Similarly, LivaNova PLC launched Flextherm— heating and cooling systems in 2015. In 2016, Terumo Corporation launched the CAPIOX FX Advance oxygenator. Medtronic plc, LivaNova PLC, Lifeline Scientific, Inc., XVIVO Perfusion AB, Repligen Corporation, and Terumo Corporation were the key players who adopted this strategy.
Approvals accounted for 16.2% of total strategic developments in the perfusion systems market from 2013 to 2016. This strategy was adopted by players to strengthen their product offerings and widen their product distribution network. In 2014, XENIOS received the CE approval for its MiniLung Petite Membrane Ventilator, MiniLung Membrane Ventilator, and iLA Membrane Ventilator. Similarly, in 2015, Lifeline Scientific received the Chinese Food and Drug Administration (CFDA) approval for its LifePort Kidney Transporter device. In 2015, XVIVO received approval for the clinical use of XPS in Canada. The key players that adopted this strategy were XENIOS AG, Lifeline Scientific, Inc., and XVIVO Perfusion AB.
Expansions accounted for 12.4% of key growth strategies adopted by players in the market from 2013 to 2017. This strategy was used by key players to strengthen their distribution networks, increase their global presence, and cater to the needs of their growing customer base. For instance, Lifeline Scientific opened a new facility in Brazil in 2015, to expand its geographic reach. Similarly, in 2017, Terumo opened a new branch for its operations in Myanmar. XENIOS AG, Medtronic plc, Terumo Corporation, MicroPort Scientific Corporation, and Lifeline Scientific, Inc. are the key players that adopted this strategy.
Other strategies such as rebranding, website launch, product deployment, and market development accounted for 21.0% of the total developments. The key players that adopted these strategies were Terumo Corporation, LivaNova PLC, XENIOS AG, and Lifeline Scientific, Inc.
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Geographically, North America is estimated to account for the largest share of the global market, followed by Europe. The Asia-Pacific region is expected to witness the highest growth in the market during the forecast period. This growth will be particularly centered on China, Japan, and India.
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