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Covid Impact on Extracorporeal Membrane Oxygenation Machine Market, growth/decline in product type/use cases of ECMO Machine Market due to cascaded impact of Covid on Extended Ecosystem..
How top 50 companies in Extracorporeal Membrane Oxygenation Machine Market are making rapid shifts in their strategies as we speak here…
Outside-in view of top 50 companies client and client’s clients shifting short-term priorities
According to the new market research report ECMO Machine Market is expected to reach USD 305.3 Million by 2021 from USD 247.2 Million in 2016, at a CAGR of 4.3%. A number of key players are competing against each other to expand their existing customer base. Getinge Group (Sweden), Medtronic plc (Ireland), and LivaNova PLC (U.K.) are the top three players of the extracorporeal membrane oxygenation (ECMO) machine market. These players jointly accounted for a share of 65% to 70% of the total ECMO machine market in 2015.
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Getinge Group is the largest player in the global market. The company offers its ECMO products under its Maquet brand. The firm develops and commercializes ECMO products and is one of the leading manufacturers of heart-lung machines, oxygenators, pumps, catheters, cannulae, and other accessories. The company’s business segments include Medical Systems, Extended Care, and Infection Control. The Medical Systems segment offers a wide range of ECMO devices. The company also develops innovative products such as CARDIOHELP system which is a portable heart-lung support system in the market. Moreover, in September 2015, the company partnered with iMDsoft GmbH (Germany) to offer clinical information systems to reduce the documentation process time of heart-lung machines, blood/gas monitors, and heater-cooler units. The firm also remains committed to investing ~4.2% of its revenue in R&D activities; in 2015, the company invested USD 150 million on R&D. The company has succeeded in creating a strong foothold owing to its long-term presence in the market, a wide geographic presence, strong sales force, and innovative product offerings.
The growth of the market can be contributed to the growing cardiovascular and respiratory diseases, rising adoption of ECMO as a bridge to lung transplantation, growing number of ECMO centers, conferences & training programs to increase awareness, and technological advancements. In addition, the rising geriatric population and the number of people suffering from diseases in populous countries such as India & China are factors that are expected to offer significant growth opportunities for ECMO systems. However, complications associated with extracorporeal membrane oxygenation machine such as bleeding, infections, and technical failures; along with high cost and lack of skilled professionals is a challenge to the market.
Increasing prevalence of cardiovascular and respiratory diseases
Cardiovascular diseases are one of the leading causes of death globally, accounting for about 9.4 million deaths every year. According to the World Health Organization (WHO), in 2012, 17.5 million CVD-related deaths (31%) were reported across the globe; this number is expected to grow to more than 23.6 million by 2030.
Hypertension is a major factor contributing to the rising prevalence of cardiovascular diseases and strokes, which are the leading causes of morbidity and mortality globally. In 2013, globally, it was estimated that about 1 billion people suffered from hypertension—a global prevalence of 40%. During the same year, the prevalence of hypertension among adults in Africa was 46% (highest worldwide); while in the Americas, the figure was 35% (the lowest) [Source: World Health Organization (WHO)].
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Similarly, according to WHO, chronic obstructive pulmonary disease (COPD) caused about 3 million deaths (5%) of the total deaths in 2015. Tobacco smoking is considered a major factor contributing to the rising prevalence of COPD, along with air pollution and asthma. COPD is expected to increase in the coming years due to increasing tobacco consumption.
ECMO is used to treat patients with cardiac and respiratory diseases. ECMO machine delivers oxygen and removes carbon dioxide in patients when the heart and lungs fail to carry out the process of blood oxygenation. ECMO is used in adults as well as newborns and children suffering from respiratory and/or cardiac failure due to of birth defects, trauma, or severe infection.
MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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