(I-BusinessNews.Com, June 23, 2021 ) According to 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%.
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A number of factors such as the growing cardiovascular and respiratory diseases, rising adoption of ECMO as a bridge to heart & lung transplantation, growing number of ECMO centers, conferences and training programs to increase awareness, and technological advancements are the significant factors driving the growth of this market. In addition, the growing aging population and the number of people suffering from cardiopulmonary diseases in populous countries such as India and China are factors that are expected to offer significant growth opportunities for ECMO systems.
Market Dynamics
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.
The ECMO Machine Market is segmented on the basis of modality, applications, and regions.
Based on the modality, the global Extracorporeal Membrane Oxygenation Machine Market is segmented into venoarterial (VA), venovenous (VV), and arteriovenous (AV). The venovenous (VV) segment is estimated to account for the largest share of the global market in 2016, and venoarterial (VA) segment is projected to grow at the highest CAGR in the forecast period.
Based on application, the global market is segmented into Respiratory, Cardiac, and Extracorporeal Cardiopulmonary Resuscitation (ECPR). The respiratory segment is estimated to account for the largest share of the market in 2016. The large share of this segment can be attributed to factors such as rising incidence of respiratory failure, lung cancer, and lung transplants, and increasing adoption of ECMO.
On the basis of region, the global Extracorporeal Membrane Oxygenation Machine Market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2016, North America accounted for the largest share of the market, followed by Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is projected to grow at the highest CAGR and serve as a revenue pocket for companies offering ECMO systems.
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The ECMO Machine Market was dominated by the Getinge Group (Sweden), Medtronic plc (Ireland), and LivaNova PLC (U.K.). These companies together contributed about 68.8% to the global market in 2015. The other players in the market are XENIOS AG (Germany), Terumo Corporation (Japan), MicroPort Scientific Corporation (China), NIPRO Corporation (Japan), OriGen Biomedical, Inc. (U.S.), ALung Technologies, Inc. (Germany), and EUROSETS S.r.l. (Italy).
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