- According to Transparency Market Research’s latest report on the global extracorporeal membrane oxygenation machine market for the historical period 2017–2018 and forecast period 2019–2027, rise in prevalence and incidence of respiratory and cardiovascular diseases to escalate the growth of global extracorporeal membrane oxygenation machine market. Moreover, rising adoption of technological advanced products is fueling growth of the extracorporeal membrane oxygenation machine market
- According to the report, the global extracorporeal membrane oxygenation machine market was valued at US$ 0.3 Bn in 2018 and is anticipated to expand at a CAGR of 5.4% from 2019 to 2027
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Rise in Demand for the Extracorporeal Membrane Oxygenation Machine and Surge in Geriatric Population: Key Drivers of Global Extracorporeal Membrane Oxygenation Machine Market
- Extracorporeal membrane oxygenation, also known as extracorporeal life support, is an extracorporeal technique of providing prolonged cardiac and respiratory support to persons whose heart and lungs are unable to provide an adequate amount of gas exchange or perfusion to sustain life. Nowadays extracorporeal membrane oxygenation machine has become more reliable with improvement in equipment. Moreover, change in lifestyle and dietary habits is leading to cause various chronic diseases including cardiac and respiratory disease and thereby increase the need of extracorporeal membrane oxygenation machine.
- The world is currently experiencing the pandemic of an infectious disease called COVID-19. This infection leads to multiple organ failure, acute & severe respiratory disorders, pneumonia, and even death in severe cases. This is augmenting the demand for the products. The government has taken initiatives to expand the use of extracorporeal membrane oxygenation machine for the COVID-19.
- Furthermore, common medical conditions in infants wherein extracorporeal membrane oxygenation machine is used are meconium aspiration syndrome, persistent pulmonary hypertension of the newborn (PPHN), congenital diaphragmatic hernia (CDH), and respiratory distress syndrome (RDS). Neonatal births defects are usually observed to affect 2% of all live births and the mortality rate led by respiratory failure is approximately 33% in neonates. Thus, increase in neonatal birth defects leading to increase the demand for the extracorporeal membrane oxygen machine. This in turn to drive the growth of market.
- The life expectancy of people has increased over the last decade. The immune system of an individual weakens with increasing age. Hence, rise in elderly population has led to high probability of contracting diseases. With increasing age, there is a high possibility of rise in the incidence of chronic diseases, leading to hospitalization for respiratory distress, cardiac arrest, or other associated distress. This is expected to drive the extracorporeal membrane oxygenation machine machines market during the forecast period.
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High Cost of Extracorporeal Membrane Oxygenation Machine Procedures to Hamper Global Extracorporeal Membrane Oxygenation Machine Market
- An ECMO machine purifies the blood outside the body in cases where in the lungs and the heart cannot perform the blood purification function. The use of this machine has raised the rate of survival of patients. However, the cost of the procedure is very high. This is a restraining factor, due to which several patients do not opt for the treatment.
- In the U.S., the cost of an ECMO procedure varies between US$ 34,121 and US$ 154,817, depending on the patient’s condition. In India, the cost of the procedure is approximately US$ 18,669.
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Global Extracorporeal Membrane Oxygenation Machine Market: Competitive Landscape
- This report profiles major players in the global extracorporeal membrane oxygenation machine market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global extracorporeal membrane oxygenation machine market is highly fragmented, with the presence of a number of international as well as regional players
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Global Extracorporeal Membrane Oxygenation Machine Market: Key Developments
Key players in the global extracorporeal membrane oxygenation machine market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global extracorporeal membrane oxygenation machine market. A few expansion strategies adopted by players operating in the global extracorporeal membrane oxygenation machine market are:
- In February 2020, the US FDA has cleared the Novalung extracorporeal membrane oxygenation (ECMO) system for the treatment of acute respiratory or cardiopulmonary failure
- In March 2017, Hemovent GmbH filed two additional patents for a gas exchanger and a pump related to its novel and portable extracorporeal membrane oxygenation (ECMO) device
- In February 2016, Terumo Corporation introduced CAPIOX FX Advance Oxygenator, the newest addition to the CAPIOX Oxygenator portfolio. The CAPIOX FX Advance replaces the current CAPIOX FX15 and FX25 line of oxygenators.
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The report on the global extracorporeal membrane oxygenation machine market discussed individual strategies, followed by company profiles of manufacturers of extracorporeal membrane oxygenation machine. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global extracorporeal membrane oxygenation machine market.
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