The global Cardiopulmonary Bypass Equipment Market Driven By Advancement In Cardio Bypass Surgeries
Cardiopulmonary Bypass Equipment Market
The
cardio bypass equipment market has grown tremendously over the past few decades
owing to advancement in bypass surgeries and life-saving medical equipment.
Cardio bypass equipment such as heart-lung machines, oxygenators, pumps,
cannula sets, and perfusion accessories are essential to perform elective and
emergency heart surgeries. They enable diverting the blood flow around the
heart and lungs during a heart surgery, serving as an external substitute for
the heart and lungs to maintain circulation and oxygenation of the body's vital
organs. The heart-lung machine oxygenates and circulates the blood throughout
the body while the heart is stopped during surgery. This allows surgeons to
operate on a still heart to repair defects cleanly and accurately. The global
Cardiopulmonary Bypass Equipment Market is estimated to be valued at US$ 2.5
billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast
period 2023 to 2028, as highlighted in a new report published by Coherent
Market Insights.
Market key trends: One of the major trends in the cardio bypass equipment market
is the increasing demand for minimally invasive cardiac surgeries. The advanced
equipment now enables surgeons to perform bypass surgery through smaller
incisions rather than opening the chest through large incisions. This has
significantly reduced surgical risks, recovery time, complications and scarring
for patients. Manufacturers are also increasingly focusing on developing
portable heart-lung machines that can enable emergency transport of critically
ill cardiac patients and performing procedures in off-site locations or
ambulances. This helps expand the reach of life-saving cardiac care.
Customizable equipment based on patient-specific traits is another key area
garnering attention to improve outcomes.
Porter’s
Analysis
Threat of new entrants: Low due to high capital requirement for manufacturing
cardiopulmonary bypass equipment and presence of stringent regulations for
market approval.
Bargaining power of buyers: Moderate due to presence of many established
players however growing demand increases buyer power.
Bargaining power of suppliers: Moderate due to availability of substitutes
however raw material suppliers hold some power.
Threat of new substitutes: Low as cardiopulmonary bypass equipment is
irreplaceable during cardiac surgery however some minimally invasive surgeries
pose threats.
Competitive rivalry: High due to presence of large global players offering
varied product portfolio.
Key Takeaways
The Global
Cardiopulmonary Bypass Equipment Market Demand is expected to witness
high growth during the forecast period of 2023 to 2028.
Regional
analysis shows that North America dominates the global Cardiopulmonary Bypass
Equipment market holding around 35% share due to factors such as growing
geriatric population, increasing incidence of cardiovascular diseases,
developed healthcare infrastructure and high adoption of advanced medical
technologies in countries like United States and Canada. Asia Pacific is poised
to witness highest growth during the forecast period owing to expanding
healthcare industry, rising medical tourism and growing awareness about
cardiology treatments in emerging countries like China and India.
Key players operating in the Cardiopulmonary Bypass Equipment market are Braile
Biomedica, Medtronic Plc., LivaNova Plc., Sorin Group, Terumo Corporation,
MAQUET Holding B.V. & Co. KG and others. Key players are focusing on new
product launches, geographical expansion and mergers & acquisitions to
strengthen their market presence. For instance, in 2018, MAQUET acquired
Cardiovascular Systems Inc., a medical device company focused on treating
peripheral and coronary artery disease.
For more details on the report, Read- https://www.insightprobing.com/cardiopulmonary-bypass-equipment-market-size-and-share/
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