by Market Overview:
Cardiopulmonary bypass equipment is used during open-heart surgery to temporarily take over the function of heart and lungs. It allows the surgeon to operate on a still heart while continuous blood circulation and oxygenated is maintained. The key components of cardiopulmonary bypass equipment include oxygenator, pumps, cannulae and tubing kits, and accessories. These products are used for coronary artery bypass graft, heart transplantation, and other cardiac procedures involving open-heart surgery.
Market Dynamics:
Growing prevalence of cardiovascular diseases is a key factor driving growth of the cardiopulmonary bypass equipment market. As per the American Heart Association, over 37 million people in the U.S. suffer from heart disease and the number is expected to reach over 130 million by 2035. Increasing geriatric population, which is more prone to cardiac conditions, will also support market growth over the forecast period. Additionally, ongoing R&D in cardiac devices and equipments leading to development of innovative and technologically advanced products is expected to create new opportunities for players in the market. However, high cost of bypass surgeries and equipments may hamper market growth.
SWOT Analysis
Strength: Cardiopulmonary bypass equipment provides safety and efficiency during cardiac surgeries. The advanced technology in CPB equipment minimizes surgical risks and reduces procedure time. Availability of portable CPB machines allow surgery in off-site cardiac care facilities.
Weakness: High reliance of cardiac surgeons on CPB equipment during procedures increase operational costs for hospitals. Training healthcare professionals to operate complex CPB machines require substantial investments and time.
Opportunity: Rising prevalence of cardiovascular diseases worldwide raises demand for cardiac surgeries. Growing healthcare expenditure in developing nations open new avenues.
Threats: Entry of local manufacturers with low-cost products increases pricing pressure on major players. Stringent regulatory approvals delay market entry of new devices.
The global Cardiopulmonary Bypass Equipment Market Demand is estimated to be valued at US$ 120.01 Mn 2023 and is expected to exhibit a CAGR of 1.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The global Cardiopulmonary Bypass Equipment market is expected to witness high growth, exhibiting CAGR of 1.7% over the forecast period, due to increasing burden of cardiovascular disorders. Rapid urbanization, unhealthy lifestyle habits, and growing geriatric population in emerging nations fuel the incidence of heart diseases.
The North America region currently dominates the cardiopulmonary bypass equipment market and is expected to continue its dominance during the forecast period. This is attributed to the increasing geriatric population, rising obese population suffering from various cardiac issues, growing number of cardiac surgery centers and hospitals, and availability of reimbursement facilities for cardiac surgeries in this region.
Key players operating in the Cardiopulmonary Bypass Equipment market are Medtronic Plc, LivaNova PLC, MAQUET Holding B.V. & Co. KG., Terumo Corporation, Braile Biomedica, and Tianjin Medical. Companies are focusing on new product launches with advanced technologies for improved outcomes. Partnerships with medical universities worldwide help in research and development.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
