by Cardiopulmonary bypass equipment refers to devices used to divert blood from the lungs and heart during surgery, which allows for the temporary taking over of the function of the circulatory system and the lungs. This enables surgeons to operate on a still and bloodless field. Some of the key products associated with the market include oxygenators, pumps, cannulae, and peripheral vascular cannulae. The growing prevalence of cardiovascular diseases and an increasing number of cardiac surgeries are expected to drive the demand for cardiopulmonary bypass equipment. The global cardiopulmonary bypass equipment market is estimated to be valued at US$ 2.35 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising incidence of cardiovascular diseases: One of the major drivers propelling the growth of the cardiopulmonary bypass equipment market is the rising prevalence of cardiovascular diseases globally. According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, taking an estimated 17.9 million lives each year. The increasing number of people suffering from various CVDs such as coronary heart disease, cerebrovascular disease, rheumatic heart disease, and others has resulted in greater demand for cardiac surgeries, which in turn is driving the need for cardiopulmonary bypass equipment.
Growing number of cardiac surgeries: Another factor contributing to the market growth is the rising number of cardiac surgeries performed worldwide each year. Cardiopulmonary bypass is utilized in most open-heart surgeries to divert blood away from the heart and lungs to create a stable, still surgical field. According to estimates, over 1 million cardiac operations are conducted annually in the U.S. alone. Growth in the number of cardiac surgeries is expected to present lucrative opportunities for players operating in the global cardiopulmonary bypass equipment market over the forecast period.
SWOT Analysis
Strength: Cardiopulmonary bypass equipment market is expected to grow as the prevalence of cardiovascular diseases is rising globally. The advanced technologies used in cardiopulmonary bypass machines provide safer surgeries to patients. Many leading manufacturers offer a wide range of cardiopulmonary bypass equipment with improved features.
Weakness: High costs associated with cardiopulmonary bypass equipment limits its adoption in developing regions. Requirement of trained professionals to operate these machines is another challenge faced.
Opportunity: Growing geriatric population susceptible to cardiovascular issues will drive the demand. Increasing investments by governments worldwide in healthcare segments present opportunities.
Threats: Stringent regulatory approvals for new product launches can slow down the market growth. Reimbursement issues in some countries pose threats.
Key Takeaways
The Global Cardiopulmonary Bypass Equipment Market Demand is expected to witness high growth over the forecast period of 2023 to 2028.
Regional analysis: North America dominates the global market currently due to continuous technological advancements and availability of reimbursement. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare expenditures and growing medical tourism in countries like India, China, and Japan.
Key players: The major players operating in the cardiopulmonary bypass equipment market are Braile Biomedica, LivaNova, Terumo Corporation, Medtronic, Tianjin Medical, Getinge Group etc. Braile Biomedica offers a wide range of cardiopulmonary bypass equipment like oxygenators, pumps, tubing sets and accessories.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
