July 24, 2024
Cardiopulmonary Bypass Equipment Market

Rising prevalence of cardiac diseases to drive growth of the Cardiopulmonary Bypass Equipment Market

The global Cardiopulmonary Bypass Equipment Market is estimated to be valued at US$ 120.01 Mn in 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.

Market Overview:

Cardiopulmonary bypass equipment is used during open-heart surgeries to divert the blood flow away from the heart and lungs. It is used when the patient’s heart needs to be stopped for repair or bypass. The equipment includes an oxygenator, pumps, cannulae, and tubing. The oxygenator adds oxygen and removes carbon dioxide from the blood. Then the blood is pumped back into the body. This allows surgeons to operate on a still heart. Cardiopulmonary bypass equipment is essential for performing complex cardiac surgeries. It enables surgeons to correct congenital heart defects, replace or repair heart valves, perform coronary artery bypass grafting and treat people whose hearts have been damaged by a heart attack.

Market key trends:

One of the key trends in the cardiopulmonary bypass equipment market is the increasing adoption of miniaturized cardiopulmonary bypass systems. Miniaturized systems have reduced tubing length and priming volume. This helps in reducing hemodilution during surgery and lowers transfusion requirements. Furthermore, miniaturized systems are more portable which allows emergency cardiac procedures to be performed outside the operating room. Hence, growing adoption of miniaturized systems is expected to drive the market growth over the forecast period. Another trend is the increasing R&D towards developing peripherally circulated cardiopulmonary bypass systems which have reduced invasiveness and trauma compared to conventional systems.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high initial costs required for research, development, and manufacturing facilities. New companies will also face high switching costs for hospitals and other end users.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market providing substitutable products. However, the importance of cardiopulmonary bypass equipment for critical surgeries gives buyers moderate bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of a large number of component suppliers. Suppliers do not have pricing leverage over manufacturers.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes for cardiopulmonary bypass equipment, which is crucial for cardiac surgeries.

Key Takeaways

The Global Cardiopulmonary Bypass Equipment Market Size is expected to witness a CAGR of 1.7% over the forecast period, due to increasing prevalence of cardiovascular diseases.

Regional analysis: North America dominated the global market in 2022 and is expected to maintain its dominance during the forecast period. This is attributed to favorable reimbursement policies and advanced healthcare infrastructure in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period owing to rising healthcare expenditure and improving access to healthcare facilities.

Key players: 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. Medtronic and LivaNova collectively hold over 60% market share

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it