Selbyville, Delaware, July 21, 2021 (GLOBE NEWSWIRE) —
According to latest report “Extracorporeal Membrane Oxygenation Market by Modality (Venoarterial, Veno-venous, Arteriovenous), Application (Cardiac, Respiratory, Extracorporeal Cardiopulmonary Resuscitation), Patient Population (Infant, Pediatric, Adult), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of extracorporeal membrane oxygenation will cross $470 million by 2027. Growing incidence of respiratory failure with prevalence of cardiopulmonary conditions will stimulate the overall market growth.
Growing prevalence of cardiopulmonary diseases will be one of the prime factors driving the market expansion. Rising adoption of sedentary lifestyle coupled with unhealthy habits such as excessive alcohol consumption and tobacco smoking has contributed in elevating respiratory disease burden. Increasing number of patients with COPD globally has significantly contributed in increased risk of respiratory failure, thus augmenting the demand for ECMO systems.
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Technical advancements in the field of ECMO has driven product sales over forecast period. Assemblage of individual components to develop integrated systems with enhanced efficiency, added features and improved maneuverability has influenced market development and expansion. Additionally, introduction of polymethylpentene (PMP) fiber technology has assisted in the development of artificial membranes with low resistance, more biocompatibility and extended durations.
Arteriovenous segment accounted for more than USD 80 million in 2020. It is considered as effective life-saving therapeutic option for pulmonary embolism. Acute heart failure and hypoxemia of organs contribute towards massive pulmonary embolism. According to the Centers for Disease Control and Prevention (CDC), precise number of people affected by pulmonary embolism is unknown, although an estimated 900,000 people are poised to be affected each year in the U.S.
Extracorporeal cardiopulmonary resuscitation (ECPR) segment is predicted to progress at considerable pace during the forecast timeline. ECPR is used in patients that experience a sudden and unexpected pulseless condition due to cessation of cardiac mechanical activity. As per the Extracorporeal Life Support Organization (ELSO) and American Heart Association (AHA) guidelines, the technique is considered in selected patients suffering through cardiac arrest.
Infant extracorporeal membrane oxygenation segment was valued at USD 190 million in 2020 led by the prevalence of Acute Respiratory Distress Syndrome (ARDS) in infants owing to genetic problem with lung development, preterm babies and caesarean delivery. ARDS leads to increased pulmonary vascular permeability that results in highly perfused tissue. Mechanical ventilation during such circumstances may lead to lung injury.
Asia Pacific extracorporeal membrane oxygenation market is projected to witness 6.7% CAGR by 2027 owing to the growing prevalence of Chronic Obstructive Pulmonary Disease (COPD) coupled with rising awareness regarding ECMO and acceptance of membrane oxygenation systems in hospitals. Further, the APAC Extracorporeal Life Support Organization works towards increasing the awareness regarding advanced ECMO systems that will boost product adoption. Such government as well as non-government organizations supporting development of innovative therapies for organ system failure will positively impact the regional growth.
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Major companies operating in the extracorporeal membrane oxygenation market include Abbott, Nipro Corporation, Terumo Corporation, Medtronic and Edwards Lifesciences Corp among others. Industry leaders are implementing several business development strategies such as, partnerships and collaborations to gain competitive advantage. Such strategic initiatives have enhanced their market competitiveness, offered financial stability and helped them to evolve as major industry players.
Table of Contents (ToC) of the report:
Chapter 3 Extracorporeal Membrane Oxygenation Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By modality
3.4.2 By application
3.4.3 By patient population
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.