The global extracorporeal membrane oxygenation market is projected to reach US$ 677.64 million by 2028; registering at a CAGR of 3.1% during 2022-2028, according to a new research study conducted by The Insight Partners.
Venoarterial Extracorporeal Membrane Oxygenation Segment to Lead extracorporeal membrane oxygenation Market During 2022–2028
The report highlights the key factors driving the market and prominent players' developments. The market growth is primarily attributed to the rising prevalence of cardiovascular diseases and respiratory failures and the growing adoption of extracorporeal membrane oxygenation in lung transplantation procedures. However, complications associated with extracorporeal membrane oxygenation hamper the market growth.
The growing cases of COVID-19 have propelled the demand for extracorporeal membrane oxygenation systems across the world. India, China, and other developing nations in the region were among the worst-affected economies. These countries have a significant geriatric population, which is highly susceptible to novel coronavirus infection. The health condition of aged COVID-19 patients who have diabetes, cardiovascular diseases, high blood pressure, and other chronic disorders is generally critical. extracorporeal membrane oxygenation plays a vital role in COVID-19 treatment. Therefore, the demand for extracorporeal membrane oxygenation systems is increasing in such countries. As a result, companies operating in the extracorporeal membrane oxygenation market witnessed a positive impact of the COVID-19 pandemic.
Extracorporeal Membrane Oxygenation Market, by Geography, 2021 (%)
Extracorporeal Membrane Oxygenation Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Modality (Venoarterial extracorporeal membrane oxygenation, Venovenous extracorporeal membrane oxygenation, and Arteriovenous extracorporeal membrane oxygenation), Application (Respiratory and Cardiology), and Age Group (Adults, Pediatrics, and Neonates)
Extracorporeal Membrane Oxygenation Market Size | Report 2028
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Moreover, the presence of major market players in the region is likely to fuel the market. For instance, Japan-based Terumo Corporation produces 100 extracorporeal membrane oxygenation systems every year. However, since April 2020, the company has doubled its extracorporeal membrane oxygenation production due to a rapid increase in COVID-19 cases.
The global extracorporeal membrane oxygenation market, based on modality, is segmented into venoarterial extracorporeal membrane oxygenation, venovenous extracorporeal membrane oxygenation, and arteriovenous extracorporeal membrane oxygenation. In 2021, the venoarterial extracorporeal membrane oxygenation segment held the largest market share. Moreover, the same segment is anticipated to register the highest CAGR from 2022 to 2028, owing to its high usage in treating patients affected by cardiac arrest by assisting with algorithm life support strategies to restore blood circulation. Veno-arterial extracorporeal membrane oxygenation (VA-extracorporeal membrane oxygenation) has been widely used over the last decade. It is an effective and valuable therapeutic option in refractory cardiogenic shock of various etiologies.
Terumo Group, Medtronic Plc, MicroPort Scientific Corporation, LivaNova Plc, Nipro Medical Corporation, Eurosets S.R.L., Getinge AB, Braile Biomedica, Fresenius Medical Care AG & Co KGaA, and Abiomed Inc are among the leading companies operating in the extracorporeal membrane oxygenation market.
The report segments the extracorporeal membrane oxygenation market as follows:
Based on modality, the extracorporeal membrane oxygenation market is segmented into venoarterial extracorporeal membrane oxygenation, venovenous extracorporeal membrane oxygenation, and arteriovenous extracorporeal membrane oxygenation. Based on application, the market is bifurcated into cardiology and respiratory. In terms of age group, the global extracorporeal membrane oxygenation market is segmented into neonates, pediatrics, and adults. By geography, the global market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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