ECMO Market Is Predicted To Grow Swiftly Due To The Growing Number Of Respiratory Failure Cases & Conditions Till 2024: Grand View Research, Inc.
The extracorporeal membrane oxygenation market is
expected to reach USD 346.1 million by 2024, according to a new report by Grand
View Research, Inc. The growing number of respiratory failure cases and
conditions, such as cardiopulmonary disease and Chronic Obstructive Pulmonary
Disease (COPD) is anticipated to boost the market growth. For
instance, according to the U.S. National Center for Health
statistics, in the year 2014, there were about 149,205 deaths due to chronic
lower respiratory disorders in the U.S.
Moreover, the increased adoption
of ECMO machines in hospitals as a consequence ofthe medical community taking
cognizance of the advantages related to the use of ECMO machines is anticipated
to facilitate the emergence of this market during the forecast period.
Apart from the high applicability
of these appliances in hospitals, technological advancements have played a
pivotal role in further accelerating the usage of these devices. For instance,
Medtronic’s Century heart lung machine, which consists of an arterial pump,
data management system and cardioplegia delivery system, is employed to provide
cardiopulmonary functional support to patients.
North America extracorporeal
membrane oxygenation market share, by application, 2013-2024 (USD Million)
Browse full research report on
Extracorporeal Membrane Oxygenation (ECMO)
Market
Further key findings from the
report suggest:
- The
veno-venous segment held a lucrative sharein 2015 among the modality types
owing to its efficiency and reliability in furnishing gas exchange
support.
- The
respiratory application segment held a remunerative share in 2015; this is
attributed to the increasing number of patients suffering from respiratory
conditions. Moreover, the technological advancement in the ECMO machines
has further increased its adoption rate in hospitals for its use in
respiratory failure conditions.
- North America
dominated the overall market with a revenue share of over 40.0% in 2015
owing to the presence of a well-developed infrastructure and a suitable
reimbursement framework as well as the rise in number of supportive
government funds.
- However, Asia
Pacific is anticipated to be the fastest growing region with a CAGR of
about 5.0% over the forecast period. Notable economic developments and the
advancing healthcare system developed with the aid of supportive
government initiatives are anticipated to assist the growth.
- Moreover, the
rising incidences of respiratory failure and cardiopulmonary diseases are
identified as major impact rendering factors for the growth of this
market. According to the World Health Organization, about 3 million deaths
were reported globally due to COPD in the year 2012, which accounts for 6%
of the total mortality.
- Some leading
players in this vertical include Maquet Holding B. V. & Co.KG,
Microport Scientific Corporation, Medos Medizintechnik AG, Sorin Group,
Medtronic Plc, Terumo Cardiovascular Systems Corporation, and Nipro
Medical Corporation.
- These key
players opt for technologically enhanced products and undertake
collaborations with other companies to implement new product development
strategy goals to sustain a competitive advantage in the industry. For
instance, Medtronic Plc collaborated with Salyer Biomedical, LLC for the
development of their product, Century heart lung machine.
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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