The Global Oxygenators Market to expand at a CAGR of 6% by 2030

Introduction

The global oxygenator market is expected to have a value of USD 385 million by 2030.

The expansion of the global oxygenator market is primarily driven by the worldwide prevalence of coronary heart diseases and strokes, which has resulted in an increase in surgical interventions and an ageing population.

According to United Nations data, the percentage of the world's older population increased from 6% to 9% in 2019. In addition, it is anticipated to rise to 16% by 2050, when one in six people are 65 or older. Alterations in means of subsistence and population ageing contribute to the prevalence of chronic diseases.

According to the 2018 Global Asthma Report, approximately one thousand people per day die from asthma, and about 339 million people live with asthma worldwide. Asthma prevalence increases, with the most severe cases occurring in low- and middle-income nations.

New product launches based on emerging collaboration, mergers, acquisitions, and regional expansion are these industry participants' most critical strategic initiatives.

As a result of developing innovative solutions, it is anticipated that the studied market will experience significant growth rates.

Market Dynamics

Increased Prevalence of Cardiopulmonary Disorders and the Growing Geriatric Population to Drive the Market of Oxygenators.

The ageing population is one of the four global demographic "megatrends" Both the elderly population and life expectancy have increased globally. This is anticipated to significantly impact the healthcare system and, consequently, expand the global medical devices market.

According to the World Aging Population report, approximately 703 million individuals aged 65 and older in the world in 2019. The elderly population is expected to nearly double in the next three decades, reaching 1.5 billion by 2050.

The elderly are prone to chronic obstructive pulmonary disease and various cardiovascular diseases. This indicates a growing demand for oxygenators to treat and manage conditions.

Moreover, the rising cost of healthcare is a significant factor driving the market growth. Healthcare has become one of the leading industries due to the increasing number of patients and rising healthcare expenditures by public and private players in healthcare systems.

Consequently, the increase in the elderly population and the rising cost of healthcare are the primary factors driving market growth over the forecast period.

Another significant factor driving the expansion of the oxygenator market is the increasing incidence of cardiopulmonary diseases. Cardiopulmonary disease refers to ailments that affect the heart and lungs. The prevalence of cardiovascular disease increases the number of cardiopulmonary surgeries, coronary artery bypass grafting (CABG), and, consequently, the demand for oxygenators.

Impact of Covid-19

The pandemic had an impact on the global oxygenator market as a whole.

COVID-19 originated in China, has spread globally, resulting in a global lockdown and the cessation of all movement. Coronavirus is a recently discovered virus that causes a fatal disease. The global mortality rate for those aged 40 and older has risen. The condition causes severe illness in patients with diabetes, cardiovascular disease, and chronic respiratory disease, among others.

In light of the circumstances, a pandemic was declared, resulting in numerous countries, including China, the United States, and India, implementing lockdowns detrimental to the global economy.

Covid-19 offered lucrative growth opportunities for the market, and the prevalence of Cardiopulmonary Disorders such as stroke encouraged the entry of new market players.

Due to initial delays in surgical procedures, the global spread of covid had a substantial impact on the oxygenator market. In addition, these devices are equipped with essentially critical care features for surgical procedures and managing patients who have contracted the virus. As a result, market participants began to introduce oxygenator-related products, leading to an increase in demand.

As several companies increased their global production of oxygenators to facilitate the adoption of ECMO procedures to treat covid patients, the market was back on track. In April 2020, Department of Science and Technology (DST) funding enabled Pune-based Genrich Membranes to scale up membrane oxygenator equipment (MOE) to treat COVID-19 patients.

The increased use of extracorporeal membrane oxygenation (ECMO) procedures for the treatment of covid patients has generated substantial demand for oxygenators, as they are extensively utilized in ECMO procedures.

Regional Insights

North America will overwhelm the market with a share of USD 206 million and a CAGR of 5% during the forecast period.

The prevalence of cardiopulmonary and respiratory diseases in the United States is increasing. The oxygenator market is anticipated to be driven by rising technological advancements. As per the 2018 American Heart Association Research Report, heart disease is responsible for one out of seven deaths in the United States. According to the 2018 Global Health and Wellness Report, nearly 40% of American adults have been diagnosed with cardiovascular disease.

Due to the high death rates associated with asthma and the rising investments in asthma treatment in the United States, the oxygenator market is expected to experience substantial growth over the next few years.

Europe is projected to have a share of USD 116 million with a CAGR of 5% during the forecast period.

The growing geriatric population, cardiovascular and chronic obstructive pulmonary diseases (COPDs), and technological advances in the miniaturization of oxygenators are vital factors that will drive the market over the forecast period. Additionally, the presence of well-established market participants in the region contributes to the market's growth potential.

Key Highlights

• Membrane Oxygenator is expected to share USD 333 million with a CAGR of 6% during the forecast period.
• Bubble Oxygenator is expected to rise to USD 37 million with a CAGR of 2%.
• The respiratory segment will have a share of USD 228 million with a CAGR of 6%.
• The cardiac segment will have a share of USD 111 million with a CAGR of 4%.
• North America will have a share of USD 206 million with a CAGR of 5% during 2030.
• Europe to have a share of USD 116 million with a CAGR of 5% by 2030.

Competitive Players

Competitive Players in the Market

• Chalice Medical Ltd
• EURO SETS SRL
• Getinge AB
• Livanova PLC
• Medtronic PLC
• Microport Scientific Corporation
• Nipro Medical Corporation
• Terumo Medical Corporation
• Braile Biomedica
• Xenios AG
• MC3 Cardiopulmonary
• Gen World Medical Devices

Recent Developments

Market News

• 2022, Livanova PLC initiates the targeted commercial launch of the Essenz Patient Monitor for Cardiopulmonary Bypass Procedures.
• 2022, Livanova PLC announced the first patient implanted in OSPREY clinical study for patients coping with obstructive sleep apnea.
• 2022, Medtronic PLC received FDA approval for the latest-generation drug-eluting coronary stent system. 
• 2022, Medtronic PLC completes acquisition of Intersect ENT

Segmentation

Global Oxygenators Market: Segmentation

Based on type:

• Bubble Oxygenators
• Membrane Oxygenators

Based on application:

• Respiratory
• Cardiac

Based on the region:

• Europe
• Asia-Pacific
• North America
• South America
• Middle East, and Africa