Oxygenators Market

Market Overview

The global oxygenators market size had a share of USD 228 million in 2021, which is expected to rise to USD 366.15 million by 2030 with a CAGR of 6.1%. Factors such as increase in the prevalence of cardiopulmonary disorders and rise in healthcare expenditure worldwide, significantly drives the oxygenators market by 2030.

The advancement of the global oxygenators market is primarily driven by the worldwide prevalence of coronary heart diseases and strokes as a result of changing lifestyles, which has resulted in an increase in surgical interventions and the increased majority of the geriatric population.

Based on a report by the United Nations, the percentage of the world's older population increased from 6 % to 9 % in 2019. In addition, it is projected to increase to 16 % by 2050, when one out of every six people will be 65 or older. Changes in livelihood and the ageing of the population contribute to the prevalence of chronic diseases.

According to the 2018 Global Asthma Report, approximately one thousand people per day are being killed by Asthma, and about 339 million people worldwide live with Asthma. The prevalence of Asthma is on the rise, with the most severe cases occurring in low- and middle-income countries.

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

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

Market Dynamics

Global Oxygenators Market Drivers

Increase in the Prevalence of cardiopulmonary Disorders

The significant factor propelling the growth of the oxygenators market is the rising cases of various cardiopulmonary diseases. Cardiopulmonary disease refers to the range of conditions affecting the heart and lungs. In general, the prevalence of cardiovascular disease increases the number of cardiopulmonary surgeries, coronary artery bypass grafting (CABG), and consequently, the demand for oxygenators.

Common cardiopulmonary diseases are chronic bronchitis, chronic obstructive pulmonary disease (COPD), congestive heart failure, emphysema, cardiomyopathy, and ischemic stroke. According to the report provided by the World Health Organization (WHO) for 2020, ischemic heart disease is responsible for 16% of all deaths worldwide. In addition to the same source, in 2019, an estimate of 8.9 million deaths attributable to ischemic heart disease was provided.

As exposure to tobacco smoke has been recognized as a significant risk factor for CVD, an increase in the number of smokers also contributes to the expansion of the market.

Due to these factors, the demand for oxygenators is anticipated to increase significantly as cardiopulmonary diseases, and the number of smokers who contract these diseases continue to rise.

Growing Geriatric Population and Rise in Healthcare Expenditure Worldwide

The elderly population has been considered one of the four global demographic "megatrends." Globally, both the older people and life expectancy have increased. This is anticipated to have a substantial effect on the healthcare system and, consequently, positively impact the expansion of the global market for medical devices.

In 2019, according to the World Aging Population report, there were approximately 703 million people over the age of 65 living in the world. The elderly population is expected to almost double in the next three decades, reaching 1.5 billion by 2050.

The elderly are frequently susceptible to chronic obstructive pulmonary disease and various cardiovascular diseases. This indicates an increase in the need for oxygenators to treat and manage conditions.

In addition to this, the rising cost of healthcare is a significant factor fueling market expansion. Due to the incrementing number of patients and rising healthcare expenditures by both public and private players in healthcare systems, healthcare has emerged as one of the leading industries.

Therefore, the increase in the ageing population and increasing healthcare expenditure are the major factors driving the oxygenators market growth during the forecast period.

Global Oxygenators Market Restraints

Use of Minimally Invasive Procedures and Risks Associated with Oxygen Systems

According to reports, minimally invasive surgeries (MIS) result in less post-operative pain; consequently, patients require less pain medication. As there are few incisions or sutures, the hospital stay is relatively brief, and patients are not required to visit the hospital frequently.

MIS is an alternative to procedures where oxygenators are utilized, as MIS are one-time procedures that save patients money and time, thereby decreasing the adoption of oxygenators. As a result of the relatively shorter recovery time, these procedures are gaining popularity among the elderly. This results in market restrictions for oxygenators.

In many instances, oxygenators are lifesaving, but there are risks associated with this treatment. It is a direct aid for patients with cardiac and respiratory problems. Due to the medication administered to prevent blood from clotting in the tubing, oxygenation systems can have dangerous side effects, including bleeding, small clots or air bubbles in the tubing, and an increased risk of stroke.

Consequently, these factors are anticipated to restrain the oxygenators market during the forecast period.

Global Oxygenators Market Opportunities

With continued research and development of the oxygenator, cardiac surgical outcomes will eventually improve. The enhancement of these oxygenators will also allow practitioners to advance their perfusion techniques.

In addition, future pediatric membrane oxygenators may have a more streamlined appearance, a smaller surface area, and a smaller prime volume. With all of such advancements, the next step in product development will be determined by the ability of each practitioner to optimize care for each individual patient.

In addition, the adoption of ECMO and other oxygenation techniques increases the global demand for technologically advanced oxygenators. The future of ECMO depends heavily on the development of new technology, much of which has already been created or is in the early stages of creation. Future ECMO components, such as oxygenators, are likely to feature a further simplification of the process, increased portability, and automation, allowing for a broader application in harsh environments.

Regional Analysis

The global oxygenators market share is bifurcated based on Europe, Asia-Pacific, North America, South America, the Middle East and Africa.

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

The United States is witnessing advancement in the prevalence of cardiopulmonary and respiratory diseases. Increasing technological advances in the country are anticipated to drive the oxygenators industry. According to the 2018 American Heart Association Research Report, one out of every seven deaths in the United States is attributable to heart disease. According to the 2018 Global Health and Wellness Report, nearly 40 per cent of adults in the United States were diagnosed with a cardiovascular condition.

The oxygenators industry is anticipated to experience substantial growth in the coming years due to the high death rates associated with Asthma and the rising investments in asthma treatment in the United States.

During the forecast period, Europe is anticipated to have a share of USD 116 million with a CAGR of 5%.

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

Segmental Analysis

On the Basis of Type

The market is segmented into bubble oxygenators and membrane oxygenators based on type.

Membrane oxygenator is expected to have a revenue share of USD 333 million with a CAGR of 6% during 2030.

A membrane oxygenator is a device that adds oxygen to the blood and removes carbon dioxide. The diffusion of oxygen and carbon dioxide across a microporous hollow fibre bundle is how membrane oxygenators functions. The device comprises an oxygenation chamber with a microporous membrane and an impermeable capillary-based heat exchanger. These oxygenators have the advantage over bubble oxygenators in reducing damage and thrombosis. This is anticipated to spur the market further.

The membrane oxygenator segment is anticipated to proliferate due to their increasing use in CABG procedures, extracorporeal circulation for cardiopulmonary support in various surgical procedures, and heart-lung machines due to advantages such as reduced tissue damage and thrombosis compared to bubble oxygenators. Owing to technological advancements, bubble oxygenators are being gradually replaced by membrane oxygenators.

The bubble oxygenator is anticipated to have a market share of USD 37 million with a CAGR of 2% over the projected period.

A bubble oxygenator is a device that bubbles pure oxygen through the blood reservoir. It engages bubbles that are directly introduced into the blood. Due to the surface area of the bubbles, the effective surface area for gas exchange is significantly increased. In addition to their benefits, bubbles that induce red cell trauma also have disadvantages. In addition, bubbles must be eliminated from the circuit, which requires a settling chamber and may necessitate an increase in circuit volume.

On the Basis of Application

Based on application, the market is categorized as respiratory and cardiac.

The respiratory segment is expected to have a share of USD 228 million with a CAGR of 6%.

The increasing occurrence of respiratory diseases across the globe is a significant factor driving the growth of the oxygenators market. The ability of oxygenators to serve as a substitute for lungs during surgical procedures, in which they are designed to expose the blood to oxygen and remove carbon dioxide, is anticipated to further stimulate the market.

With a CAGR of 4%, the cardiac segment will have a market share of USD 111 million by 2025.

There has been a global increase in cardiovascular diseases, which are the leading causes of death. World Health Organization (WHO) statistics for 2020 indicated that ischemic heart disease is responsible for 16% of deaths worldwide. Additionally, an estimated 8.9 million deaths were attributed to ischemic heart disease in 2019. The increasing prevalence of cardiovascular diseases leads to an increase in cardiopulmonary surgeries, coronary artery bypass grafting (CABG), and, consequently, the demand for oxygenators.

Impact of covid-19

The pandemic had an overall effect on the global oxygenators market.

COVID-19, which originated in China, extended worldwide, resulting in a global lockdown and complete withdrawal of all movement. Coronavirus is a deadly disease caused by a recently discovered coronavirus. Globally, the mortality rate for people aged 40 and older has elevated. The disease causes severe illness in individuals with medical conditions such as diabetes, cardiovascular disease, and chronic respiratory disease,

In light of the circumstances, a pandemic was declared, which resulted in numerous countries, including China, the United States, and India, implementing lockdowns that harmed the global economy.

Covid-19 provided the market with lucrative growth opportunities, and the prevalence of Cardiopulmonary Disorders, such as stroke, encouraged the entry of new market participants.

Due to delays in surgical procedures during the initial days, the global spread of covid had a significant impact on the oxygenators market. In addition, these devices have the most important critical care features for surgical procedures and the management of patients who have contracted the virus. Consequently, market participants began introducing oxygenator-related products, resulting in increased demand.

Market Recovery Timeline and Challenges

Companies increased their global production of oxygenators to facilitate the adoption of ECMO procedures to treat covid patients. 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.

Recent Developments

• 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