Extracorporeal Membrane Oxygenation Market Demand, Future Trend And Recent Development By Forecast 2028

According to Premium Market Insights new research study on "Extracorporeal Membrane Oxygenation Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Modality, Application, and Age Group," the market was valued at US$ 546.73 million in 2021 and is projected to reach US$ 677.64 million by 2028. It is estimated to grow at a CAGR of 3.1% from 2022 to 2028. The rising prevalence of cardiovascular diseases and respiratory failures and the growing adoption of extracorporeal membrane oxygenation in lung transplantation procedures are driving the market growth. However, the high cost of vaccine development hampers the market growth.

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Some Of the Major Players Influencing are 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 highlights the key factors driving the market and prominent players with their developments. The growth of the extracorporeal membrane oxygenation market 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 hinder the growth of the market.

Rising Prevalence of Cardiovascular Diseases and Respiratory Failures Drives extracorporeal membrane oxygenation Market Growth

Extracorporeal membrane oxygenation (extracorporeal membrane oxygenation) is a heart-lungs bypass machine. extracorporeal membrane oxygenation equipment is used in the treatment of cardiovascular diseases and respiratory failures. Millions of deaths due to cardiovascular diseases (CVDs) are recorded every year across the world. CVDs majorly cause mortality and morbidity in Europe, accounting for 45% of deaths in the region and 37% in the European Union (EU). As per the study 'Global Burden of Disease Study 2019,' CVDs were among the leading causes of death in Asia in 2019, causing 10.8 million fatalities (35% of the total fatalities). According to the 2022 Heart Disease & Stroke Statistical Update Fact Sheet, Global Burden of Disease, an estimated 119.1 million patients died of CVDs across the world in 2020. It also stated that the global prevalence of stroke and ischemic stroke in 2020 was 89.1 million and 68.2 million, respectively. High instances of CVDs are observed in North America. As per the National Center for Chronic Disease Prevention and Health Promotion, Division for Heart Disease and Stroke Prevention, ~697,000 people succumbed to heart disease in the US. According to the American Heart Association, over 130 million people in the US (45.1% of total population) are likely to get affected by some form of cardiovascular disease by 2035. Further, according to the National Library of Medicine, in 2022, about 400,000 coronary artery bypass grafting (CABG) surgeries are performed every year.

Chronic obstructive pulmonary disease (COPD) causes obstruction in the airflow from the lungs, which can lead to respiratory failure. It is one of the life-threatening illnesses that cause millions of deaths across the world. According to World Health Organization (WHO), COPD was the third leading cause of death, which caused 3.23 million deaths across the globe in 2019. About 90% of COPD deaths occur in low- and middle-income countries. According to the Centers for Disease Control and Prevention (CDC), in 2020, COPD was the sixth leading cause of death in the US. Therefore, the growing prevalence of cardiovascular diseases and respiratory failures drives the growth of the extracorporeal membrane oxygenation market.

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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. The venoarterial extracorporeal membrane oxygenation segment held the largest share of the market in 2021 and is anticipated to register a CAGR of 3.1% in the market during the forecast period. Venoarterial (VA) extracorporeal membrane oxygenation supports the patient's heart and lungs by pushing the blood through the circuit without getting through the patient's heart. This type of extracorporeal membrane oxygenation takes blood out of a large vein and back it into a large artery, allowing oxygen-rich blood to circulate through the body even if the heart is too weak to pump. Veno-arterial extracorporeal membrane oxygenation (VA-extracorporeal membrane oxygenation) has been widely applied over the last decade. It is an effective and valuable therapeutic option in refractory cardiogenic shock of various etiologies. It showed promising results in the specific setting of in-hospital cardiac arrest, and survival rates with good neurological outcomes are reported between 20% and 40%.

Based on application, the global extracorporeal membrane oxygenation market is bifurcated into respiratory and cardiology. The respiratory segment held a larger share of the market in 2021 as extracorporeal membrane oxygenation is used for patients recovering from lung failure. Acute respiratory distress syndrome (ARDS), Blockage in a pulmonary artery in the lungs (pulmonary embolism), and COVID-19 are a few lung diseases where extracorporeal membrane oxygenation is used. extracorporeal membrane oxygenation can support patients body in total absence of lung function. However, the cardiology segment is anticipated to register a CAGR of 3. 6% in the market during the forecast period. extracorporeal membrane oxygenation is also used to support people affected by heart disease that cannot be cured while they wait for an organ transplant. It is used in the treatment of heart attack (acute myocardial infarction), heart muscle disease (decompensated cardiomyopathy), and heart failure. As per the WHO, in 2019, due to CVDs ~17.9 million deaths were recorded accounting for 32% of all global deaths. Increasing prevalence of cardiovascular diseases is likely to increase the demand for extracorporeal membrane oxygenation machines in the coming years.

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Food and Drug Administration, Ministry of Statistics and Program Implementation, National Institute of Statistics and Geography, and National Medical Products Administration are a few of the major primary and secondary sources referred to while preparing the report on the extracorporeal membrane oxygenation market.
Table Of Contents
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Extracorporeal Membrane Oxygenation Market - By Modality
1.3.2 Global Extracorporeal Membrane Oxygenation Market - By Application
1.3.3 Global Extracorporeal Membrane Oxygenation Market - By Age Group
1.3.4 Global Extracorporeal Membrane Oxygenation Market - By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Extracorporeal Membrane Oxygenation Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 Middle East & Africa PEST Analysis
4.2.5 South & Central America PEST Analysis
4.3 Experts Opinion
5. Extracorporeal Membrane Oxygenation Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Prevalence of Cardiovascular Diseases and Respiratory Failures
5.1.2 Growing Adoption of Extracorporeal Membrane Oxygenation in Lung Transplantation Procedures
5.2 Market Restraints
5.2.1 Complications Associated with Extracorporeal Membrane Oxygenation
5.3 Market Opportunities
5.3.1 Increasing Survival Rates with Extracorporeal Membrane Oxygenation
5.4 Future Trends
5.4.1 Surging Product Developments and Approvals
5.5 Impact Analysis
Continued…...!

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