Oxygenators Market to Grow at an Impressive CAGR During the Forecast Period
Surge in demand for minimally invasive procedure to drive the growth of Global Oxygenators Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Oxygenators Market By Product Type (Bubble Oxygenator v/s Membrane Oxygenator), By Type (Adult Oxygenators v/s Pediatric Oxygenators), By Application (Respiratory, Cardiac, COVID-19, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, the global oxygenators market is expected to show an impressive growth in the upcoming five years. The market growth can be attributed to the global prevalence of various coronary heart diseases and strokes due to changing lifestyles, leading to a rise in surgical interventions, favorable reimbursement initiatives, and rapid growth of the geriatric population. Moreover, there is a rising burden of cardiovascular diseases across the world, which is the leading cause of death. As per the 2020 statistics provided by the World Health Organization (WHO), ischemic heart disease is responsible for 16% of the world’s total deaths. As per the same source, an estimate of 8.9 million deaths were reported for ischemic heart disease in 2019. The rising prevalence of cardiovascular diseases is driving cardiopulmonary surgeries and coronary artery bypass grafting (CABG), which may increase the demand for oxygenators.
Oxygenators are medical devices that are responsible for exchanging oxygen and carbon dioxide while the patient is undergoing a surgical procedure in case the procedure requires termination or suspension of blood flow to a vital blood vessel or organ in the body. Oxygenators are primarily used in cardiopulmonary surgeries and are used in concurrence with a heart-lung machine. They are also used by nurses in neonatal intensive care for extracorporeal membrane oxygenation and in case of respiratory failure. The enhanced oxygenators are designed in a manner that strives to maximize the amount of oxygen, carbon dioxide, and other gases that can be transferred at a given blood flow rate to make gas transport and regulation easy during a surgical procedure. Increasing cardiovascular diseases require extensive and elaborative treatment that requires the oxygenators during the treatment, thus the market is anticipated to grow in the upcoming years.
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The global oxygenators market is segmented by product type, type, application, end user, regional distribution, and competitive landscape. Based on type, the market is further bifurcated into adult oxygenators and pediatric oxygenators. Adult oxygenators are expected to hold the largest market share on the account of increased number of adult and geriatric population that is more prone to cardiovascular diseases.
Based on application the market is further fragmented into respiratory, cardiac, COVID-19, and others. Cases of COVID-9 are increasing worldwide. Announced as a pandemic by World Health Organization in March 2020, the virus is still spreading in various countries with variant strains of the virus. The treatment for the patients requires oxygenators thus the application segment is anticipated to hold the largest market share in the next five years. Also, cardiovascular diseases are rapidly increasing in the world and the surge in the number of patients is driving the growth of the market in the next five years.
Some of the major competitors in the market are Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., Koninklijke Philips N.V., Toshiba Corporation, Agilent Technologies, Inc., Illumina, Inc., Merck KGaA, Danaher Corporation, bioMérieux SA, Beckman Coulters Inc., Quidel Corporation, DiaSorin S.p.A., among others.
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“North America is a promising region for the growth of the market. The region has proven its dominance in the historical years, and with the rising prevalence of favorable reimbursement policies and well-developed hospital infrastructure, there is expected to be a boost in the market growth in the region. First polymethyl pentene (PMP) hollow fiber oxygenator was approved by the US Food and Drug Administration (FDA) in 2008 to be used for extracorporeal support in the US. The market in Asia Pacific is expected to expand at a rapid CAGR during the forecast period owing to technological advancements, a large patient pool, and rise in adoption of surgical intervention to manage the cardiovascular disease burden,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm. “Global Oxygenators Market By Product Type (Bubble Oxygenator v/s Membrane Oxygenator), By Type (Adult Oxygenators v/s Pediatric Oxygenators), By Application (Respiratory, Cardiac, COVID-19, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global oxygenators market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global oxygenators market.
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