Extracorporeal Membrane Oxygenation Machine Market Size, Share & Trends Analysis Report By Component (Pumps, Oxygenators), By Modality, By Application (Respiratory, Cardiac), By Patient Type, And Segment Forecasts, 2020 - 2027
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Extracorporeal Membrane Oxygenation Machine Market Size, Share & Trends Analysis Report By Component, By Modality, By Application, By Patient Type And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05867052/?utm_source=GNW
The global extracorporeal membrane oxygenation machine market size is expected to reach USD 394.9 million by 2027., registering a CAGR of 4.5% over the forecast period. The market is primarily driven by increasing incidence of cardiopulmonary and respiratory diseases and technological advancement in the field of extracorporeal membrane oxygenation (ECMO) procedures. Cardiovascular disease is one of the leading causes of death globally. According to WHO, 17.9 million people died from cardiovascular diseases in 2016. In addition, according to the Extracorporeal Life Support Organization, a total of 45,035 patients globally suffered from respiratory illnesses in 2016. Increasing awareness about ECMO procedures, coupled with various government initiatives, are further propelling the market for extracorporeal membrane oxygenation machines.
Increasing survival rate of cardiac and respiratory patients undergoing ECMO machine-supported surgery is also driving the ECMO machine market.Application of extracorporeal membrane oxygenation machine in procedures has increased over the years.
This machine was traditionally used in cases of circulatory or respiratory failure.However, its applications have expanded to be used as rescue therapy for post-organ transplantation and sepsis and in cases of heart failure.
The use of extracorporeal membrane oxygenation machines has been rising gradually worldwide owing to its benefits such as acting as an artificial lung for patients and growing awareness about its use.Moreover, increasing healthcare expenditure by government and private agencies in order to improve healthcare facilities are fueling the market for extracorporeal membrane oxygenation machines.
According to the American Heart Association, medical expenditure related to CVDs is expected to reach USD 960 billion by 2030, rising from USD 320 billion in 2011.
Further key findings from the report suggest:
• By component, the oxygenators segment accounted for the leading revenue share in 2019 owing to its high cost and usage
• Based on modality, veno-arterial ECMO machines held the dominant market share in 2019 and is also expected to register the fastest growth rate during the forecast period
• On the basis of patient type, the adult segment is likely to exhibit a rapid pace over the course of the forecast period owing to rising incidence of cardiac and pulmonary diseases
• The respiratory application segment emerged as the leading revenue contributor in the ECMO machine market in 2019 and is also expected to grow at the fastest rate
• North America accounted for the largest share in 2019 owing to favorable reimbursement policies, presence of key players, and government initiatives
• Leading players in the extracorporeal membrane oxygenation machines market include Nipro Medical Corporation Medtronic plc, Microport Scientific Corporation, Sorin Group, MAQUET Holding B.V. & Co. KG, Terumo Cardiovascular Systems Corporation, and Medos Medizintechnik AG. Major players are focusing on technological collaborations and product launches to stay ahead.
Read the full report: https://www.reportlinker.com/p05867052/?utm_source=GNW
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