The rising demand for extracorporeal life support by clinicians as a part of intensive care management of acute cardiac and respiratory failures is a key factor driving the ECMO machine market
Albany, NY -- (SBWIRE) -- 12/08/2017 -- The extracorporeal membrane oxygenation (ECMO) technology is gaining increasing acceptance for providing long-term oxygenation support in adult patients with acute cardiac and respiratory failures. The interventional technology has already witnessed wide application in standard clinical practice having been shown promising results among children and neonates, notably in pediatric ECMO. The rising popularity of ECMO technology among clinicians in the intensive care management of acute cardiac and respiratory disorders is a key factor that has led to the evolution of the market. The rising prevalence of cardiovascular disease (CVD) and the growing morbidity of chronic respiratory diseases world over, especially in developing and developed countries, is a key factor propelling the demand for extracorporeal membrane oxygenation machine market. Recent advancements in ECMO machines focused on improving the clinical outcomes bode well for the market.The global extracorporeal membrane oxygenation machine market is forecast to rise from a valuation of US$266.3 Mn in 2017 to reach US$376.0 Mn by end of 2022. The market is projected to expand at a CAGR of 7.1% from 2017 to 2022.
Some of the key trends and factors influencing the growth of the market are described below:
The rising demand for extracorporeal life support by clinicians as a part of intensive care management of acute cardiac and respiratory failures is a key factor driving the ECMO machine market. The vast popularity in managing critically ill patients suffering from severe respiratory failures is a key factor catalyzing the demand for ECMO machines in various regions. The growing demand for prolonged oxygenation support in patients awaiting lung transplantation is a crucial factor accentuating the demand for ECMO technology. In addition, the rising demand for ECMO techniques during critical procedures in the cardiac catheterization lab is boosting the market.
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The prominent use of ECMO machines as a life support modality in several developed nations, such as the U.S., is expected to open up exciting opportunities for market players. The use of ECMO therapy provide a variety of options for anesthesiologists, surgeons, and intensivists. However, the use of ECMO technology is not without complications, which is a key factor likely to hinder its demand. Nevertheless, the growing availability of skilled clinicians and the use of proper techniques are key factors expected to help them get over these challenges. The growing preference of extracorporeal life support for patients with severe cases of acute respiratory distress syndrome (ARDS) is boosting the ECMO machine market. Furthermore, the sprouting of ECMO centers in a number of advanced countries is a prominent trend catalyzing the growth of the market.
Of various modalities used in ECMO machines, the demand for venovenous ECMO is dominant, holding a major share in the global extracorporeal membrane oxygenation machine market. This is primarily attributed to its growing acceptance in providing complete life care support for patients with reversible respiratory failures. The market for venovenous ECMO machines is forecast to be worth US$177.3 Mn by 2022 end.
Regionally, North America leads the global extracorporeal membrane oxygenation machine market and is expected to maintain its lead throughout the forecast period. The regional market is estimated to reach a valuation of US$128.2 Mn by the end of the forecast period. The prevalent demand for ECMO machines is attributed to the rising incidence of lung cancer among men as well as women and the growing mortality associated with this cancer type in advanced nations, notably in the U.S.
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Several prominent players in the extracorporeal membrane oxygenation machine market are adopting the strategy of constant product launches, entering into agreements and partnerships, and opt for geographic expansions, in order to consolidate their shares. Some of the leading players operating in the market are Medtronic Plc., Getinge AB, Terumo Corporation, LivaNova PLC, MicroPort Scientific Corporation, Xenios AG, Nipro Corporation, Eurosets S.r.l., and ALung Technologies, Inc.