Life Support Systems Market Global Industry Analysis, Trends and Forecast, 2018-2028
Rockville, MD -- (SBWire) -- 06/28/2019 --Life Support Systems Market Insights
Life support system is a complex machine which is widely used in the healthcare industry to support the functioning of a different body organs and systems. The adoption of life support systems in cases of major organs failure, such as heart, lungs, or brain, has increased notably in the recent years. These systems are comprised of both invasive and non-invasive systems with wide applications, including surgery support or in case of trauma incidences.
As life support systems help in restoring breathing, and maintain patient's homeostasis, these machines are play an integral role in emergency patient management across intensive care units, emergency departments, as well as neonatal intensive care units (NICU).
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Life Support Systems Market – Notable Developments
Some of the leading players operating in the life support systems market include Livanova plc, Air Liquide, Stryker Corporation, Smith medical, Hamilton Medical, ZOLL Medical Corporation, Fisher & Paykel Healthcare Limited, Allied Healthcare Products, Inc., NivaLova PLC, Royal Philips, Medtronic, Heyer medical AG, Promed Group Co., Ltd., Braile biomedical, Acutronic Medical Systems, GE Healthcare, and Koninklijke Philips N.V.
Notable developments in the competitive landscape of life support systems market include:
In April 2019, Collins Aerospace Systems, a United Technologies subsidiary, received a contract to develop components of the life support system for Boeing Crew Space Transportation (CST)-100 Starliner spacecraft.
Royal Philips launched a new Trilogy Evo portable life support ventilator platform at 2018 European Respiratory Society (ERS) International Congress in France.
In April 2018, LivaNova, a global medical technology company acquired TandemLife. The acquisition of TandemLife will allow LiveNova to complement its portfolio with a wide range of solutions for Extracorporeal Life Support (ECLS) and Percutaneous Mechanical Circulatory Support (pMCS).
Life Support Systems Market Dynamics
High Prevalence of Life Threatening Diseases Prompting Increased Adoption of Life Support Systems in Healthcare Industry
Life support systems market are increasingly witnessing wide adoption in the healthcare industry, on the back of numerous factors, such as growing prevalence of life threatening diseases, accelerating healthcare spending, and improvisations in healthcare infrastructure. As per the Society of Critical Care Medicine, more than 5.7 million patients get admitted to intensive care units (ICUs) in the U.S. annually, mostly with neurologic, cardiac, and respiratory conditions. These growing number of patients are prompting healthcare centers, hospitals, and clinics to invest in life support systems market.
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Inappropriate practices Associated with Ventilators Limiting Growth in Life Support Systems Market
The elevated risk, complexities associated with the life support system operations, and physical as well as emotional pain are some factors that have the potential to restrict growth of the life support systems market. Furthermore, growing number of inappropriate practices linked with life support systems, such as maintaining patients beyond the point by using ventilators are limiting the use of such machines, thereby, dampening market growth.
Life Support Systems Remain a Far Cry for Many Healthcare Centers & Patients Alike
Not every hospital, clinic and patient can bear the high cost of life support systems, which has been limiting the adoption of this highly pricey service. However, some patients opt for life support systems, they usually find it difficult to avail this service for long. Extremely high hospital bills associated with the use of life support systems significantly limit their adoption. Moreover, several small-scale clinics, hospitals, and medical centers don't invest in these systems, which has been restricting growth of stakeholders.
Developed Economies Dominate Life Support Systems Market
Developed regions, such as North America and Europe, are expected to register a significant share in growth of the life support systems market, owing to availability of technologically advanced base for healthcare services. Moreover, the region is the hub of numerous leading market players, and their robust sales growth is supplementing market share of the region. Western Europe also has the potential to register a notable market share due to the presence of well-established medical infrastructure coupled with highly skilled medical professionals. Burgeoning number of R&D initiatives for novel and innovative medical solutions are also promising market growth in the region.
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