Oxygenator Market size in 2019 is estimated to be $146 million, growing at a CAGR of 5.3% during the forecast period 2020-2025. Oxygenator are medical devices that are often used in the medical environment. They are used in the surgical procedures that have the ability to exchange oxygen and carbon dioxide while the patient is undergoing a surgical procedures. An oxygenator is typically utilized by a perfusionist during cardiac surgery and is capable of exchanging oxygen and carbon dioxide in the blood of patients. Rise in prevalence of cardiovascular disease and changing lifestyle are the major factors driving the growth of the market. Moreover, growing geriatric population and rising adoption of surgical procedures further enhance the overall market demand for Oxygenators during the forecast period 2020-2025.
Product - Segment Analysis
Based on the Product, oxygenator market is segmented into bubble oxygenator and membrane oxygenator. The membrane oxygenator is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 4.9% during the forecast period 2020-2025. This is mainly owing to less hemolysis, less blood trauma and less bleeding. Moreover, reducing the damage and thrombosis of patients that are contributing to the growth of this segment.
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End-User - Segment Analysis
Based on the end-user, oxygenator market is segmented into hospitals, clinics and ambulatory surgical centers. In 2019, hospital held the largest share in the oxygenator market. Growing demand for efficient and effective surgery with shorter recovery time and reduced hospital stay are key factors driving the growth of this segment. The availability of advanced technologies and demand for surgical procedure is also contributing to the growth of this segment.
Geography - Segment Analysis
North America dominated the oxygenator market share accounting for 32% of the market in 2019. This is mainly owing to the improved patient safety and awareness among patients about health. According to U.S. Food and Drug Administration, more than 300,000 patients suffering from acute cardiac or respiratory disease. North America launches new TandemLung Oxygenator and pond pump oxygenator that is approved by FDA for the protection of patients from the negative effects of respiratory function.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to technological advancement and increase in healthcare expenditure.
Drivers – Oxygenator Market
Increasing Prevalence of Cardiovascular disease
Rise in prevalence of cardiovascular disease and growing geriatric population are some factors driving the growth of oxygenator market. During cardiac surgery, the work of heat and lungs can be replaced by using oxygenator machine which is driving the growth of oxygenator market. Moreover, rising awareness of patient safety and growing cardiovascular surgery are also set to increase the market growth.
Technological Advancements
Technological Advancements and changing lifestyle are some factors driving the growth of the market. Moreover, technological evolution in the medical industry has increasing the number of surgeries and increasing awareness towards treatment further contributing to the growth of oxygenator market.
Challenges – Oxygenator Market
The high cost of oxygenator devices are challenging the growth of the market. Moreover, rising complications from direct contact with blood and unavailability of proper healthcare infrastructure are further restraining the growth of the market. Hence, the increased cost of oxygenator device is a major factor restraining its market growth during the forecast period 2020-2025.
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Oxygenator Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Oxygenator Market. Oxygenator top 10 companies are LivaNova PLC, Medtronic, EUROSETS, Chalice Medical Ltd, MAQUET Holding B.V. & Co. KG., XENIOS AG, Weigao group, MicroPort Scientific Corporation, and Terumo Medical Corporation.
Developments:
23 September 2019: Medtronic plc had collaborated with researchers and clinicians for the interventional and surgical treatment of cardiovascular disease. The company offers products and services that deliver to healthcare consumers.
31 October 2019: Terumo Corporation had acquired Kikuna memorial Inc. and Inogen Inc. to develop technology such as hyperbaric chamber, oximeter for monitoring a person’s oxygen saturation and to improve surgical procedure.
Key Takeaways
In 2019, North America dominates the oxygenator market owing to improved patient safety and awareness among patients about health.
Rise in prevalence of cardiovascular disease, changing lifestyle and technological advancement is driving the market growth of oxygenator.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the oxygenator market report.
The high cost of devices and rising complications arising from direct contact with blood are challenging the growth of the market.
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