Market Research Report
Extracorporeal Membrane Oxygenation Market Size By Modality, By Application, By Patient Population, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
|Extracorporeal Membrane Oxygenation Market Size By Modality, By Application, By Patient Population, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030|
Published: June 7, 2022
Global Market Insights Inc.
Content info: 154 Pages
Delivery time: 2-3 business days
The extracorporeal membrane oxygenation (ECMO) market is speculated to grow massively by 2030 owing to increasing cases of cardiopulmonary diseases and respiratory failures. In addition, rising prevalence of infectious diseases, along with surging awareness of various benefits of ECMO devices, are likely to augment market growth in the forthcoming years.
During the COVID-19 pandemic, the market witnessed an exponential demand due to the growing requirement for extra life support systems for critically ill patients. Notably, favorable government policies and supportive investments in the ECMO sector have further boosted market revenue. For instance, in May 2022, North Collier Hospital (NCH) Healthcare System, a non-profit healthcare system in Naples, Florida, invested heavily in ECMO machines to provide extra life support to heart patients. NCH stated that it was equipped to provide 8 ECMO patients with a few hours or weeks of support at a time.
Moreover, major players in the industry are actively participating in product innovation and technological advancements to maintain a prominent position in the ECMO market, thereby positively impacting the product landscape. For instance, in August 2020, Terumo Cardiovascular, a medical device company, collaborated with CytoSorbents, a critical care immunotherapy expert, for the sale of CytoSorb to hospitals across ten COVID-19 hotspot states in the U.S. for use in critically ill, adult patients with confirmed or imminent respiratory failure.
The extracorporeal membrane oxygenation (ECMO) market has been divided in terms of patient population, modality, application, and region.
Based on modality, the ECMO industry has been divided into veno-venous (VV), venoarterial (VO), and arteriovenous (AV). The veno-venous (VV) segment is expected to witness growth at around 1.9% CAGR through the analysis period. The growth is attributed to the noteworthy benefits of VV, such as temporary lung assistance and cardiopulmonary support delivered to patients.
With reference to application, the extracorporeal membrane oxygenation (ECMO) market has been split into extracorporeal cardiopulmonary resuscitation (ECPR), cardiac, and respiratory. The respiratory application segment held over 65.0% market share in 2021 and is slated to progress remarkably through the forecast period as a result of booming demand for respiratory assistance devices for patients suffering from respiratory illnesses like chronic obstructive pulmonary disease (COPD).
With regards to patient population, the ECMO industry has been categorized into adult, pediatric, and infant. In 2021, the adult segment garnered approximately 40.0% revenue share. A significant increase in ECMO procedures among adults and high vulnerability of the geriatric population to COVID-19 are anticipated to accelerate product adoption over the study timeframe.
In the regional landscape, the Latin America extracorporeal membrane oxygenation (ECMO) market is estimated to grow at a CAGR of about 3.1% from 2022 to 2030 on account of mounting investment in research & development activities, growing patient population base, and expanding presence of leading players in the LATAM region.