Global Extracorporeal Membrane Oxygenation Machine Market: Snapshot
The development of the healthcare facilities and the rising investment by the leading players have supported the growth of the global extracorporeal membrane oxygenation machine market in the last few years. The rising awareness among consumers and the willingness to spend a large amount on medical services are projected to enhance the growth of the market in the next few years.
According to the market research study published by Transparency Market Research, in 2016, the global market for extracorporeal membrane oxygenation machine was worth US$307.00 mn and is projected to reach a value of US$487.40 mn by the end of 2025. The market is likely to register a healthy 5.40% CAGR between 2017 and 2025.
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Rise in Number of Extracorporeal Membrane Oxygenation Centers to Encourage Growth
The rising prevalence of respiratory and cardiovascular diseases and the rise in the number of ECMO centers are some of the major factors that are projected to encourage the growth of the global extracorporeal membrane oxygenation machine market in the next few years. The rise in the adoption of ECMO in lung transplantation procedures is another key factor that is likely to accelerate the growth of the market in the near future. In addition to this, the increasing research and development activities and technological advancements are projected to support the growth of the market and offer promising growth opportunities for the market players in the next few years.
On the flip side, the lack of skilled professionals and the high cost of extracorporeal membrane oxygenation procedures are considered as major challenges, which are expected to hamper the growth of the market in the near future. Moreover, the complications that are associated with these machines are estimated to restrict the market growth in the near future. Nonetheless, the rising survival rates with the use of extracorporeal membrane oxygenation machine is projected to accelerate the growth of the overall market in the next few years.
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Rising Adoption of Advanced technology to Drive North America Market
The global market for extracorporeal membrane oxygenation machine has been classified on the basis of geography into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. In 2016, North America led the global market and held a major share. This region is projected to continue with its dominance in the next few years, thanks to the availability of advanced healthcare infrastructure and the rising acceptance of technology. North America is projected to be followed by Europe, which is likely to maintain its second position in the next few years. The presence of several leading players and the high investments on research and development activities are projected to accelerate the growth of the market in the next few years. Furthermore, Asia Pacific is predicted to witness a high growth in the coming few years, owing to the rising prevalence of respiratory diseases, rising investments, and the development of the healthcare infrastructure.
The global market for extracorporeal membrane oxygenation machine is a highly competitive market with a huge number of players operating across the globe. The market is expected to witness an entry of new players in the next few years, thanks to which the level of competition is projected to increase significantly among the key players. The key players in the market are focusing on the innovative business strategies, which is projected to enhance the competitive environment of the market and support the key players for market penetration across the globe. In addition to this, the development of new products and the increasing research and development activities are estimated to accelerate the growth of the overall market in the coming few years. Furthermore, the rising mergers and acquisitions and collaborations are predicted to offer promising growth opportunities for the market players in the next few years. Some of the key players operating in the extracorporeal membrane oxygenation machine market across the globe are Getinge AB, EUROSETS, LivaNova PLC., Terumo Corporation, Medtronic plc., Hemovent GmbH, XENIOS AG, and Nipro Corporation.