Extracorporeal Membrane Oxygenation (ECMO) Market worth over $470mn by 2027
Published Date: July 21, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Extracorporeal Membrane Oxygenation Market size is set to surpass USD 470 million by 2027, according to a new research report by Global Market Insights Inc.
Increasing patient population suffering through severe cardiac and respiratory diseases coupled with growing awareness in developing economies about the availability of extracorporeal membrane oxygenation (ECMO) devices will propel the market growth. Chronic obstructive pulmonary diseases (COPD) is recognized as a major factor responsible for lung failure and concerning health issue. According to World Health Organization, around 3.23 million people died in 2019 due to COPD. This will result in increased demand for extracorporeal membrane oxygenation devices, thereby stimulating the industry progression. Furthermore, growing acceptance of ECMO in hypertension associated sudden arrests, cardiac stroke and other chronic vascular diseases will impel the overall market expansion.
Innovations in ECMO will enhance the customer preference in the future. The fundamental principle of ECMO has been consistent throughout past few years, however, the technical elements are constantly improving. Advances such as integrated systems with additional features and greater accuracy have enabled operators in better functionality. Further, the integration of polymethylpentene (PMP) fiber technology has enhanced development of artificial membranes. Moreover, the introduction of extracorporeal carbon dioxide removal techniques and modified renal dialysis systems in the ECMO devices will boost the overall industry demand in the coming years.
COVID-19 pandemic has positively impacted the extracorporeal membrane oxygenation market progression. ECMO machine functions to provide oxygenation and healing time to pulmonary tissues in severe condition patients affected by acute respiratory distress syndromes. On account of successful outcomes of ECMO machine in clinical trials, the market will witness significant growth opportunities over the short-term. However, high cost of ECMO machines can restraint the adoption up to some extent.
Browse key industry insights spread across 150 pages with 177 market data tables & 13 figures & charts from the report, “Extracorporeal Membrane Oxygenation Market Size By Modality (Venoarterial [VA]l, Veno-venous [VV], Arteriovenous [AV]), By Application (Cardiac, Respiratory, Extracorporeal Cardiopulmonary Resuscitation), By Patient Population (Infant, Pediatric, Adult), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Numerous treatments and advanced applications of ECMO in respiratory and cardiac failure cases will accelerate the market value
Veno-venous extracorporeal membrane oxygenation market is predicted to reach USD 170 million by 2027. Availability of cannulas operated through internal jugular approach will foster the device preference during the forecast period. The benefits associated with these devices including ease of mobilization, lower rate of recirculation and reduced risk of bleeding will fuel the segment growth. Moreover, increased use of ECMO machines to treat patients with severe COVID-19 infection will spur the overall business growth.
Rising number of cases with respiratory failures will drive the extracorporeal membrane oxygenation market revenue
The respiratory failure segment dominated more than 65% of revenue share in 2020 owing to the increase in number of patients affected by various severe diseases such as strokes, pulmonary and cardiovascular conditions will augment the ECMO devices’ demand. According to the World Health Organization, approximately 200 million patients are affected by COPD and nearly 180,000 people suffer from asthma each year.
Different respiratory diseases and infections among pediatric segment will surging the market demand for ECMO
The pediatric segment accounted for USD 100 million in 2020. The device is used in treatment of distinct diseases among pediatric population such as pneumonia, meconium aspiration syndrome, congenital diaphragmatic hernia (CDH), respiratory distress syndrome (RDS) among others. In addition, birth defects, trauma and infections are prominent factors for lung disorders in pediatric patients. Thus, growing prevalence of chronic and infectious disease among young population will impact the segment size.
Increase prevalence rate of patients with cardiac and respiratory failures in the European countries will influence the industry expansion
Europe extracorporeal membrane oxygenation market is anticipated to showcase over 2.6% growth rate through 2027. Growing usage of innovative ECMO devices due to high affordability of authorized bodies and hospitals in European countries will accelerate the industry revenue. Rising demand for ECMO in countries that are highly affected with COVID-19 will positively impact the regional growth. Additionally, increasing healthcare spending and development in facilities will fostering the industry value.
Acceptance of innovative technologies stimulate business expansion of the industry players
Prominent companies operating in the market are Abbott Laboratories, ALung Technologies, Medtronic plc, LivaNova, Terumo Corporation, and Nipro among others. The participants are continuously improving ECMO machines by adopting new technologies for better precision and outcomes.