Market Overview:
Cardiopulmonary bypass equipment consists of oxygenators, blood pumps, heart-lung bypass machines, cannulae, and connecting tubes and lines. It enables the safe circulation of blood throughout the body during open heart surgeries. These systems ensure proper oxygenation and circulation of blood during complex cardiac procedures like coronary bypass and heart valve surgery. The rising demand for efficient cardiac treatments and surgical procedures globally is expected to drive the growth of the cardiopulmonary bypass equipment market.
Market key trends:
The advancements in cardiopulmonary bypass equipment is the major key trend fuelling the market growth. Manufacturers are focusing on developing innovative cardiopulmonary bypass technologies to perform complex surgeries effectively and reduce surgical risks. For instance, new cardiopulmonary bypass systems are integrated with automated functions which mimic physiological functions and provide advanced surgical support. Miniaturized cardiopulmonary bypass devices are also gaining popularity due to their ease of operation. Moreover, the growing adoption of durable and portable cardiopulmonary bypass machines suitable for emergency procedures boosts the market expansion.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty discourage new players from entering the market.
Bargaining power of buyers: Due to the importance of cardiopulmonary bypass equipment in critical surgeries, buyers cannot exert much pressure on pricing.
Bargaining power of suppliers: Major players control the supply chain resulting in less bargaining power for suppliers.
Threat of new substitutes: No alternative substitutes exist currently for cardiopulmonary bypass equipment.
Competitive rivalry: Intense competition exists among key players to gain market share through product innovation and geographical expansion.
SWOT Analysis
Strengths: Technological advancements help improve patient outcomes. Established brand names ensure customer trust and loyalty.
Weaknesses: High costs involved discourage uptake in low resource settings. Complications associated with long bypass times.
Opportunities: Rising prevalence of cardiac diseases worldwide. Untapped growth potential in emerging economies.
Threats: Stringent regulatory processes delay product launches. Supply chain disruptions amid pandemic situations.
The global Cardiopulmonary Bypass Equipment Market Demand is estimated to be valued at US$ 120.01 Mn 2023 and is expected to exhibit a CAGR of 1.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Cardiopulmonary Bypass Equipment Market is expected to witness a CAGR of 1.7% over the forecast period, due to the increasing prevalence of cardiovascular diseases globally. The market stood at US$ 120.01 Mn in 2023 and is projected to reach US$ 137.6 Mn by 2030.
North America dominated the cardiopulmonary bypass equipment market in 2023 with over 34% share. This is attributed to the rising healthcare expenditure, availability of advanced healthcare facilities and presence of key market players in the region. Asia Pacific exhibits the fastest growth during the forecast period supported by improving access to healthcare in countries like India and China.
Key players operating in the cardiopulmonary bypass equipment market are Medtronic Plc, LivaNova PLC, MAQUET Holding B.V. & Co. KG., Terumo Corporation, Braile Biomedica, and Tianjin Medical. Players are focusing on new product launches with advanced features as well as strengthening their distribution networks globally.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
