Cardiopulmonary bypass equipment is used during open-heart surgeries to provide temporary blood circulation and oxygenation when the heart is stopped during the surgical procedure. Equipment such as oxygenators, pumps, tubing sets, and cannulae are used for this purpose. Growing prevalence of cardiovascular diseases such as heart failure, strokes, congenital heart diseases, etc. has boosted the demand for cardiac surgeries globally. According to the World Health Organization, cardiovascular diseases account for approximately 17.9 million deaths annually across the globe. Growing awareness about minimally invasive cardiac surgeries and their advantages including less blood loss, shorter hospital stays, faster recovery, and smaller scars have increased the demand for cardiopulmonary bypass equipment.
The global Cardiopulmonary Bypass Equipment Market is estimated to be valued at US$ 120.01 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing awareness of minimally invasive cardiac surgeries and its benefits is expected to drive market growth over the forecast period. Minimally invasive surgeries require use of cardiopulmonary bypass equipment to provide temporary circulation and oxygenation of blood during procedures. Such surgeries are increasingly being preferred over traditional open-heart surgeries owing to benefits like reduced blood loss, smaller incisions, less pain, shorter hospital stays and faster recovery. Moreover, availability of portable cardiopulmonary bypass systems has made such surgeries possible even in ambulatory care settings.
Cardiac surgeries are increasingly being used for treating old age patients, obese patients and patients with multiple comorbidities that were earlier considered high risk for open-heart surgeries. Use of advanced technologies has reduced surgical complexities and risks. This is expected to further increase demand for cardiopulmonary bypass equipment over the forecast period.
Segment Analysis
The cardiopulmonary bypass equipment market is segmented into heart-lung machines, oxygenators, pumps, cannulae and accessories. Among these, the oxygenators segment dominated the market in 2022 accounting for over 30% share. This is because oxygenators are the most crucial component of cardiopulmonary bypass equipment and frequent replacement of oxygenators is required to maintain sterility and safety of patients.
PEST Analysis
Political: Regulations related to safety and efficacy of cardiopulmonary bypass devices are stringent which ensures high quality of products. However, lengthy approval process increases costs.
Economic: Rising healthcare expenditure globally along with increasing prevalence of cardiac diseases are driving the demand for cardiopulmonary bypass equipment market.
Social: Growing awareness about availability of treatment options for heart surgeries and rising lifestyle diseases are augmenting the market growth.
Technological: Advancements in biomaterials, 3D printing and miniaturization have led to developments of more efficient and portable cardiopulmonary bypass devices.
Key Takeaways
Global Cardiopulmonary Bypass Equipment Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global Cardiopulmonary Bypass Equipment Market is estimated to be valued at US$ 120.01 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the market in 2022 accounting for over 35% share owing to large patient pool, availability of reimbursements and presence of major players in the region.
Key players: Key players operating in the cardiopulmonary bypass equipment market are Dow, Henkel, BASF, Nordson, LORD Corporation, H.B. Fuller, Siltech Corporation, Qualcomm, Broadcom, Skyworks Solutions, Qorvo. Key players are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it