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January 2024
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Market Overview: Cardiopulmonary bypass equipment, commonly known as the heart-lung machine, enables the flow of oxygenated blood to bypass the heart and lungs during cardiac surgeries. It consists of components such as pumps, oxygenators, and cannulae. Cardiopulmonary bypass is essential during complex cardiac surgeries such as open-heart surgeries to correct congenital heart diseases and repair or replace heart valves. The growing prevalence of cardiac problems and increasing adoption of minimally invasive cardiac surgeries are major factors driving the demand for cardiopulmonary bypass equipment. Market Dynamics: The growing geriatric population susceptible to heart diseases acts as a key driver for the cardiopulmonary bypass equipment market. According to the United Nations, one in six people will be over 65 years by 2050 globally. The increasing prevalence of diabetes and obesity are major risk factors for cardiovascular diseases, thus propelling the need for surgeries requiring cardiopulmonary bypass. Furthermore, technological advancements fostering the development of miniaturized and portable cardiopulmonary bypass systems are expected to boost the market growth during the forecast period. However, the high costs associated with cardiac surgeries and reimbursement issues in developing regions hinder the widespread adoption of advanced cardiopulmonary bypass equipment. Segment Analysis The cardiopulmonary bypass equipment market is dominated by the heart-lung machine sub-segment. Heart-lung machines, also known as cardiopulmonary bypass machines, are extensively used in open-heart surgeries to temporarily take over the function of the heart and lungs during surgery, making it possible for surgeons to operate on a still heart. These machines oxygenate and circulate the blood through the body while the heart is stopped, and are necessary for surgeons to perform most cardiac surgery procedures with an open heart. They account for over 60% of the overall cardiopulmonary bypass equipment market share. PEST Analysis Political: Regulations regarding safety of cardiopulmonary bypass equipment are becoming more stringent. This has driven manufacturers to invest more in R&D to develop advanced technologies compliant with regulations. Economic: Rising healthcare expenditure and increasing cases of cardiovascular diseases are major macroeconomic factors fueling market growth. However, high costs associated can restrain the market to some extent. Social: Growing public awareness about various heart conditions and their treatment options has increased the demand for cardiopulmonary bypass surgeries. Technological: Manufacturers are increasingly focusing on developing miniaturized cardiopulmonary bypass systems and accessories that can be used for minimally invasive surgeries. Advanced technologies like enhanced blood oxygenation also support market growth. 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 high growth, exhibiting CAGR of 1.7% over the forecast period, due to increasing elderly population who are at higher risk of developing cardiovascular diseases. Regionally, North America dominates the cardiopulmonary bypass equipment market led by the US owing to rising prevalence of heart diseases, availability of advanced healthcare facilities and presence of major market players. Asia Pacific is expected to be the fastest growing market during the forecast period due to increasing healthcare expenditure, rising medical tourism industry and growing medical device companies in countries like China and India. 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. These players are focusing on new product launches and market expansion strategies to strengthen their global footprint. For more insights, read- https://www.rapidwebwire.com/cardiopulmonary-bypass-equipment-market-is-estimated-to-witness-high-growth-owing-to-increasing-number-of-cardiac-surgeries/
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