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An oxygenator is a medical device that helps in exchange of oxygen and carbon dioxide from the patient’s blood during surgical procedures. These devices provide benefits in management of heart-related disorders mainly cardiovascular, respiratory, and pulmonary. According to world health organization (WHO), cardiovascular disease is the number one cause of death globally. Therefore, oxygenators have been proven to be a source of support treatment for these diseases. Additionally, technological advancements coupled with product launch is expected to drive the product sales during the forecast period.
The major factor driving the global oxygenator market is the rising hospital admissions owing to increased prevalence of coronary heart disease, and other respiratory disorders. This is anticipated to increase the demand and sales of the oxygenator globally thus driving the market growth.
On the flip side, lack of economic constraints of the specialty clinics and hospitals in the lower and middle-income countries to adopt enough oxygenators for patient care is likely to hinder the market growth.
Key Market Driver -
Increasing prevalence of coronary heart disease, strokes, etc.
Key Market Restraint -
Budgetary constraints to hinder market growth
By product type, the global oxygenator market is segmented into bubble oxygenator and membrane oxygenator. Based on application, the market is classified as respiratory, cardiac, extracorporeal cardiopulmonary resuscitation (ECPR).
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global oxygenator market report includes Medtronic plc, EUROSETS, Terumo Medical Corporation, Getinge AB, Livanova Plc, CareFusion, Armstrong Medical, and Others.
The global oxygenator market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global market in 2019, owing to the higher prevalence of respiratory disease patients in the hospitals coupled with increased sales of the oxygenator prototype in the region. For instance, according to the American Medical Association in 2018, about 93.3 million adults have obesity which is the major cause of cardiovascular diseases. Additionally, rising government investment to setup advanced healthcare infrastructure is the factor driving the market growth in Europe. Awareness among the research professionals about the advanced medical devices is driving the adoption of the products in Asia Pacific countries. This along with growing mergers and acquisitions between industry players is likely to promote the sales of the products in countries like China, India, and other countries. Latin America and Middle East & Africa is likely to witness a slower growth due to lack of penetration of the advanced products.
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