Membrane Oxygenators Market is Predicted to Witness 1.5% CAGR till 2028

The global Membrane Oxygenators Market size is expected to reach USD 141.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 1.5% from 2021 to 2028. Key factors expected to boost the market include the growing prevalence of respiratory failures and cardiopulmonary diseases. Furthermore, there has been a rise in the number of patients suffering from COVID-19 and chronic obstructive pulmonary disease, which can require membrane oxygenators for treatment, enhancing their adoption. Technological advancements in medical devices are expected to further propel their demand in hospitals.

Leading market participants operating in this industry are focusing on developing technologically advanced membrane oxygenators. For instance, in January 2019, Terumo Medical Corporation launched the smallest, lowest prime volume, full-size adult oxygenator-Capiox NX19-with Ultraprime technology. Significant features of this device are it minimizes inflammatory response and provides higher efficiency microemboli removal. Portable adaptors and compact membrane oxygenators in ECMO circuits have also been developed, which help in the transportation of critically ill patients. The recent developments in medical devices are estimated to drive market growth.

Cardiovascular diseases are among the leading causes of death across the globe. As per the WHO, in 2016, around 17.9 million CVD-related deaths were reported globally. A membrane oxygenator is used to treat patients with cardiac and respiratory diseases. ECMO machine removes carbon dioxide and delivers oxygen in patients when the lungs and heart fail to carry out the process of blood oxygenation. Hence, the rising occurrence of cardiac and respiratory disorders is anticipated to create robust growth opportunities.

Related Press Release@ Membrane Oxygenators Market Report

Membrane Oxygenators Market Report Highlights

• North America accounted for the largest revenue share in 2020 owing to the growing innovation in healthcare technologies, reducing healthcare expenditure, and increasing demand for membrane oxygenator devices in hospitals
• By type, the hollow fiber membrane oxygenator segment accounted for the largest revenue share in 2020, as they offer support after cardiac shock as a fast response system
• By application, the cardiac segment is expected to grow at an exponential rate over the forecast period, due to the increasing incidence of cardiac conditions such as cardiac arrest and myocardial infarction
• The neonates segment held a significant market share in 2020, due to increasing incidence of acute respiratory distress syndrome, congenital diaphragmatic hernia, air leak syndrome, respiratory failure, persistent pulmonary hypertension, and pneumonia
• The key companies focus on new product launches, strategic acquisitions, and mergers to attain a larger market share

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