Centrifugal Blood Pumps Market Value to Reach US$ 154.3 Million by 2033, as per Transparency Market Research, Inc.
The increase in demand for extracorporeal support systems in cardiac surgeries is fueling growth opportunities in the centrifugal blood pumps market
Wilmington, Delaware, United States, , Feb. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Centrifugal Blood Pumps Market is projected to expand at a CAGR of 7.2% from 2023 to 2033, as per the market outlook by TMR.
Electronic centrifugal blood pumps have gained traction in the past few years owing to their advantages, such as process optimization, due to which centrifugal blood pump systems help reduce the overall cost of cardiopulmonary bypass procedures. These pumps demonstrate less stress on RBCs, or red blood cells, and a lower systemic inflammatory response in comparison to roller pumps. In terms of type, the electronic segment accounted for a substantial share of the global market in 2022. As per the TMR study, the segment is projected to expand at a CAGR of 7.5% during the forecast period.
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Centrifugal Blood Pumps Market: Growth Drivers
An increase in the number of cardiac surgeries across the globe is expected to drive demand for centrifugal blood pumps
A rise in the prevalence of acute respiratory and cardiac failure is fueling market demand
Key Findings
In terms of end-user, the hospital's segment held a substantial revenue share of the global centrifugal blood pumps industry. The segment is likely to expand at a CAGR of 7.6% between 2018 and 2023. This growth is ascribed to the availability of next-generation healthcare facilities and skilled healthcare providers who can deliver a wide range of superior cardiac treatments. As per TMR’s market research report, the segment is expected to continue showing significant growth during the forecast period owing to a rise in the number of cardiac patients admitted to hospitals.
The ambulatory surgery center end-user segment is anticipated to show rapid growth in the next few years due to an increase in awareness about ambulatory surgery facilities in Europe, Southeast Asia, and the U.S. Moreover, the presence of favorable reimbursement policies and an increase in investments supporting the expansion of the ASC industry is projected to drive segment growth during the forecast period.
Extracorporeal membrane oxygenation, or ECMO, is a next-generation life support system that targets the lungs and heart of a patient. This technology is generally indicated in acute severe pulmonary or cardiac failure that is not responding to traditional treatment solutions and is potentially reversible. Demand for extracorporeal support systems is projected to increase in the next few years, which in turn is likely to boost the sales of centrifugal blood pumps.
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Regional Analysis
The research report by TMR projects the global centrifugal blood pumps industry to witness significant business opportunities in the Asia Pacific during the forecast period. This can be ascribed to the rise in the focus of emerging economies, such as India and China, on increasing accessibility to next-generation treatment solutions, an increase in the number of interventional cardiac surgeries, and growth in the adoption of cardiac assist devices in cardiopulmonary bypass processes.
Centrifugal Blood Pumps Market: Competition Landscape
Manufacturers are increasing investments in R&D activities in order to develop devices with reduced thrombogenicity and higher hemocompatibility
Companies are focusing on the development of devices incorporating bearingless motor technology
Leading manufacturers are increasing efforts to develop cost-efficient extracorporeal circulatory systems suitable for cardiopulmonary bypass surgeries
Players are adopting strategies of acquisition and product launch in order to stay ahead of the competition
Centrifugal Blood Pumps Market: Key Players
Thoratec Corporation
Medtronic Plc
Terumo Corporation
Braile Biomedica Ltd.
Qura Srl
XENIOS AG
LivaNova, PLC
Getinge AB
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Centrifugal Blood Pumps Market Segmentation
By Type
Electronic
Mechanical
By End-use
Hospitals
Ambulatory Surgical Centers
Specialty Clinics
Other End-uses
By Region
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Spain
Netherlands
Rest of Europe
APAC
Japan
China
India
Australia
South Korea
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of Latin America
MEA
South Africa
Saudi Arabia
UAE
Rest of MEA
About Transparency Market Research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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