Cardiopulmonary Bypass Equipment Market is Estimated to Witness High Growth Owing to Opportunity in Rising Prevalence of Cardiovascular Diseases
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| Cardiopulmonary Bypass Equipment Market |
Cardiopulmonary bypass equipment play a vital role in cardiovascular surgeries such as coronary artery bypass graft surgery (CABG) by performing the function of heart and lungs during an operation. These equipments help sustain the patient's life by pumping oxygen-rich blood throughout the body and removing carbon dioxide from the blood during surgery. They consist of components such as oxygenators, pumps, cannula, and tubing sets which enables diverting blood around the heart and lungs through an extracorporeal circuit. Growing prevalence of cardiovascular diseases and rising cases of coronary artery bypass graft surgery have boosted the demand for reliable cardiopulmonary bypass equipment worldwide.
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 Opportunity:
The rising prevalence of cardiovascular diseases is one of the major
opportunities fueling the growth of the cardiopulmonary bypass equipment
market. According to the World Health Organization, cardiovascular diseases are
the leading cause of death globally, taking an estimated 17.9 million lives
each year. With growing cases of coronary artery disease, cerebrovascular disease
and rheumatic heart disease, the demand for cardiovascular operations involving
cardiopulmonary bypass equipment is also accelerating. With rapid technological
advancements, manufacturers are introducing novel equipments integrated with
advanced features which reduces complication risks and improves safety during
surgeries. The development of portable miniaturized cardiopulmonary bypass
systems further amplifies their adoption rate across healthcare facilities.
Thus increasing incidence of heart conditions provides significant scope for
cardiopulmonary bypass equipment manufacturers over the forecast period.
Porter’s Analysis
Threat of new entrants: The cardiopulmonary bypass equipment market requires
high R&D investment and regulatory approvals which increases entry barriers
for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as
customers have multiple product and brand options to choose from.
Bargaining power of suppliers: A few major players dominate the supply side
giving them significant influence over pricing.
Threat of new substitutes: There exists a low threat from substitutes as
cardiopulmonary bypass equipment is an important component in cardiac surgeries
with no close substitutes.
Competitive rivalry: The market sees intense competition among existing players
to gain market share through product innovation and quality.
SWOT Analysis
Strength: Advanced technologies like miniaturized systems and centrifugal pumps
have improved portability and efficiency. Growing demand for cardiac surgeries
is a key strength.
Weakness: High costs associated with R&D, regulatory standards and recalls
limit affordability. Lack of skilled professionals in some regions.
Opportunity: Rising geriatric population prone to cardiovascular diseases
presents lucrative growth prospects. Emerging economies offer untapped market
potential.
Threats: Stringent regulatory approvals and recalls delay market entry.
Political, economic and trade dynamics impact business environment.
Key Takeaways
Global
Cardiopulmonary Bypass Equipment Market Size is expected to witness
high growth over the forecast period driven by growing number of cardiac
surgical procedures worldwide. 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.
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