ECMO Machine Market : Emerging Industry Trends, Top Players and Growth Opportunities
An ECMO machine acts as an artificial heart and lung for a patient whose own heart or lungs cannot provide enough blood flow or get enough oxygen into the blood. The major factors driving the growth of this ECMO machine market include the increasing geriatric population and growth in disease incidence as well as favorable government regulations, investments, and initiatives. The advantages of ECMO machines have played a key part in their adoption; their speed and accuracy, as well as quick processing times. This has pushed companies to focus on product development and innovation.
According to research report global ECMO machine market size is expected to reach USD 673 million by 2026 from an estimated USD 531 million in 2021, at a CAGR of 4.9% from 2021 to 2026.
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Based on product type, the Extracorporeal Membrane Oxygenation Machine Market is segmented into Static ECMO machines and Portable ECMO machines. Portable ECMO machine segment is expected to dominate the market during the forecast period. Portable ECMO machines can be transported to any desired location and are light in weight. These systems are especially used in a variety of imaging-set ups, including intensive care units, cardiac care units, neonatal intensive care units, operating rooms, emergency rooms, and at the patient’s beside for critically ill patients or patients with mobility challenges.
Based on applications, the ECMO machine market is segmented into respiratory, cardiac and ECPR applications. The general respiratory segment is expected to dominate this market during the forecast period. Growth in this market can be attributed to the increasing prevalence of target diseases, high demand for early diagnosis, and technological advancements in the ECMO machines market.
The Extracorporeal Membrane Oxygenation Machine Market is dominated by Getinge Group (Sweden), Medtronic plc (US), Fresenius Medicalcare AG Co. KGAA (Germany), Microport (China), and Terumo Cardiovascular Systems Corporation (Japan). The other leading market players include Livanova plc (UK), Nipro Corporation (Japan), Eurosets S.R.L. (Italy), Origin Biomedical (US), Cytosorbents Corporation (Australia), and Abiomed (US).
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2018–2020 to expand their global presence and increase their market shares in the ECMO machine market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. The ECMO machine market is dominated by Fresenius Medicalcare AG Co. KGAA(Germany), Getinge Group (Sweden), Medtronic plc (US), and Microport (China).
The Extracorporeal Membrane Oxygenation Machine Market is segmented into five major regions—North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. North America is the largest regional market for ECMO machines, whereas the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
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This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
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