by Cardiopulmonary bypass equipment plays a significant role in various cardiovascular procedures such as cardiac bypass surgery. The equipment is used to oxygenate and circulate blood outside a patient’s body during surgery, offering surgeons an open and bloodless field to work in. Rising prevalence of cardiovascular diseases and growing preference towards minimally invasive surgical procedures have increased the demand for cardiopulmonary bypass equipment across the globe. In 2021, over 1.28 million coronary artery bypass grafting surgeries were performed in the United States. Cardiopulmonary bypass equipment allow complex medical procedures to be performed through smaller incisions with less pain and faster recovery times.
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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cardiopulmonary bypass equipment market is the increasing adoption of portable cardiopulmonary bypass equipment systems. Portable systems are self-contained and can operate without facility-based equipment, allowing complex surgeries to be performed outside the traditional hospital setting. For instance, in May 2021, Medtronic received FDA approval for its MicroPort CapioFX Extracorporeal Life Support System, a portable cardiopulmonary bypass device designed for transporting critically ill cardiac patients. Such portable systems help expand access to specialist cardiac care. Another trend is the development of advanced cardiopulmonary bypass equipment integrated with technologies like sensors and data analytics. This allows real-time monitoring of patients’ vital parameters and automation of certain equipment functions, improving safety, efficiency and outcomes.
Porter’s Analysis
Threat of new entrants: The global cardiopulmonary bypass equipment market requires considerable investment in research and development to develop new technologies and compliance with various regulatory norms which poses barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate. The demand for cardiopulmonary bypass equipment is inelastic in nature as these are critical systems required during various cardiac procedures.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of a sizable number of suppliers that compete intensely based on product differentiation, quality, and pricing.
Threat of new substitutes: There exists a low threat of substitute products and technologies in this market as cardiopulmonary bypass equipment is an integral part of various cardiac procedures.
Competitive rivalry: The global cardiopulmonary bypass equipment market witnesses high competition due to the presence of established global as well as regional players.
Key Takeaways
The global cardiopulmonary bypass equipment market growth is expected to witness high growth over the forecast period. 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 6.6% over the forecast period 2023 to 2030.
North America region currently dominates the market and is expected to continue its dominance due to the rising prevalence of cardiovascular diseases, growing geriatric population, and availability of advanced healthcare infrastructure in the region. Europe is expected to grow at a high CAGR during the forecast period owing to the increasing adoption of technologically advanced cardiopulmonary bypass equipment systems and rising healthcare expenditures. Asia Pacific exhibits great growth potential due to rising healthcare awareness, developing healthcare infrastructure and growing medical tourism in the region.
Key players: Key players operating in the cardiopulmonary bypass equipment market are Carl Zeiss AG, EssilorLuxottica SA, Giorgio Armani S.p.A., Guccio Gucci S.p.A, Loch Effects, LVMH Moët Hennessy Louis Vuitton, Marcolin S.p.A., Prada S.p.A, Randolph Engineering, Inc, and Safilo Group SpA. These players are focusing on new product launches and adopting inorganic growth strategies like acquisitions and partnerships to gain competitive advantage in the market
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
