Heart-lung machines: Key market research findings
- Rise in medical tourism spurs market growth
- The Americas dominates the market geographically
- Key vendors – LivaNova, MAQUET, Medtronic, and Terumo Medical
Technavio’s market research analysts predict the global heart-lung machines market to grow at a CAGR of around 4% between 2016 and 2020. The market’s growth is augmented by the increase in the medical tourism in APAC. The prevalence of cardiovascular diseases (CVDs) have resulted in the increased the demand for cardiac surgeries. The affordable healthcare services available in APAC attract patients from developed countries such as the UK, Canada, and the US. By 2020, Americas is expected to continue its dominance over the global heart-lung machine market by accounting for a market share of more than 39%. A rise in the number of surgeries coupled with technological advances will fuel growth in the market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the heart-lung machine segments based on the end-user.
“Recently, portable heart-lung machines have been gaining much traction in the market. Portable heart-lung machines weigh less and occupy less space in operating rooms unlike conventional heart-lung machines, but are quite expensive. To reduce the financial burden on hospitals, vendors have developed portable heart-lung machines that can operate on rechargeable battery and can be transported to any part of the hospital. Such machines enable physicians to provide extracorporeal circulation to patients who are in the critical stage during any emergency period, either in an ambulatory setting or operating rooms,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the ambulatory surgical centers (ASCs) segment accounted for almost 63% of the overall market space to become the key revenue generator in the global market. ASCs help patients save on the cost and duration of treatment. They include advanced operating equipment, surgeons, skilled staff, and operating and recovery rooms, but without the complex administrative procedures, which sometimes delay treatment and often burden most of the hospitals.
The key vendors in the market include LivaNova, MAQUET, Medtronic, and Terumo Medical. Owing to the presence of global players offering a wide variety of heart-lung machines in the market, the level of competition is highly intense. Providers in the developed markets are focusing on product innovations and extensions of their product line as it will help them to bolster their hold over the market.
A more detailed analysis is available in the Technavio report, Global Heart-Lung Machines Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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