OXYGENATORS MARKET ANALYSIS

Overview:

The global oxygenators market was valued at US$ 239.0 Mn in 2022 and is forecast to reach a value of US$ 364.0 Mn by 2030 at a CAGR of 5.5% between 2023 and 2030. The global oxygenators market is experiencing strong growth due to the rise in prevalence of cardiovascular diseases and growing geriatric population across the globe. Moreover, rise in adoption/demand for oxygenators and the outbreak of COVID-19 (pandemic) is expected to propel growth of the market. However, factors such as rise in adoption of minimally invasive procedures and stringent rules or regulations are expected to hamper the growth of the global oxygenators market.

Global Oxygenators Market: Regional Insights

Based on geography, the global oxygenators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing prevalence of cardiopulmonary disorders, such as hypertrophic and strokes, growing geriatric population, and rise in healthcare expenditure in the region. For instance, according to the Pan American Health Organization (PAHO), cardiovascular diseases (CVD) and cerebrovascular disease (stroke) are leading cause of mortality and a major contributor to disability in countries of the Americas. PAHO, through the HEARTS in the Americas initiative, is providing technical cooperation to countries of the region to reduce the disease burden.

Europe and Asia Pacific are also expected to witness significant growth in the global oxygenators market due to the rise in burden of cardiopulmonary disorders, growing geriatric population, and increasing adoption of oxygenators in these regions. For instance, according to the European Heart Network, each year, cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). According to the National Health Institute (NIH), more than four million people in Europe die every year from CVD, primarily from coronary heart disease (CHD) and stroke. This in turn is driving the market growth.

Figure 1. Global Oxygenators Market Share (%), by Region, 2023

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Global Oxygenators Market Drivers:

High prevalence of cardiovascular diseases to boost market growth

One of the key factors expected to augment the growth of the global oxygenators market over the forecast period is the rise in prevalence of cardiovascular diseases worldwide. Such a high burden of cardiovascular diseases leads to an increased number of cardiopulmonary surgeries, driving the growth of the market. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, taking an estimated 17.9 million lives each year. Moreover, according to the World Stroke Organization, there are over 12.2 million new strokes each year. One in four people worldwide over age 25 will have a stroke in their lifetime.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global oxygenators market is the rise in geriatric (aging) population around the world. For instance, aging can cause changes in the heart and blood vessels that may increase a person's risk of developing cardiovascular disease. People age 65 and older are more likely than younger people to suffer from cardiovascular disease. According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Oxygenators Market Opportunities:

Increase in adoption or demand for oxygenators across the world is expected to provide significant growth opportunities for players in the global oxygenators market. For instance, with the increase in burden of cardiopulmonary disorders, the use or the adoption of oxygenators has also increased or increasing rapidly. In July 2022, OMRON Healthcare announced its latest advancement in the Oxygen therapy category with the launch of a portable Oxygen Concentrator to provide continuous supply of Oxygen (5L per minute) with more than 90% high concentration output. It is designed to aid the home care providers and people with COPD and respiratory problems.

The outbreak of COVID-19 (pandemic) is expected to provide significant growth opportunities for players in the oxygenators market. For instance, in June 2021, the Government of India launched 'Project O2 for India' to step up production of medical oxygen to meet the potential increase in demand due to further waves of the pandemic. 'Project O2 for India', an initiative of the Office of Principal Scientific Adviser, Government of India, aims to help stakeholders working to augment the country's ability to meet the rise in demand for medical oxygen. Membrane oxygenators were actively used in severe COVID-19 cases in the first two waves of the pandemic.

Global Oxygenators Market Trends:

Increase in demand for membrane oxygenators is a recent trend

The demand for membrane oxygenators has increased due to their increasing adoption in coronary artery bypass graft surgery (CABG) and extracorporeal circulation for cardiopulmonary support in various surgical procedures, along with heart-lung machines, due to various advantages such as reduction of the damage of tissues and thrombosis compared to bubble oxygenators. This trend is expected continue over the forecast period, driving the market growth.

Increase in research and development is another trend

Continued research and development of the oxygenator will hopefully allow for improved cardiac surgical outcomes. Improvement of these oxygenators will also provide practitioners the ability to progress their perfusion technique. Moreover, players in the market are engaged in many research and development activities, as well as they are focusing on developing/launching technologically advanced products and technologies in the market. This trend is also expected continue during the forecast period, driving the growth of the market.

Global Oxygenators Market Restraints:

Adoption of minimally invasive procedures to hinder market growth

One of the key factors expected to hamper the growth of the global oxygenators market is the rise in adoption of minimally invasive procedures and risks associated with oxygenation systems. For instance, minimally invasive surgeries cause less post-operative pain, and hence, patients receive less dosage of pain killers. Moreover, as there are minimal cuts or stitches involved, the hospital stay is relatively shorter, and people need not visit hospital frequently. These surgeries are gaining wider acceptance among the geriatric population, due to the relatively shorter recovery time. 

Stringent rules and regulations to hamper market growth

Another factor which is hampering growth of the global oxygenators market is the stringent rules and regulations. For instance, oxygenators are one of the vital tools for the management of diseases among population; however, the stringent regulatory policies are expected to restrain the market growth. The regulatory guidelines differ from region to region. For instance, oxygenator fall under class II category in USFDA regulatory framework. Class II medical devices in the U.S. pose the medium to high risk to patients and users and require a 510(k) submission. Moreover, the approval process for Class II medical devices it is very time consuming and complicated.

Figure 2. Global Oxygenators Market Share (%), by Application, 2023

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Global Oxygenators Market Segmentation:

The global oxygenators market report is segmented into Product Type, Application, and Geography.

Based on Product Type, the oxygenators market is segmented into Bubble Oxygenator and Membrane Oxygenator. Out of which, Bubble Oxygenator Segment is expected to dominate the oxygenators market during the forecast period and this is attributed to the increasing prevalence of cardiopulmonary disorders across the world.

Membrane Oxygenator Segment is also expected to witness significant growth in the near future and this is owing to the outbreak of COVID-19.

Based on Application, the market is segmented into Respiratory, Cardiac, and Extracorporeal Cardiopulmonary Resuscitation (ECPR). Out of which, Respiratory Segment is expected to dominate the market during the forecast period and this is attributed to the increasing burden of respiratory diseases across the world

Cardiac Segment is also expected to witness significant growth in the near future and this is owing to increase in prevalence of cardiovascular diseases worldwide.

Global Oxygenators Market: Key Developments

In August 2020, Terumo Cardiovascular and CytoSorbents temped up to commercialize CytoSorb in Ten U.S. hotspot states under emergency use authorization for COVID-19. The product is useful for providing oxygen exchange in critically ill adults from COVID-19.

In June 2020, NuvOx Pharma received the approval from Health Canada to proceed with the Phase IIa clinical trial of NanO2 in COVID-19 subjects with acute hypoxic respiratory failure (AHRF) where NanO2 can act as a cardioprotectant.

In April 2020, Genrich Membranes developed membrane oxygenator equipment for the treatment of COVID-19 patients. With an urgent requirement of respiratory interventions to treat the critical symptoms of COVID-19, the equipment can be used to treat patients who have been released from Intensive Care Units (ICU).

Global Oxygenators Market: Key Companies Insights

The global oxygenators market is highly competitive. This is attributed to the increase prevalence of cardiopulmonary disorders and growing geriatric population, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global oxygenators market are Owgels Group, Braile Biomedica, Terumo Corporation, Nipro Corporation, Medtronic PLC, Getinge AB, EUROSETS SRL, Chalice Medical Ltd., Gen World Medical Devices, MC3 Cardiopulmonary, LivaNova PLC, MicroPort Scientific Corporation, Senko Medical Instrument Mfg Co. Ltd (MERA), and Xenios AG (Fresenius Medical Company), among others.

*Definition: An oxygenator is typically utilized by a perfusionist in cardiac surgery in conjunction with the heart-lung machine. Oxygenators provide gas exchange and may be composed of silicone membrane or hollow fiber. Oxygenators remove carbon dioxide and adds oxygen to the blood that is pumped into the arterial system.