Market Challenges And Opportunities

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.