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The global Oxygenators Market is estimated to be valued at US$ 250.9 Mn or Million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oxygenators are medical devices used in cardiopulmonary bypass to oxygenate blood and remove carbon dioxide during surgical procedures such as open-heart surgery. There are two main types of oxygenators – membrane oxygenator and bubble oxygenator. Membrane oxygenators use a permeable, gas-selective membrane to transfer oxygen from a gas phase to the blood. Bubble oxygenators transfer oxygen directly into blood through gas bubbling. Oxygenators offer advantages such as ease of use, accurate gas transfer capability, compact size, and biocompatibility. They play a critical role in ensuring proper oxygenation of blood during various cardiovascular procedures.
Market key trends:
One of the key trends in the oxygenators market is the increasing adoption of minimally invasive surgical procedures. Minimally invasive procedures reduce surgical trauma, hospital stay and recovery time. Leading manufacturers are focusing on developing compact, easy to use oxygenators specifically designed for minimally invasive surgeries. For instance, LivaNova offers Ceera portable oxygenator and cannula set optimized for minimally invasive cardiac procedures. Growing elderly population susceptible to cardiovascular diseases is another major trend driving the demand for oxygenators. Furthermore, initiatives by government and health agencies in spreading awareness about heart diseases and increasing access to cardiac treatments are expected to boost the oxygenators market over the forecast period.
Porter’s Analysis
Threat of new entrants: The oxygenators market requires high R&D investments and regulatory compliance which creates entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material sources and established supply relationships of major players.
Threat of new substitutes: Threat from substitutes is low as oxygenators have superior properties over substitutes like manual ventilation.
Competitive rivalry: The market is moderately competitive due to presence of established brands and compliance requirements.
Key Takeaways
The global oxygenators market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period 2023 to 2030, due to increasing cases of cardiac and respiratory disorders.
Regional analysis: North America dominates the oxygenators market accounting for over 35% of global share due to growing elderly population and supporting healthcare infrastructure. Asia Pacific exhibits fastest growth in the forecast period due to rising medical tourism and healthcare expenditure.
Key players: Key players operating in the 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. Owgels Group and Terumo Corporation hold major market share.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
