Oxygenators Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Cardiovascular Diseases

The Oxygenators market is estimated to be valued at US$ 250.9 Mn 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 equipped with a hollow fiber membrane that oxygenates blood during cardiopulmonary bypass surgery or extracorporeal membrane oxygenation (ECMO). During cardiopulmonary bypass procedures, an oxygenator takes blood from the venous system, oxygenates it, and returns it to the arterial system. There are two main types of oxygenators used – hollow fiber membrane oxygenators and coated shell oxygenators. Oxygenators find widespread applications during cardiac, thoracic, and vascular surgeries where cardiopulmonary bypass is required.

Market Dynamics:
The key drivers for growth of the oxygenators market include rising global prevalence of cardiovascular diseases and growing number of cardiac surgeries. As per estimates by the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Improving healthcare infrastructure and increasing healthcare spending in developing regions is also supporting the market growth. However, high costs associated with heart bypass surgeries and oxygenators is a major restraint. Innovation in materials for developing advanced oxygenators with improved gas transfer and biocompatibility is a emerging trend in the market. For instance, oxygenators with polymethylpentene (PMP) hollow fiber membranes offer up to 20% higher gas transfer than conventional oxygenators.

SWOT Analysis
Strength: The oxygenators market is witnessing high growth owing to increasing prevalence of respiratory diseases and cardiovascular disorders globally. Oxygenators efficiently oxygenate blood during surgeries and allow continuation of patient’s life. Major players are focusing on developing innovative oxygenators with advanced features which provide reliable and safe oxygenation.
Weakness: High costs associated with oxygenators hamper their widespread adoption, especially in price sensitive developing markets. Stringent regulatory landscape also increases compliance challenges for manufacturers.
Opportunity: Growing geriatric population prone to chronic diseases demand extracorporeal life support devices during surgeries. Developing regions like Asia Pacific yet to utilize full potential of oxygenators offer lucrative opportunities. Advancements in material sciences may lead to development of more durable and portable oxygenators.
Threats: Presence of local and regional vendors offering low cost substitutes poses pricing pressure on major players. Unfavorable reimbursement policies especially in developing nations also restrict market growth.

Key Takeaways
The global oxygenators market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of respiratory diseases and rising number of complex cardiac surgeries globally.
Regional analysis
North America dominated the global oxygenators market in 2023 and is expected to remain dominant over the forecast period. This is attributed to rising elderly population, growing obese population at risk of cardiac diseases and well-developed healthcare infrastructure in the region. Asia Pacific is expected to exhibit fastest growth during the analysis period supported by large patient population, increased healthcare spending and growing medical tourism in the region.
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.