According to a report published by Grand View Research, Inc.; the global extracorporeal membrane oxygenation (ECMO) market is expected to surpass USD 346.1 million by 2024. Growing rate of respiratory failure, cardiopulmonary disease, chronic obstructive pulmonary disease (COPD), and increasing elderly population can propel the ECMO market over the forecast period (2013 to 2024). Technological advancements and rising awareness due to arrangement of conferences and training programs can further stoke market growth.
Adoption of unhealthy lifestyle has lead to rise in COPD incidences such as chronic bronchitis and emphysema. Increasing consumption of tobacco among males as well as females is also considered as a major driving factor for the market. Increasing rate of respiratory conditions has increased the usage of ECMO machines in the hospitals and other healthcare settingsin case of cardiac failure to provide auxiliary oxygen support, which is likely to drive the market growth in the coming years. These machines can be used in different settings to aid gas exchange process and to provide hemodynamic support to patients with respiratory or cardiac failure.
The worldwide extracorporeal membrane oxygenation (ECMO) market can be segmented on the basis of modality, application, and regions. Based on modality, the market can be segregated into veno-arterial, veno-venous, and arterio-venous. As per application, the market can be categorized into respiratory, extracorporeal cardiopulmonary resuscitation,and cardiac. The segments are further categorized on the basis of the users into pediatric, neonatal, and adult. In 2015, the respiratory segment dominated the market and accounted for over 42.0% share of overall market. the adult segment emerged as the dominating segment owing to high prevalence of cardiopulmonary disease and COPD.
Full Research Report On ECMO Market Analysis: https://www.grandviewresearch.com/industry-analysis/extracorporeal-membrane-oxygenation-ecmo-market
Geographically, the ECMO market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2015, North America accounted for the largest market share with a revenue share of over 40.0%. This growth can be attributed to availability of well-developed infrastructure, suitable reimbursement network, and favorable government funding. Rising adoption of ECMO machines in hospitals due to high awareness is also anticipated to impel the regional growth over the forecast period.
Approximately 149,205 deaths in the U.S were caused by chronic lower respiratory ailments, found the U.S. National Center for Health Statistics (NCHS). As per the data represented by the American Lung Association (ALA), COPD was recognized as the third leading reason of deaths in the year 2013. Around 11 million people in the U.S. are diagnosed with the disease. In 2014, nearly 8.7 million adults were suffered from chronic bronchitis and about 3.4 million adults were suffered from emphysema, found the U.S. National Center for Health Statistics. All these facts are expected to impel the awareness level in the region and drive the overall growth in forthcoming years.
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Asia Pacific region is likely to show rapid growth over the forecast period with a CAGR of 5%. This growth can be associated with rising number of patients suffering from respiratory failure and cardiopulmonary complaints such as asthma, chronic bronchitis, and emphysema. Remarkable economic development and advancements in healthcare infrastructure can have positive impact on the regional market. In 2015, the World Health Organization (WHO) reported that over 3 million people in Japan suffered from asthma, among which; 30% were affected by moderate asthma out of which 70% were detected as severe.
Latin America is expected to grow at a significant rate over the forecast period due to the high occurrence of respiratory diseases in Brazil. Availability of private healthcare insurance coverage and growing investment of major companies are also considered as key driving factor for the market. Middle East and Africa is also likely to showcase considerable growth in forthcoming years owing to government initiatives to improve healthcare facilities that can provide advanced medical treatment.
Key players operating in the extracorporeal membrane oxygenation (ECMO) market include Nipro Medical Corporation, MAQUET Holding B. V. & Co. KG, Medtronic, Plc, and Medos Medizintechnik AG. The market is anticipated to benefit from the significantly high investments in research and development (R&D) by the top manufacturers. Companies are mainly focusing on development of innovative products and technological refienements in the existing product portfolio to sustain the market competition.
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