The global market for extracorporeal membrane oxygenation machine market houses a large number of market players who are trying their fortunes in the market. The competitive landscape of the market depicts a moderately fragmented picture as a number of small and medium-sized players are making their way into the market. It is expected that the leading market players would counter the inflow of new entrants with innovative business strategies including the manufacture of better products. There are moderate barriers to the entry of new players in the market but a great amount of investment and a robust skill set is a prerequisite for the sustenance of these market players.
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A number of new product launches have been made over the past and the market players are expected to continue with this strategy. Since new and innovative technologies are swiftly adopted by the consumers, the market players are anticipated to reap in commendable profits through advanced product lines. The leading market players are expected to strive for a greater market share to outdo their closet competitors. In order to accomplish this, these key players are expected to acquire smaller or defunct players. Some of the key players in the global extracorporeal membrane oxygenation machine market are Getinge AB, LivaNova PLC, Medtronic Plc., and MicroPort Scientific Corporation.
The global market for extracorporeal membrane oxygenation is expected to grow at a steady CAGR of 5.40% over the period between 2017 and 2025. Furthermore, the market had a net worth of US$307.00 mn in 2016 and is expected to reach a value of US$487.40 mn by 2025-end. In terms of geography, the global market was led by North America over the past years, and the regional market is anticipated to continue on its streak of growth due to better medical facilities.
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Utility of ECMO Machines to Accelerate Market Growth
The utility of extracorporeal membrane oxygenation (ECMO) machines for people suffering from respiratory or cardiovascular disorders is immense, which has driven demand within the global market. In cases when the lungs are unable to exhale carbon dioxide or the heart fails to pump blood across the body, the ECMO machines can make up for the disorder. Furthermore, the machine is also used for infants who cannot catch their breath or suffer other problems such as pulmonary hypertension. This has also expanded the global market for extracorporeal membrane oxygenation machines and has given an impetus to the growth of the market players.
Growing Awareness about Respiratory Disorders to Propel Demand
The rising awareness levels of the masses about respiratory and cardiovascular disorders across the emerging economies have brought ECMO machines to the fore. Furthermore, the market has witnessed tremendous growth in the western nations where the governments give integral value to healthcare. Furthermore, the governments in developing economies have allotted high budgets for the development of the healthcare industry. ECMO machines are also used in Intensive Care Units (ICU) for emergency situations, which in turn propels demand within the global market for extracorporeal membrane oxygenation machine. It is certain that the market has been reaping substantial benefits from the efforts of governments, healthcare bodies, and medical experts.
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