Pune, India., June 22, 2021 (GLOBE NEWSWIRE) -- Medical Perfusion Technology Market: Key Insights
According to our new research study on “Medical Perfusion Technology Market to 2027 – Global Analysis and Forecast – by Technique, Organ Type, and Component,” the Medical Perfusion Technology Market Size is projected to reach US$ 962.60 million by 2027 from US$ 728.81 million in 2020; it is estimated to grow at a CAGR of 4.05% from 2020 to 2027. The high costs of organ transplant surgeries is one of the major constraints that hinder the market growth.
Medical Perfusion Technology Market: Competition Landscape and Key Developments
Getinge AB, Medtronic, LivaNova PLC, Terumo Corporation, XVIVO Perfusion, OrganOx Limited, Waters Medical Systems LLC, TransMedics, Organ Recovery Systems, and Xenios AG - a Fresenius Medical Care company are among the key companies operating in the global medical perfusion technology market. Leading players are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In March 2020, NAPLES (i.e., Normothermic mAchine Perfusion of the Liver to Enable transplantation in difficult recipients) trial with the OrganOx metra were presented for the first time at the British Transplant Society meeting in Belfast, and the presentation won the Medawar Medal for best clinical paper.
In September 2020, XVIVO made an announcement regarding its agreement to acquire all shares in Organ Assist.
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North America dominated the global medical perfusion technology market in 2019 and accounted for approximately half of the market. The market proliferation in the region is credited to the increasing adoption of advanced medical perfusion technology and growing emphasis on improving treatment outcomes, in addition to technological advancements. Similarly, the rise in number of cardiovascular surgeries in Canada as well as elevating prevalence of cardiovascular diseases and asthma in the Mexico City are contributing to the medical perfusion technology market growth in North America.
Based on technique, the medical perfusion technology market is segmented into hypothermic machine perfusion and normothermic machine perfusion. The normothermic machine perfusion segment is expected to register a higher CAGR in the market during the forecast period. Based on organ type, the medical perfusion technology market is segmented into heart, lung, kidney, and liver. The heart segment is expected to register the highest CAGR in the market during the forecast period. On the basis of component, the market is segmented into perfusion pumps, oxygenators, heart-lung machines, monitoring systems, cannulas, and others. The oxygenators segment dominated the medical perfusion technology market in 2019.
Cardiovascular diseases (CVDs) include cerebrovascular disease, coronary heart disease (CHD), and rheumatic heart disease, which affect heart and blood vessels. CVDs are a leading cause of death across the world. A few of the major risk factors leading to the development of these diseases in humans are tobacco consumption, unhealthy diet, and physical inactivity. Lifestyle and habits, and age are other factors contributing to surge in the prevalence of cardiovascular diseases.
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The aging population commonly show the structural and functional alteration of vessels accumulation throughout their life, which leads to the risk of cardiovascular diseases. According to a study published by the Centers of Disease Control and Prevention (CDC) in 2020, heart disease causes death of ~655,000 people in the US each year. Moreover, according to a study published by the World Health Organization (WHO) in 2020, ~17.9 million people across the world die because of cardiovascular diseases. Further, the CHD, further followed by stroke and heart failure, causes a majority of CVD-related deaths.
The countries in Europe are also witnessing substantial prevalence and deaths due to cardiovascular conditions. For instance, according to a study published by the European Society of Cardiology, in 2019, 6 million new CVD cases were diagnosed in the European Union. Moreover, according to the same report, in 2019, ~11 million new cases of cardiovascular conditions were diagnosed in Europe. The CVDs account for 45.0% of the total deaths in Europe and 37.0% of total deaths in the EU. Such massive prevalence of cardiovascular conditions is boosting the adoption of perfusion technologies across the world. The devices help to bypass the function of the heart and lung during the heart surgery and maintains the continuity of blood and oxygen circulation in the body.
Medical Perfusion Technology Market: Segmental Overview
In terms of technique, the normothermic machine perfusion segment is anticipated to register a higher CAGR in the medical perfusion technology market during the forecast period. The normothermic perfusion theory is based on the recreation of physiological environment through the preservation of natural organ temperatures and requisite substrates for cell metabolism, oxygen, and nutrition.
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In terms of organ type, the kidney segment accounted for more than 65.07% share in global medical perfusion technology market in 2019.
In terms of component, the market for the oxygenators segment is anticipated to grow at the highest CAGR during the forecast period.
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