New York, April 17, 2020 (GLOBE NEWSWIRE) -- Market Size – USD 267.1 Million in 2019, Market Growth - CAGR of 4.2% Market Trends –Technological advancements in ECMO machine
New York, April 17, 2020 - According to the current analysis of Reports and Data, the global Extracorporeal Membrane Oxygenation (ECMO) market was valued at USD 267.1 million in 2019 and is expected to reach USD 371.8 million by the year 2027, at a CAGR of 4.2%. Extracorporeal membrane oxygenation is a treatment provided for COVID-19, cardiac and respiratory diseases. Increasing the prevalence of target diseases (such as COVID-19, cardiovascular diseases and respiratory diseases), technological advancements, and increasing extracorporeal membrane oxygenation centers across the globe are some of the factors driving the market growth. It is estimated that in the U.S., approximately 1,055,000 individuals will have coronary diseases, including 720,000 new and 335,000 recurrent coronary events. The number of artificial respiration via the help of the device in a developed nation such as the U.S. from the past decade is constantly on rise. With rising technological innovations improved survival rate with extracorporeal membrane oxygenation is another major factor that supports the spread of the adoption of extracorporeal membrane oxygenation in case of medical emergencies such as COVID-19 cases. In South Korea it has been observed that the inpatient with Extracorporeal membrane oxygenation therapy for respiratory failure had improved survival rate from 30.8% to 35.9%.
According to the Extracorporeal Life Support Organization (ELSO), the number of hospitals offering ECMO services reached 264 in 2019, rising from 108 in 2008. Obesity often leads to poor vascular health and an increased risk of cardiovascular disease (CVD). With advent of COVID pandemic the demand for the device is expected to surge further. . However, stringent regulations in developed nations, and high associated cost of the procedure may hinder market growth in developing nations.
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The COVID-19 Impact:
The sudden outbreak of COVID-19 has reported a significant inclination in the Extracorporeal Membrane Oxygenation worldwide market growth. As COVID-19 can trigger acute respiratory failure and/or acute cardiopulmonary failure, the FDA has stated the new policy for the treatment of COVID-19 patients that allows extracorporeal oxygenation for more than six hours. With the scarcity of ventilators and ascending number of cases, increased need for ECMO is emerging as to be indispensable to ensure the survival of critically ill patients. At HonorHealth (Phoenix) a COVID patient otherwise not responding well over ventilator, got treated through ECMO as a last resort and survived.
As of 15th April 2020, number of COVID-19 cases under extracorporeal membrane oxygenation are 230 in North Americs, 89 in Europe, 14 in Asia-Pacific and 9- in Latin America. On the other hand, with soaring number of COVID cases across the globe it is anticipated that only in U.S. over thirty thousand patients may require extracorporeal machine oxygenation. extracorporeal membrane oxygenation machines have been accepted as an effective treatment of COVID-19 in several countries outside of the U.S., such as China, South Korea, and Japan. Higher raw material pricing, disruption in global supply chain, and restricted transportation with higher excise duties, stringent government regulations and lockdowns in various parts of the world, are among the key factors due to which many economies are facing product shortage. To ensure the spread of awareness about the device’s application in COVID pandemic, the U.S. FDA has included a list of all the devices that are capable of being used for extracorporeal membrane oxygenation therapy to be used for the treatment of COVID-19 patients. Furthermore, technological advancements and financial support from private and public bodies is expected to support the increased production and sale of ECMO devices.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data has segmented the Extracorporeal Membrane Oxygenation market on the basis of type, component, application, end use and region:
Type Outlook (Revenue, USD Million; 2017-2027)
Component Outlook (Revenue, USD Million; 2017-2027)
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Application Outlook (Revenue, USD Million; 2017-2027)
End Use Outlook (Revenue, USD Million; 2017-2027)
Regional Outlook (Revenue in USD Million; 2017-2027)
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