Oxygenators Market Size (2024 - 2029)

Oxygenators Market Analysis

The oxygenators market is expected to register a CAGR of 5.4% during the forecast period 2022-2027.

To cope with the current COVID-19 situation, companies are increasing the production of oxygenators globally to support the adoption of ECMO procedures for the treatment of COVID-19 patients. There has been a huge increase in the demand for oxygenators in ICU units. In addition, these devices have the most significant aspects of critical care in surgical procedures and the management of COVID-19 patients; therefore, market players are launching products associated with oxygenators. COVID-19 also impacted the production of oxygenator products in 2020. Furthermore, the delay of elective procedures due to COVID-19-related measures adversely affected medical devices such as oxygenators, especially in the first half of 2020.

The major factors driving the growth of the market are the global prevalence of various coronary heart diseases and strokes due to changing lifestyles, leading to a rise in surgical interventions, favorable reimbursement initiatives, and rapid growth of the geriatric population. For instance, according to the World Health Organization, nearly 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths, which directly resulted in higher demand for coronary artery bypass procedures, leading to a rising focus on oxygenators for efficient treatments, fueling the growth of the market throughout the forecast period.

Moreover, there is a rising burden of cardiovascular diseases across the world, and they are the leading causes of death. As per the 2020 statistics provided by the World Health Organization (WHO), ischemic heart disease is responsible for 16% of the world's total deaths. As per the same source, an estimate of 8.9 million deaths were reported for ischemic heart disease in 2019. The rising prevalence of cardiovascular diseases is driving cardiopulmonary surgeries and coronary artery bypass grafting (CABG), which may increase the demand for oxygenators.

However, the adoption of minimally invasive procedures, like percutaneous coronary interventions, risks associated with oxygenation systems, and stringent US FDA regulations for Class II category devices, which should comply with the performance standards, are acting as barriers to the overall market growth.

Oxygenators Industry Segmentation

An oxygenator is an essential medical device routinely used along with a heart-lung machine to facilitate the exchange of gases as a substitute for lungs during surgical procedures that may necessitate the interruption or cessation of blood flow in the body, heart, lungs, or blood vessels, like aorta, pulmonary artery, or vena cava. These devices are majorly used in cardiopulmonary surgeries and coronary artery bypass grafting (CABG) procedures. The increased adoption of oxygenators due to the availability of products specific to infants and adults may contribute to the growth of the market during the forecast period. The oxygenators market is segmented by product type (bubble oxygenator and membrane oxygenator), application (respiratory, cardiac, and extracorporeal cardiopulmonary resuscitation [ECPR]), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the market size and forecasts in value (USD million) for the above segments.