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Global Extracorporeal Membrane Oxygenation (ECMO) Machine Market: Overview
Also called extracorporeal life support (ECLS), extracorporeal membrane oxygenation (ECMO) is a technique for saving lives of adults with respiratory and cardiac failure, as well as infants whose lungs and heart are unable to carry out an adequate amount of gas exchange needed for sustaining life. ECMO thus works as an artificial lung outside the body, creating oxygenated blood and continuously pumping it into and around the body.
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Global Extracorporeal Membrane Oxygenation (ECMO) Machine Market: Key Trends
The increasing incidence of respiratory failures, higher incidence of chronic obstructive pulmonary disease (COPD), and cardiac ailments are the major catalysts of the market. The increasing number of premature births worldwide have been increasing the risk of neonatal respiratory distress, thereby fuelling the demand for these devices. On the other hand, side effects of this technique such as infection, bleeding, renal failure, and neurological damage might impede the growth of the market. The market might also encounter hindrances on account of the high costs and lower adoption rates of these devices across the world. However, the increasing adoption of ECMO machines by hospitals is expected to bring about unobstructed growth in the market.
Global Extracorporeal Membrane Oxygenation (ECMO) Machine Market: Market Potential
The rising incidence of health conditions such as swine flu has led to adoption of ECMO machines in several clinics and hospitals across the world. For example, Allegheny General Hospital has been treating influenza cases that typically spread during January or February with the help of ECMO machines. Similarly, Aberdeen Royal Infirmary emerged as the first Scottish hospital to offer ECMO treatment in 2009. In Montana, US, the first ECMO heart-lung bypass procedure was conducted in November 2016 on a thirty-seven year old woman at Billings Clinic.
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Likewise, in July 2016, the first neonatal ECMO was performed successfully on a two-month old infant suffering from meconium aspiration syndrome (MAS) at KIMS Hospital in Telangana and Andhra Pradesh, India. In December 2013, Apollo Hospitals launched the ECMO club comprising of vascular surgeons, cardiothoracic surgeons, anesthetists, perfusionists, lab services, hematology, blood bank, dieticians and physiotherapists.
Neonatal emergency care that involves ECMO treatment is offered by CareFlite, a non-profit organization providing medical and emergency services to people of Texas, US, via their state-of-the-art helicopter air ambulance services.
Global Extracorporeal Membrane Oxygenation (ECMO) Machine Market: Regional Outlook
North America is likely to emerge as the dominant regional market, closely followed by Europe. The growth of North America can be attributed to the emergence of numerous ECMO centers, alarming incidence of lung cancer, and conducive reimbursement policies in the region.
Asia Pacific will present substantial opportunities for expansion. The increasing investment in the healthcare infrastructure, numerous government initiatives, greater adoption of technology, and rising disposable incomes of people have been responsible for the growth of the countries in this region. A number of government hospitals in India such as Apollo Children’s Hospital (Chennai), KIMS (Telangana and Andhra Pradesh), and Ruby Hall Clinic (Pune) have been offering ECMO services for children and adults, ensuring the growth of the market.
Global Extracorporeal Membrane Oxygenation (ECMO) Machine Market: Competitive Analysis
A number of market players are adopting strategic partnerships, and mergers and acquisitions. The key focus of these companies is to expand their presence across the globe. In March 2017, Getinge announced that it has unified all its brands, bringing them all together under a single Getinge brand in order to forge a new brand identity, with a view to building a stronger position in the global market. Earlier, the company operated under three brands, namely, Macquet, ArjoHuntleigh, and Getinge.
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Some of the major companies operating in the global market for extracorporeal membrane oxygenation machines are Medtronic plc, Terumo Corporation, LivaNova PLC, NIPRO Corporation, Getinge Group, ALung Technologies, Inc., XENIOS AG, EUROSETS S.r.l., and MicroPort Scientific Corporation.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Regional Assessment
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
Industrial Analogy
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
COVID-19 Impact
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
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