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Hemoconcentrators Market By Product Type (Pediatric Hemoconcentrators, Adult Hemoconcentrators), By End-User (Hospitals, Ambulatory Surgical Centres, Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to the increase in the prevalence of cardiovascular diseases and the rising geriatric population
Global Hemoconcentrators Market was valued at USD 10.13 million in 2021, growing at a CAGR of 3.76% during the forecast period from 2022 to 2027 to reach USD 12.64 million by 2027. The demand for the Hemoconcentrators market is primarily motivated by the increase in the prevalence and burden of cardiovascular diseases, the rising geriatric population, and rising technological developments, thereby contributing to the growth of the hemoconcentrators market during the forecast period from 2022-2027.
Hemoconcentrators Market Dynamics:
The Hemoconcentrators Market is witnessing a growth in product demand owing to various reasons. According to World Health Organization (2021), approximately 17.9 million people die from cardiovascular diseases, which is an estimated 31% of all deaths worldwide. By 2030, around 23.6 million people are expected to die due to cardiovascular disorders. Thus, the number of surgeries for cardiovascular diseases is increasing, requiring cardiopulmonary bypass (CPB), which provides a bloodless field for cardiac surgery. The advancement in cardiac surgery has been possible due to the development of cardiopulmonary bypass.
Coronary heart disease occurs when arteries around the heart become blocked or occluded, in most cases by plaque. Approximately 200,000 coronary artery bypass graft surgeries take place each year in the US and are the most commonly performed cardiac procedure. Henceforth, it requires the Hemoconcentrators.
Moreover, the companies are increasing their research and development to develop products that have better efficacy and are easy to operate. COVID-19 has boosted the demand for Hemoconcentrators. The advanced technology supports new patient populations, such as COVID-19 patients and others who need lung support. Therefore, such initiatives from companies and regulatory authorities are expected to help the market and the patients in their treatment which will drive market growth also.
Moreover, as per the Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure for such patients is expected to double and reach 1.5 billion by 2050. Thus, all these factors are projected to drive the growth of the market for Hemoconcentrators.
Certain factors such as the need for trained professionals and complications during surgery pose a minor hurdle for the growth of the market.
Hemoconcentrators Market Segment Analysis:
Hemoconcentrators Market By Product Type (Pediatric Hemoconcentrators, Adult Hemoconcentrators), By End-User (Hospitals, Ambulatory Surgical Centre, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the Product Type segment of the Hemoconcentrators market, Adult Hemoconcentrators are estimated to hold a higher share in the Hemoconcentrators market in the year 2021 and continue to do the same during the forecast period (2022-2027). This can be attributed to the specific features associated with these devices.
The membrane offers excellent biocompatibility which ensures consistent performance. It offers ultrafiltration rates for patients.
The adult hemoconcentrators provide perfusionists with a convenient and lower-cost method of processing hemodiluted blood.
Therefore, considering their wide advantages, the Adult Hemoconcentrators category is expected to account for a considerable market share in the Hemoconcentrators market.
North America is expected to dominate the overall Hemoconcentrators Market:
Among all the regions, North America is expected to account for the largest share of the Global Hemoconcentrators market. This domination is owing to the growing number of surgeries, the demand for advanced technologies in cardiopulmonary bypass equipment, and others are driving regional growth.
Further, in the United States, the risk of being affected by a cardiopulmonary disease is increasing dramatically due to the changing lifestyle and rising geriatric population. This indicates that most Americans are likely to be affected by chronic disease, in the coming decades. This situation is giving rise to a critical need for Hemoconcentrators for the prevention, and treatment of chronic disease.
According to the Centers for Disease Control and Prevention (CDC), every year in the US, over 800,000 people die from heart disease, accounting for 1 in every 3 deaths and around 160,000 are under the age of 65. By 2035, in the US alone, the economic burden of coronary artery disease (CAD) will increase to USD 749 billion, which in turn, will increase the demand for Hemoconcentrators.
Europe and Asia-Pacific region have the future potential growth for the global hemoconcentrators. This is owing to the rising burden of cardiovascular diseases in the European region countries and in Asian countries also. The increasing prevalence of chronic cardiovascular diseases and greater adoption of advanced devices is likely to augment the market during the forecast period. The devices in Asian countries are priced at a substantially lower rate compared to the international markets such as the United States because of the support from government bodies.
Hence, all the above-mentioned factors are likely to contribute to the growth of the Hemoconcentrators market during the forecast period.
Hemoconcentrators Market Key Players:
Some of the key market players operating in the Hemoconcentrators market include MEDIVATORS Inc., Terumo Cardiovascular Systems Corporation, Getinge AB, Minntech Corporation, LivaNova PLC, Nipro Asia, Medica S.p.A, Braile Biomédica, Andocor, TEMED, and others.
Recent Developmental Activities in the Hemoconcentrators Market:
- In 2015, Italy-based Sorin S.p.Aa manufacturer of hemoconcentrators with presence in France, Italy, Japan, and Texasmerged with U.S.-based company, Cyberonics, Inc., to form a company named LivaNova, Plc.
Key Takeaways from the Hemoconcentrators Market Report Study
- Market size analysis for current Hemoconcentrators market size (2021), and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Hemoconcentrators market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the global Hemoconcentrators market.
- Various opportunities available for the other competitor in the Hemoconcentrators market space.
- What are the top performing segments in 2021? How these segments will perform in 2027.
- Which is the top-performing regions and countries in the current Hemoconcentrators market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Hemoconcentrators market growth in the coming future?
Target Audience who can be benefited from this Hemoconcentrators Market Report Study
- Hemoconcentrators products providers
- Research organizations and consulting companies
- Hemoconcentrators-related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in Hemoconcentrators
- Various End-users who want to know more about the Hemoconcentrators market and latest technological developments in the Hemoconcentrators market.
Frequently Asked Questions for the Hemoconcentrators Market:
1. What are Hemoconcentrators?
A hemoconcentrator is a fluid removal device used during cardio bypass surgery. The device is inserted into the extracorporeal circuit where it acts to control hemodilution, maintain hematocrit levels, and reduce the need for additional blood products during and after surgery.
2. What is the market for Global Hemoconcentrators?
Global Hemoconcentrators Market was valued at USD 10.13 million in 2021, growing at a CAGR of 3.76% during the forecast period from 2022 to 2027 to reach USD 12.64 million by 2027.
3. What are the drivers for the Global Hemoconcentrators Market?
The Hemoconcentrators market is witnessing positive market growth owing to the increase in the prevalence and burden of cardiovascular diseases, the rising geriatric population, and surging technological developments among other factors are thereby contributing to the growth of the Hemoconcentrators market.
4. Who are the key players operating in the Global Hemoconcentrators Market?
Some of the key market players operating in the Hemoconcentrators market include MEDIVATORS Inc., Terumo Cardiovascular Systems Corporation, Getinge AB, Minntech Corporation, LivaNova PLC, Nipro Asia, Medica S.p.A, Braile Biomédica, Andocor, TEMED, and others.
5. Which region has the highest share in Hemoconcentrators Market?
North America is predicted to account for the dominant market share. This domination is due to the growing number of surgeries, and the demand for advanced technologies in cardiopulmonary bypass equipment among other factors in the region, thereby causing an increase in the overall market growth of Hemoconcentrators, which are expected to aid in the growth of the North America Hemoconcentrators Market.