Oxygenators Market Overview
The oxygenators market is poised to grow at a CAGR of 5.4% during the forecast period (2021-2026) and is likely to reach USD 297 million by 2026. 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. 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. The rising prevalence of cardiovascular diseases is driving cardiopulmonary surgeries and coronary artery bypass grafting (CABG), which may increase the demand for oxygenators.
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Oxygenators Market – Geographical Overview
North America is expected to dominate the oxygenators market over the forecast period
The United States has been the most affected country across the world, as the non-emergent surgical procedures were put on hold, due to which the demand for these devices will decrease. However, the surgical procedures are resuming now with proper regulating guidelines, which will further increase the demand for these oxygenators, and the market growth will gradually rise. The major factors attributing to the growth are rise in the global prevalence of multiple cardiovascular indications like CAD, ischemic strokes, and atrial fibrillation, along with acute respiratory disorders such as acute respiratory distress syndrome (ARDS), due to a rise in chronic diseases, such as diabetes and obesity, necessitating the cardiopulmonary bypass procedures and thus, rise in demand for oxygenators.
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Key Highlights of the Oxygenators Market
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Mordor Intelligence has segmented the global oxygenators market on the basis of product, application, and geography:
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