Global Perfusion Market – Overview
The perfusion market is growing pervasively mainly attributing to the increasing prevalence of chronic diseases associated with lungs, heart, liver, and kidneys which are the result of changing lifestyle. Over the last three decades, perfusions have evolved hugely, demonstrating remarkable advances which are leading to driving the growth of the market.
Simultaneously, there has been a remarkable growth in the awareness about related surgeries required to managing these diseases which, as a result, are escalating the market on the global platform.
According to an eminent research firm, Market Research Future (MRFR) the perfusion market is growing steadily, globally, and is expected to continue growing in the years to come. In its recently published study report MRFR asserts that the global perfusion market will garner a valuation of USD 1,527 MN by 2023 posting approximately 4.1% CAGR throughout the assessment period (2017-2023).
Additionally factors such as the increasing population and urbanization led by the improving economic conditions that are increasingly expanding the access to the quality healthcare expanding the market size of profusion. Moreover, rising cases of lifestyle diseases, smoking, and consumption of alcohol which eventually lead to increasing the cases of organ failure are boosting the growth of the market.
On the other hand, factors such as the lack of awareness regarding perfusion systems in developing countries are impeding market growth.
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Major Industry Players
Medtronic (Ireland), Getinge AB (Sweden), LivaNova PLC (U.K.), XENIOS AG (Germany), Terumo Medical Corporation (Japan), Lifeline Scientific, Inc. (U.S.), Repligen Corporation (U.S.), XVIVO Perfusion (Sweden), Spectrum Laboratories, Inc. (U.S.), Harvard Bioscience, Inc. (U.S.), Merck KGaA (Germany), and Ala Science (U.S.) among others.
Global Perfusion Market – Segments
The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Type : Cardiopulmonary Bypass, Extracorporeal Membrane Oxygenation, and Isolated Limb Perfusion among others.
By Application : Lungs, Heart, Liver, and Kidneys among others.
By Device Type : Hypothermic Machine Perfusion and Normothermic Machine Perfusion among others.
By End User : Hospital, Specialty Clinics, Medical Research Centers, and Academic Institutes among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Detailed Regional Analysis
North American region heading with the increasing number of organ transplant surgeries dominates the global perfusion market, accounting for the largest share. Moreover, factors such as technological advancement and high per capita healthcare expenditures are expected to spur the market growth in the region.
The U.S. and Canada led by the rising number of chronic diseases associated with lungs, heart, liver, and kidneys lead the perfusion market in North America. Furthermore, the growing number of heart and kidney bypass surgeries and the growing prevalence of coronary diseases alongside the rapid uptake of advanced technologies and devices in the surgical process drive the growth in the regional market.
The perfusion market in the European region accounts for the second-largest market, globally. The region witnesses the increasing number of kidney & heart bypass procedures. Factors such as the availability of specialty care services in hospitals & tertiary care centers alongside the rising prevalence of cardiovascular diseases and the increasing demand for the treatment options of cardiovascular diseases escalate the market growth in the region.
Furthermore, the increasing healthcare expenditures led by the resurging economy in the region and spreading awareness towards bypass procedures impact the market growth in the region, positively.
The Asia Pacific perfusion market is emerging as a profitable market, worldwide. Factors such as the proliferating healthcare sector along with the flourishing medical tourism market in highly populated countries like India and China drive the regional market. Also, the rising cases of patients suffering from coronary diseases, increasing geriatric populace and spreading awareness about healthcare foster the growth of the regional market.
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Global Perfusion Market – Competitive Analysis
Highly competitive, the Perfusion market appears fragmented owing to the presence of several well-established market players. These players through strategic initiatives such as acquisition, partnership, expansion, product & technology launch, and collaboration, try to gain a competitive advantage and maintain their positions in the market.
Huge investments are being transpired in the R&D to bring betterments in surgical procedures and to develop devices that are on a different level entirely compared to their competition.
February 07, 2019 —- Circle Cardiovascular Imaging Inc. (Canada), leading global company developing analytical software for the cardiac imaging community announced the acquisition of Corstem Inc. (Canada), machine learning and artificial intelligence software developer specialized in cardiac imaging analysis to introduce automatic, fully-quantitative myocardial perfusion in cvi42.
The acquisition will further expand Circle’s innovative technology and product offerings with Corstem’s technologies integrated into Circle’s core product – cvi42, including an automatic and comprehensive solution for fully-quantitative myocardial perfusion.
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