Perfusion System Market Is Expected To Witness Significant Growth Due To Rising Prevalence Of Cardiovascular Diseases
Perfusion is a medical technique that is used in surgeries, primarily organ transplant surgeries and extracorporeal membrane oxygenation procedures (ECMO). During perfusion, the patient's circulatory system is temporarily taken over by an external perfusion circuit that oxygenates and circulates the blood. Perfusion systems play a critical role in ensuring proper oxygenation and circulation of blood during long surgeries such as heart transplant. With rising prevalence of cardiovascular diseases globally, the demand for heart transplants has increased significantly creating high demand for perfusion systems.
The global perfusion system market is estimated to be valued at US$ 1.93 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key driver for perfusion system market growth is rising prevalence of cardiovascular diseases globally. According to World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. The death toll from CVDs is expected to rise to more than 23 million by 2030. Growing geriatric population is another major factor fueling the cases of heart diseases worldwide driving the demand for cardiac surgeries like heart transplant and consequently perfusion systems. According to United Nations report, the percentage of global population aged 60 years or over is expected to nearly double from 12% to 22% between 2015 and 2050 creating high demand for cardiovascular interventions.
SWOT Analysis
Strength:
Perfusion systems offer advanced features for tissue transfer. Three different technologies available namely bioreactors, hollow fiber and flat sheet configurations provide flexibility in applications. Custom designs are available to meet specific organ requirements.
Weakness:
High costs associated with perfusion systems, consumables, and training can limit adoption rates. Difficulty in standardizing protocols across research facilities also poses challenges.
Opportunity:
Growing organ transplantation needs worldwide present a massive opportunity. Innovations improving oxygenation and nutrient delivery will boost demand. Adoption in developing economies with increasing healthcare spends can drive future sales.
Threats:
Stringent regulations around approval of new systems acts as a deterrent. Alternative tissue engineering techniques gaining ground may pose competition over the long term. Economic slowdowns can negatively impact discretionary research spending.
Key Takeaways
The global Perfusion System Market Share is expected to witness high growth over the forecast period supported by rising transplantation needs. The market size is projected to reach US$ 1.93 Mn in 2024 growing at a CAGR of 5.4% until 2031.
Regional demand is highest currently in North America and Western Europe due to advanced clinical healthcare frameworks and aggressive government spending on transplantation related initiatives. The Asia Pacific region excluding Japan presents significant future potential for market expansion supported by growing affluence, healthcare infrastructure development programs and evolving transplantation policies. Key players will look to establish local manufacturing and gain regulatory approvals in emerging markets going forward to capitalize on evoling opportunities.
Key players operating in the perfusion system market include Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem. Oldcastle Inc. holds the leading market share with a focus on bioreactor systems for a wide array of tissue engineering applications. HeidelbergCement has established expertise in hollow fiber cartridge design and manufacturing. Market players are investing in innovations around oxygenation and organ simulation software. Consolidation activities are also expected to intensify competition over the forecast period.
For more insights, read- https://www.pressreleasebulletin.com/perfusion-system-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian