The medical perfusion technology market size in 2021 stood at US$ 752.74 million and is projected to reach US$ 1,202.51 million by 2031 from US$ XX million in 2023. The market is expected to register a CAGR of 5.9% in 2023–2031. Perfusion instruments for cell-based research activities, and adoption of compact and portable perfusion machines are likely to remain key medical perfusion technology market trends.
Medical Perfusion Technology Market Analysis
The increasing prevalence of heart diseases such as coronary heart disease, cardiovascular disease, cerebrovascular disease, and rheumatic heart disease, as well as the significant growth of the biotechnology and pharmaceutical companies, the rise in cell-based research activities, and the practice of organ transplantation, all contribute to the growth of the medical perfusion technology market. Also, the well-established healthcare industry, increased investment by key players, and government attempts to develop the healthcare industry are all projected to fuel market growth.
Medical Perfusion Technology Market Overview
The US is projected to be the largest market for medical perfusion technology, the market is attributed due to multiple factors such as increase in cardiovascular disease, comprehensive clinical research, contract research and more. Moreover, in terms of technology, the nation is well ahead of other developed and emerging countries. Advances in technology have resulted in the development of various medical perfusion technologies and technologies that are used for their applications. Heart disease is the number one cause of death in the United States. Coronary heart disease occurs when the heart's arteries are incapable to deliver enough oxygen-rich blood to the heart. According to the CDC, the most frequent type of heart illness is coronary artery disease (CAD), in 2021, ~375,000 people died in the US.
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Medical Perfusion Technology Market: Strategic Insights
Market Size Value in US$ 707.10 Million in 2019 Market Size Value by US$ 962.60 Million by 2027 Growth rate CAGR of 4.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Medical Perfusion Technology Market: Strategic Insights
| Market Size Value in | US$ 707.10 Million in 2019 |
| Market Size Value by | US$ 962.60 Million by 2027 |
| Growth rate | CAGR of 4.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Medical Perfusion Technology Market Drivers and Opportunities
Rising Prevalence of Cardiovascular Conditions to Favor Market Growth
Cardiovascular diseases (CVDs) are the disorders related to the blood vessels and heart, which includes cerebrovascular disease, rheumatic heart disease, and coronary heart disease (CHD). CVDs are the leading cause of death globally. The structural and functional alteration of vessels are mainly seen in elderly people, which leads to the risk of cardiovascular diseases. According to the Centers of Disease Control and Prevention (CDC) in 2020, heart disease causes death of an estimated 695,000 in the US each year. Moreover, according to the WHO in 2020, globally ~17.9 million people die because of cardiovascular diseases. Moreover, Majority of the CVD deaths are due to the CHD, which is further followed by stroke and heart failure.
Growth Opportunities in Emerging Nations
The emerging regions such as Asia Pacific, Middle East and Africa, and Latin America are growing significantly in the biotechnology and pharmaceutical sectors. The governments in the countries of these regions are supporting through several initiatives, programs, funding, and conferences. The growth of pharmaceutical and biotechnology is driven by the economic and demographic development, rising healthcare expenditures, and improving public-private healthcare funding, among others.
The regions are witnessing a rising number of start-up companies that helps in the production of generic drugs, components of the parts of the medical devices, and others. The R&D activities in the biotechnology and pharmaceuticals sectors are growing. The emerging economies are now seeking support from the developed nations for novel procedures and advanced technologies. Moreover, the well-established players are turning to the emerging nations for their expansions as these regions have enormous potentials to offers market growth.
Medical Perfusion Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medical perfusion technology market analysis are technique, organ type, and component.
- Based on technique, the medical perfusion technology market is bifurcated into hypothermic machine perfusion and normothermic machine perfusion. The hypothermic machine perfusion segment held a larger market share in 2023.
- By organ type, the market is segmented into heart, lung, kidney, liver, and others. The kidney segment held the largest share of the market in 2023.
- In terms of component, the market is divided into perfusion pumps, oxygenators, heart-lung machines, monitoring systems, cannulas, and others. The oxygenators segment dominated the market in 2023.
Medical Perfusion Technology Market Share Analysis by Geography
The geographic scope of the medical perfusion technology market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the medical perfusion technology market. Increasing adoption of advanced medical perfusion technology, technological advancements and rising emphasis on improving treatment outcomes are projected to accelerate the growth of the medical perfusion technology market. Besides, the rise in the cardiovascular surgeries in Canada, and the increasing prevalence of the cardiovascular and asthma in the Mexico City are likely to boost the growth of medical perfusion technology in the region during the forecast period.
Medical Perfusion Technology Market Report Scope
Medical Perfusion Technology Market News and Recent Developments
The medical perfusion technology market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for medical perfusion technology:
- XVIVO Perfusion AB completed the acquisition of all shares in the Dutch medtech company Organ Assist B.V. Organ Assist B.V. Organ Assist focuses mainly on developing machines and consumables for perfusion of liver and kidney. Through the acquisition, XVIVO becomes the first company in the world, within the preservation and evaluation of organs, to actively conduct business in all major organ areas. The acquisition accelerates the company's strategy to become a global supplier of solutions and systems in all major organ areas. (Source: XVIVO, Press Release, 2020)
Medical Perfusion Technology Market Report Coverage and Deliverables
The “Medical Perfusion Technology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technique , Organ Type , and Component , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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