by The global pediatric perfusion market involves the perfusion of blood for pediatric patients undergoing cardiac and non-cardiac surgeries. Pediatric perfusion is crucial for surgeries requiring cardiopulmonary bypass or extracorporeal membrane oxygenation. Key products in the market include pediatric perfusion pumps, pediatric oxygenators, pediatric cannulas, and other disposables. These products support pediatric patients by oxygenating and circulating the blood outside the body during surgeries. With growing incidence of congenital heart diseases in children, demand for pediatric cardiac surgeries has increased, driving the need for specialized pediatric perfusion products and services.
The Global Pediatric Perfusion Market is estimated to be valued at US$ 574.7 MN in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Pediatric Perfusion Market Size are Medtronic, GE Healthcare, LivaNova, Inc., Getinge, Braile Biomedica, XENIOS AG, BL Lifesciences, Terumo Corporation, 3M, Koninklijke Philips N.V., EUROSETS, Merck KGaA, Stryker, Cardinal Health, Nonin, and Sorin Group USA, Inc. These players are focusing on developing innovative pediatric perfusion products and services targeted towards minimally invasive procedures.
The rising incidence of pediatric cardiac diseases and the growing demand for pediatric cardiac surgeries especially in developing countries present lucrative opportunities in the market.
Advancements in extracorporeal membrane oxygenation techniques are enabling the treatment of conditions that were previously untreatable. Novelties such as miniaturized pumpless pediatric ECMO systems are expanding the applications of perfusion therapy.
Market Drivers
One of the key drivers for the pediatric perfusion market is the growing prevalence of congenital heart diseases in children globally. Congenital heart diseases have emerged as the leading cause of birth defects, affecting nearly 1% of live births. The rising disease burden is correspondingly increasing the demand for pediatric cardiac interventions and perfusion services. Furthermore, improving reimbursement scenarios and growing health expenditures in developing regions are also fueling market growth.
Challenges in the Global Pediatric Perfusion Market
The Global Pediatric Perfusion Market faces several challenges currently. Budget crunch at hospitals continues to pose a major hurdle for the adoption of advanced perfusion systems. Rising prevalence of congenital heart diseases which require complex cardiac surgeries puts financial strain on healthcare systems. Shortage of trained perfusionists further aggravates the situation. Ensuring high quality of pediatric perfusion becomes difficult due to lack of specialized skills and expertise. Development of small sized pediatric perfusion devices suitable for new born babies is technically challenging. Gaining regulatory approvals for pediatric indications involve extensive clinical trials which are costly and time consuming.
SWOT Analysis
Strength: Advancing perfusion technologies such as miniaturized systems, portable circuits and hypothermia machines have improved outcomes. Growing awareness about pediatric heart diseases boost demand.
Weakness: Pediatric market has lower volume compared to adult segment resulting in less focus of large companies. Higher costs and technical complexities are constraints.
Opportunity: Rising healthcare spending in developing nations opens up new avenues. Untapped potential exists in assisting complex surgeries in remote areas through telemedicine.
Threats: Stringent regulations delay product launches. Cost pressure on hospitals threatens reimbursements and investments in new equipment.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global pediatric perfusion market, both in terms of value and volume. This is due to sophisticated healthcare infrastructure, heavy funding for research, and conducive regulatory environment in the US and Canada. Asia Pacific is slated to witness the fastest growth on the back of growing medical tourism, expanding healthcare infrastructure and rising incidences of congenital heart diseases in developing nations.
Fastest Growing Geographical Region
Asia Pacific region is poised to surge ahead as the fastest growing market for pediatric perfusion globally. Rising healthcare spending combined with large unmet needs across densely populated nations such as India and China will drive the double digit CAGR through 2031 in the Asia Pacific pediatric perfusion market. Improving access to advanced paediatric cardiac care stimulates investments in new treatment facilities and technologies. Paediatric heart surgeries in Asia are expected to triple over the next decade presenting huge untapped potential.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
