Medical Device Segment is the largest segment driving the growth of Oxygenators Market

The global Oxygenators Market is estimated to be valued at US$ 250.9 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
An oxygenator is a medical device that adds oxygen to and removes carbon dioxide from a patient’s blood during cardiac bypass surgery or CPB (cardiopulmonary bypass). Oxygenators are essential during open-heart surgeries to temporarily perform the function of lungs and heart.

Market key trends:
One of the key trends in the oxygenators market is the growing adoption of minimally invasive procedures. Minimally invasive cardiac surgeries require less recovery time and pain for patients compared to traditional open-heart surgeries. This has increased the demand for oxygenators compatible with minimally invasive procedures. manufacturers are focusing on developing miniaturized oxygenators specifically designed for minimally invasive surgeries. Furthermore, technological advancements such as improved membrane oxygenators with enhanced gas transfer properties are also fueling the oxygenators market growth.

Market key trends:
The oxygenators market is witnessing high demand for miniaturized oxygenators owing to the rising number of organ transplants coupled with increasing preference for minimally invasive surgeries. Miniaturized oxygenators are compact in size and offer several advantages compared to conventional oxygenators such as smaller priming volume, reduced hemodilution effect, and lesser post-operative complications. Manufacturers are focusing on developing novel miniaturized oxygenators with improved biocompatibility and hemocompatibility to meet the growing demand.

SWOT Analysis
Strength: Oxygenators offer lifesaving support during complex surgeries involving heart-lung machines. They assist in oxygenating blood and removing carbon dioxide from it during cardiopulmonary bypass procedures.
Weakness: High costs associated with oxygenators limit their widespread adoption. Development of effective and affordable alternatives remains a challenge.
Opportunity: Rising demand for organ transplants and cardiac surgeries worldwide presents an opportunity for oxygenator manufacturers. Growing healthcare expenditure in developing nations also opens new avenues.
Threats: Stringent regulatory approval process and intense competition from local and global players are key threats. Technological advancements may make existing products obsolete at a faster pace.

Key Takeaways
The global Oxygenators Market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, 2023 to 2030, due to increasing demand for organ transplants and complex cardiac surgeries.

The North America region dominates the market and is expected to continue its domination owing to the growing prevalence of cardiovascular diseases, rising adoption of miniaturized oxygenators, and technological advancements in the region.

Regional analysis: Europe is also expected to grow at a high rate during the forecast period due to increase in number of cardiac surgeries in countries such as Germany, U.K, and France. Asia Pacific is projected to register fastest growth owing to growing healthcare infrastructure, rising medical tourism, and increasing healthcare expenditure.

Key players operating in the oxygenators market are Owgels Group, Braile Biomedica, Terumo Corporation, Nipro Corporation, Medtronic PLC, Getinge AB, EUROSETS SRL, Chalice Medical Ltd., Gen World Medical Devices, MC3 Cardiopulmonary, LivaNova PLC, MicroPort Scientific Corporation, Senko Medical Instrument Mfg Co. Ltd (MERA), and Xenios AG (Fresenius Medical Company), among others.