Cardiopulmonary products restore the functions of the heart and lungs. The global cardiopulmonary products market is primarily driven by the increasing geriatric population and the rising prevalence of cardiovascular diseases. According to the Centers for Disease Control and Prevention (CDC), coronary heart disease accounts for 370,000 deaths in the U.S. each year. Lifestyle habits such as smoking, rising incidence of obesity, and dietary irregularities are responsible for the growth in prevalence of cardiovascular disease globally. Moreover, there has been an unprecedented growth in the global geriatric population.
Cardiopulmonary products Market – Competitive Landscape
The global cardiopulmonary products market comprises large and mid-size vendors. Key players in this market include Medtronic Plc, Smiths Medical, MAQUET Holding B.V. & Co. KG, Terumo Corporation, LivaNova PLC, MEDIVATORS Inc., Braile Biomédica, Palex Medical SA, and others. These players participate in various cardiac conferences which offer them exposure and provide a platform to understand the market and showcase their products at the international level. Companies are also focused on expanding their presence in developing and underdeveloped countries through collaboration with various suppliers. In November 2016, Schiller AG introduced 2nd generation of its most successful ECG device, AT-1 G2. The device incorporates new interpretation algorithm and enables easy patient data entry. In September 2016, the company introduced the PHYSIOGARD Touch 7, a monitor for emergency services (out of hospital), designed to withstand the most demanding environments. The device possesses four leads as standard capabilities, which are SpO2, temperature, ECG, and non-invasive blood pressure. In 2016, Abbott announced the acquisition of St Jude medical, thereby strengthening its position in the cardiovascular market.In October 2017, Abbott received FDA approval of the world’s first and only smartphone compatible ICM Confirm Rx for identifying cardiac arrhythmia in the U.S. In May 2018, Abbott received its first CE clearance across 10 countries in Europe for first use of Confirm Rx with myMerlin app.
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Medtronic is a prime medical technology, services, and solutions company. Its product portfolio caters to the cardiovascular, diabetes, cardiac rhythm, ENT, digestive & gastrointestinal, neurological, orthopedic, and other segments. The company’s strength lies in developing technologies with an aim to mitigate pain, improve health, and extend the quality of life of patients. The company is an industry leader that offers value-based health care services in order to drive growth globally. Medtronic operates in 160 countries through 370 locations worldwide. It offers its innovative solutions to hospitals, clinics, third-party health care providers, distributors, and government health care organization and group purchasing organizations.
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Founded in 1940, Smiths Medical, a subsidiary of the Smiths Group plc, is headquartered in the U.S. unlike its parent company, which is based in U.K. Smiths Medical is involved in the manufacturing and marketing of world class medical devices, equipment and consumables. The company offers its products for hospitals, home care, and emergency as well as specific environments. Its products are utilized during surgery, intensive care, critical care, and post-operative care in a series of infusion therapies.
Rise in Global Geriatric Population Likely to Trigger Demand for Cardiopulmonary Products Market
According to the World Health Organization (WHO), people above the age of 65 years form the fastest growing population segment globally. The percentage of the world's population above 60 years of age is projected to double from 11% to 22% between 2000 and 2050. The global geriatric population is expected to grow at the fastest rate in developed countries such as the U.K., U.S., Brazil, Japan and China, South Korea and Thailand are expected to have a large geriatric population in a short span of time in the near future. This demographic shift toward geriatric population would result in a higher burden of cardiopulmonary diseases.
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Rise in Healthcare Expenditure in Emerging Countries will drive the Cardiopulmonary Products Market
Cardiovascular disease is among the top five causes of death in Asia and is characterized by large unmet needs that provide ample growth opportunities for the players in the region. Expanding health care infrastructure, rising disposable income, and large obese and geriatric populations are some of the factors that are expected to play a key role in making Asia Pacific the most attractive market for manufacturers operating in the region. China and India are the major markets in Asia Pacific that offer large opportunities for the cardiopulmonary products market. The cardiopulmonary products market in Asia Pacific is projected to expand at the highest CAGR compared to other regions. Economic development in India, China, Brazil, Mexico, and other countries in Asia and Latin America has increased the disposable income of people, thereby enhancing their purchasing power. Factors such as development of health care infrastructure, expanding number of private and public hospitals, and increasing government initiatives to improve access to health care would contribute to the growth of the cardiopulmonary products market in these regions. China’s health care expenditure was USD 357 million in 2011 and is expected to reach USD 1,000 million by 2020.
According to the WHO, around 80% of the total number of cardiovascular deaths take place in developing countries every year. Moreover, according to the National Informatics Center (NIC), cardiovascular diseases remain highly under-diagnosed and is a less treated condition in countries such as India. Hence, the unmet medical needs of the population in emerging economies is projected to contribute to the growth of the global cardiopulmonary products market.
Cardiopulmonary Products Market – Segmentation
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On the basis of product type, the cardiopulmonary products market is segmented into: Oxygenators Cardioplegia delivery systems Heart lung equipment Arterial filters Centrifugal blood pumps and flow probes Heat exchangers Hemoconcentrators Cannulae Biocompatible surfaces monitoring and data management systems
Based on end-user, the cardiopulmonary products market is classified into: Hospitals Ambulatory surgical centers Others
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