Pediatric Perfusion Products Market Segmentation By Product Type (Pediatric Centrifugal Blood Pumps, Pediatric Oxygenation Systems, Pediatric Cannulae, Arterial Filters, Hemoconcentrators, Extracorporeal Circuits, and Others); By End User (Hospitals, Homecare Settings, Ambulatory Surgical Centers and Clinics) - Global Demand Analysis & Opportunity Outlook 2028
Buy Now Report ID: 2686 | Published Date: Feb 01, 2022
The rising cases of cardiac birth defects such as congenital heart diseases are primarily driving the growth of the market around the world. Congenital means present at birth. According to March of Dime, Nearly 1 in every 100 babies is born with a heart defect in the United States each year and about 1 in every 4 babies born (about 25 percent) has a critical CHD.
The demand for non-invasive or minimally invasive treatments to cure heart defects has increased. According to the Centers for Disease Control and Prevention (CDC), 16,800 babies in the U.S. are born each year with ventricular septal defects (VSD) which have elevated the demand of the products.
Additionally, increasing awareness around the new treatment of different heart abnormalities, effective technological advancements, and rising acceptance of pediatric perfusion products among consumers are anticipated to expedite the demand for pediatric perfusion products during the forecast period.
The pediatric perfusion products market is anticipated to attain a notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, end-user, and region. Among product segmentation, the pediatric cannulae segment is anticipated to hold the largest market share during the forecast period owing to an increasing prevalence of respiratory problems among new-borns, and consumers preferring cannulae as they are created soft and flexible that makes them suitable for neonatal use in high flow oxygen therapy.
High cost accompanying pediatric cardiac heart surgeries in low-income nations might hamper the growth of the global pediatric perfusion products market during the forecast period.
Additionally, strict regulatory guidelines for pediatric perfusion devices and the lesser availability of pediatric heart surgeons and perfusionists are projected to hamper the growth of the global market. CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis of the pediatric perfusion product market includes the following segments:
Geographically, the pediatric perfusion products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America captured the largest share of the global pediatric perfusion products market on account of high prevalence of congenital heart diseases in the U.S., increase in diagnosis rate of congenital heart diseases, high open heart surgery rate, and well-established health care infrastructure.
According to the Centers for Disease Control and Prevention (CDC), congenital heart diseases affect approximately 1% of the total pediatric population in the U.S. every year. The widespread presence of mild congenital heart diseases has increased in the country in the past five years, whereas the prevalence of critical congenital heart diseases has been stable.
Germany, the U.K., and France held the major shares of the pediatric perfusion market in Europe for the year 2018. This can be attributed to high rate of diagnosis and treatment of congenital heart diseases, highly developed health care industry, presence of ambulatory surgery centers and availability of sophisticated instruments in hospitals.
China and Japan attained dominant shares of the pediatric perfusion products market in the Asia Pacific region in 2018 owing to growing patient population, and soaring investments in research & development ventures by healthcare organisations. The market in India is estimated to expand at high growth in the next few years, owing to a large population of neonates and developing health care infrastructure. However, underdeveloped health care infrastructure and unavailability of skilled pediatric heart surgeons are some of the factors that might negatively affect the growth of the pediatric perfusion market in Latin America, the Middle East & Africa during the forecast period.
The pediatric perfusion products market is further classified on the basis of region as follows:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
January 3, 2020 – Masimo’s RD Set Sensors got clearance from the FDA. It features the company’s signature Measure-through Motion and Low Perfusion SET pulse oximetry, to exhibit much better accuracy while observing neonatal patients.
Perfusion Week 2020 – American Society of Extracorporeal Technology organizes PERFUSION WEEK every year to recognize the dedication of perfusionists around the world. This year April 27 marks the first day of Perfusion Week 2020.
February 27, 2020 – A team of researchers from Boston Children’s Hospital and Harvard developed an artificial valve that can be expanded and is comparatively cheaper to perform. Since various congenital surgeries require placement of prosthetic heart valves and as the heart grows with the infant’s age, valves have to be replaced through repeated surgeries which is altogether an expensive process.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
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