The global Centrifugal Blood Pumps market gathered revenue around USD 70 Million in 2020 and market is set to grow USD 125.4 Million by the end of 2027 and is estimated to expand at a modest CAGR of 5.0% during the prediction period 2021 to 2027.
Growth Factors:
The market Demand for centrifugal blood pumps is increasing owing to its several advantages such as low maintenance costs, small in size, and less capital investment. Thus, such advantages offered by centrifugal blood pumps are estimated to fuel the market growth during the forecast period.
Growing clinical experience and cardiotomy suction devices have led to a significant increase in usage of mechanical centrifugal blood pumps and to the improvement of outcomes after short and long-term support. As the interventional methods in the cardiovascular field continue to develop and a majority of critically ill patients undergo treatment, the demand for mechanical centrifugal blood pumps is increasing drastically in this field.
Changing lifestyles and an increase in the prevalence of lifestyle-associated diseases are also expected to contribute to market growth. The increasing prevalence of diseases such as diabetes, obesity, and cardiovascular diseases coupled with the rising number of geriatric population are fueling the demand for cardiovascular procedures. Treatment of such diseases involves the use of cardiotomy suction devices, which, in turn, is expected to drive the market over the forecast period.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Centrifugal Blood Pumps market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Centrifugal Blood Pumps market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
Report Scope | Details |
Market Size | USD 125.4 Million by 2027 |
Growth Rate | CAGR of 5.0% From 2021 to 2027 |
Base Year | 2020 |
Forecast Period | 2021 to 2027 |
Historic Data | 2017 to 2020 |
Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
Segments Covered | Type, end use and Region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Companies Mentioned | Medtronic; Getinge AB; Terumo Corporation; LivaNovaPlc; Abbott Laboratories; Qura Srl; Braille Biomedica Ltd; 3M; Baxter International |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Centrifugal Blood Pumps market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Regional analysis:
North America dominated the market and accounted for the largest revenue share of 40.0% in 2020. Rising R&D expenditure, increasing prevalence of cardiovascular disorders, and rising initiatives by key market players in developing advanced centrifugal blood pumps in the U.S. and Canada are factors that contributed to North America’s leading market share in 2020. The presence of technologically advanced healthcare infrastructure is predicted to foster the number of treatments leading to surged demand for centrifugal pumps. The increasing occurrence of cardiovascular disorders across the U.S. and Canada is anticipated to create demand for centrifugal blood pumps for ECMO, ventricular assistance, and cardiopulmonary bypass.
In Asia Pacific, the centrifugal blood pumps market is projected to grow at the fastest rate of 6.0% during the forecast period. The rising focus on making advanced treatment accessible and improvements in healthcare policies in emerging countries such as India and Japan are anticipated to fuel the regional growth. Emerging economies are experiencing a rising number of advanced interventional cardiac procedures, leading to a surging adoption rate of centrifugal blood pumps. Additionally, the rising adoption of cardiac assist devices for cardiopulmonary bypass is estimated to accelerate regional growth.
In Europe, the market is expected to witness a lucrative growth rate of 4.2% during the forecast period. Improved healthcare infrastructure services and a rising number of research activities specifically for cardiovascular disorders are expected to contribute to the region’s market growth.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Centrifugal Blood Pumps Market include: Medtronic; Getinge AB; Terumo Corporation; LivaNovaPlc; Abbott Laboratories; Qura Srl; Braille Biomedica Ltd; 3M; Baxter International.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Centrifugal Blood Pumps market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Centrifugal Blood Pumps market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Centrifugal Blood Pumps markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Centrifugal Blood Pumps market Study: