The global centrifugal blood pump market is projected to reach a valuation of USD 184.5 million by 2033, having garnered USD 124.6 million in 2023. This growth represents a compound annual growth rate (CAGR) of 4.0% during the forecast period from 2023 to 2033.
Centrifugal blood pumps play a vital role in various medical procedures, particularly in cardiac surgery and extracorporeal membrane oxygenation (ECMO) procedures. The market is poised for significant growth, driven by technological advancements and the rising prevalence of cardiovascular diseases worldwide.
Key Factors Driving Market Growth:
- Innovative Technologies: The emergence of 3D-printed blood pumps and smart blood pumps equipped with sensors and Internet of Things (IoT) capabilities is expected to revolutionize the market. These innovations enhance patient outcomes and streamline medical procedures.
- Increased Use in ECMO: As the demand for ECMO procedures rises, the centrifugal blood pumps market is anticipated to benefit from their increasing utilization in managing patients with severe respiratory or cardiac failure.
- Growing Cardiovascular Disease Prevalence: The escalating incidence of cardiovascular diseases globally is driving the demand for efficient blood circulation devices, thereby propelling market growth.
- Rising Investment in Healthcare: Increased investments in healthcare infrastructure and research initiatives aimed at developing advanced medical devices further support market expansion.
With these developments, the centrifugal blood pump market is well-positioned for substantial growth, providing opportunities for manufacturers and healthcare providers to innovate and enhance their product offerings.
Centrifugal pumps show improved blood handling capacity and are energy-efficient. In addition to this, centrifugal pumps are small in size and represent less capital investment and have low maintenance costs. The growing preference for centrifugal blood pumps over roller pumps from hospitals and ambulatory surgical centers due to their various advantages will enable growth in the market in the coming years.
Due to the COVID-19 outbreak health care systems are negatively impacted and delivery of medical facilities effectively to all patients has become a huge challenge worldwide. Medical device manufacturers have not escaped the pandemic’s impact. Similar to pharmaceutical companies, medical device manufacturers rely heavily on healthcare facilities for their clinical trial data collection. The COVID-19 in the first few months of 2020 has imparted a negative impact on the centrifugal blood pumps market. The massive global lockdown, along with the shutting down of the economies such as China has halted the demand and supply activities. Despite this, hospitals are likely to remain leading end users owing to the advanced infrastructure and expenditure and the presence well trained medical staff and advanced facilities.
Key Takeaways from Centrifugal Blood Pumps Market Study
- Growth forecast for centrifugal blood pumps market remains strong as it is projected to exhibit 4% CAGR between 2020 and 2030
- U.S. to spearhead growth in North America, accounting over 90% of centrifugal blood pumps sold
- U.K. will showcase marginal yet steady growth 2.4% CAGR
- Germany and France will continue exhibiting steady rise in demand
- JAPAN and Korea to remain strong markets for centrifugal pumps in East Asia
Innovations to Remain Key to Growth
The rising demand for improved cardiac surgery will fuel the demand for centrifugal blood pumps. These pumps have low priming volume and limited contract surfaces, which make their applications ideal for certain conditions. Besides this, companies are increasingly focusing on technological innovations, which has led to the advent of lightweight centrifugal seamless blood pump with unique spherical thrust bearing.
These pumps also show the least blood trauma during cardiac surgery in comparison to other pumps available in the market, including roller pump. Advances in various cardiac assist devices aimed at curbing the incidence of adverse healthcare occurrences will continue creating growth prospects for the market.
Key Companies Profiled
- Medtronic Plc
- Thoratec Corporation (Abbott)
- Terumo Corporation
- Qura Srl
- Braile Biomedica Ltd.
- LivaNova, PLC
- XENIOS AG (Fresenius Medical Care Company)
- Getinge AB
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Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
Key Segments:
Motor
- Electronic
- Mechanical
End User
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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