Report : Europe ECMO Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Modality (Venoarterial ECMO, Venovenous ECMO, and Arteriovenous ECMO), Application (Respiratory and Cardiology), and Age Group (Adults, Pediatrics, and Neonates)
At 2.8% CAGR, the Europe ECMO Market is speculated to be worth US$ 166.97 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe ECMO market was valued at US$ 141.83 million in 2022 and is expected to reach US$ 166.97 million by 2028, registering a CAGR of 2.8% from 2022 to 2028. Surging product developments and approvals and rising prevalence of cardiovascular diseases and respiratory failures are the critical factors attributed to the Europe ECMO market expansion.
Advancements in medical technology and innovations and an increase in investments in R&D by manufacturers have resulted in the launch of various medical devices, including ECMO. Market players are involved in various product development activities. In October 2022, Eurosets S.R.L. launched Colibri, the lightest ECMO life-saving device. The company claims that the device can temporarily replace cardiac and pulmonary function in adult, pediatric, and neonatal patients. Many product approvals and developments in the ECMO market are enabling healthcare professionals to provide improved services. These developments help system manufacturers meet the rising demand for technically advanced systems that can efficiently treat patients suffering from cardiac and respiratory failure conditions. Thus, growing product development and approvals of ECMO product is expected to drive the growth of Europe ECMO market during the forecast period.
On the contrary, complications associated with ECMO hurdles the growth of Europe ECMO market.
Based on modality, the Europe ECMO market is segmented into venoarterial ECMO, venovenous ECMO, and arteriovenous ECMO. The venoarterial ECMO segment held 40.4% market share in 2022, amassing US$ 57.35 million. It is projected to garner US$ 70.09 million by 2028 to expand at 3.4% CAGR during 2022–2028.
Based on application, the Europe ECMO market is bifurcated into respiratory and cardiology. The respiratory segment held 55.3% market share in 2022, amassing US$ 78.41 million. It is projected to garner US$ 90.21 million by 2028 to expand at 2.4% CAGR during 2022–2028.
Based on age group, the Europe ECMO market is segmented into adults, pediatrics, and neonates. The adults segment held 43.5% market share in 2022, amassing US$ 61.68 million. It is projected to garner US$ 74.79 million by 2028 to expand at 3.3% CAGR during 2022–2028.
Based on country, the Europe ECMO market has been categorized into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 27.7% market share in 2022. It was assessed at US$ 39.23 million in 2022 and is likely to hit US$ 46.75 million by 2028, exhibiting a CAGR of 3.0% during the forecast period.
Key players dominating the Europe ECMO market are ABIOMED Inc, Braile Biomedica, Eurosets S.R.L., Fresenius Medical Care AG & Co KGaA, Getinge AB, LivaNova Plc, Medtronic Plc, MicroPort Scientific Corporation, Nipro Medical Corporation, and Terumo Group, among others.
- In May 2022, LivaNova PLC Acquired ALung Technologies, Inc. ALung Technologies, Inc., is a provider of low-flow extracorporeal carbon dioxide removal technologies for treating patients with acute respiratory failure.
- In April 2020, Abiomed acquired Breethe, developer of a novel extracorporeal membrane oxygenation (ECMO) system. With the acquisition of Cardiopulmonary Support Technology (ECMO), the company expanded its product portfolio.
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