Centrifugal Blood Pumps Market Remains Strong As It Is Projected To Exhibit 4% CAGR Between 2020 And 2030
Future Market Insights (FMI) in a new study has projected that growth outlook for the centrifugal blood pumps market will remain strong. The market will exhibit 4% Y-o-Y growth in 2021 driven by rising cases of heart ailments recorded worldwide. A centrifugal ECMO pump is compact and delivers adequate volume of blood with relatively high pressure in order to compensate for the large pressure drop in the membrane oxygenator.
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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.
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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
“Companies operating in the market are focusing on research and development initiatives. Investment towards introducing advanced features will continue increasing through forecast period, enabling growth in the market” says the FMI Analyst
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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.