Artificial Lung Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial lung market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.31 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to growing awareness among healthcare professionals, increasing market penetration, increasing applications in-home care setting, the rise in medical tourism, and improvements in healthcare infrastructure.
The artificial lung market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to the rising prevalence of respiratory diseases, improvements in healthcare facilities, rising acceptance of minimally invasive procedures, enhanced patient quality of life, and rising prevalence of chronic obstructive pulmonary diseases. Major trends in the forecast period include the integration of wireless technology, artificial intelligence (AI) integration, advances in genomics and medical technology, and the development of smaller, more portable artificial lungs.
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Scope Of Artificial Lung Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Lung Market Overview
Market Drivers –
The increasing prevalence of respiratory diseases is expected to propel the growth of the artificial lung market going forward. The prevalence of respiratory diseases is increasing due to a combination of factors, including rising air pollution, climate change, and lifestyle changes, leading to a significant burden on public health. Artificial lungs are used in respiratory diseases to provide oxygenation and remove carbon dioxide from the blood, supporting or replacing impaired lung function. For instance, in June 2024, according to the Australian Institute of Health and Welfare, an Australia-based health and welfare agency, approximately 8.5 million people in Australia, or 34% of the population, were estimated to have chronic respiratory conditions. This includes an estimated 2.8 million people, or 11% of the population, living with asthma, and 638,000 people, or 2.5% of the population, living with chronic obstructive pulmonary disease (COPD). Therefore, the increasing prevalence of respiratory diseases is driving the growth of the artificial lung market.
Market Trends –
Major companies operating in the artificial lung market are developing innovative solutions, such as respiratory support systems, to enhance patient care and outcomes. Respiratory support systems are medical devices that assist or maintain a patient’s breathing. For instance, in December 2021, ALung Technologies Inc., a US-based provider of medical products, received US Food and Drug Administration approval for the Hemolung Respiratory Support System, an artificial lung device. It is the first and only extracorporeal carbon dioxide removal (ECCO2R) device indicated for respiratory support that provides extracorporeal CO2 removal from the patient’s blood for up to 5 days in adults with acute, reversible respiratory failure when ventilation of CO2 cannot be adequately or safely achieved using other available treatment options and continued clinical deterioration is expected.
The artificial lung market covered in this report is segmented –
1) By Product Type: Single Roller Pump Heart Lung Machines, Double Roller Pump Heart Lungs Machines, Bubble Artificial Lung, Membrane Artificial Lung
2) By Application: Cardiac Surgery, Lung Transplant Operation, Acute Respiratory Failure Treatment, Other Applications
3) By End-Users: Hospital, Emergency Center, Other End-users
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Regional Insights –
North America was the largest region in the artificial lung market in 2023. The regions covered in the artificial lung market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the artificial lung market are Terumo Corporation, Getinge AB, Abiomed Inc., MicroPort Scientific Corp., Charles Stark Draper Laboratory Inc., TransMedics Group Inc., Braile Biomédica Ltd., Xenios AG, MC3 Cardiopulmonary Inc., Lung Biotechnology PBC, Breethe Inc., Levitronix LLC, Medos Medizintechnik AG, ALung Technologies Inc., McGowan Institute for Regenerative Medicine, Hemovent GmbH, Novalung GmbH, Haemair Ltd., MedArray Inc., Vivonics Inc., Extracorporeal Life Support (ECLS) Lab
Table of Contents
1. Executive Summary
2. Artificial Lung Market Characteristics
3. Artificial Lung Market Trends And Strategies
4. Artificial Lung Market – Macro Economic Scenario
5. Global Artificial Lung Market Size and Growth
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32. Global Artificial Lung Market Competitive Benchmarking
33. Global Artificial Lung Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Lung Market
35. Artificial Lung Market Future Outlook and Potential Analysis
36. Appendix
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