It involves taking over the function of the heart and lungs using an external heart-lung machine, also called a cardiopulmonary bypass (CPB) machine. This allows surgeons to operate on a still, non-beating heart. The primary product segments in the global pediatric perfusion market are oxygenators, pumps, connectors and tubing sets, and monitoring systems. Oxygenators are an essential component as they oxygenate and remove carbon dioxide from the blood during bypass. Pumps are used to circulate the blood through the CPB circuit. Connectors and tubing sets connect the patient to the heart-lung machine. Monitoring systems help optimize perfusion management by continuously monitoring physiologic variables.
The Global pediatric perfusion market is estimated to be valued at US$ 574.7 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global pediatric perfusion market are Medtronic, GE Healthcare, LivaNova, Inc., Getinge, Braile Biomedica, XENIOS AG, BL Lifesciences, Terumo Corporation, 3M, Koninklijke Philips N.V., EUROSETS, Merck KGaA, Stryker, Cardinal Health, Nonin, and Sorin Group USA, Inc. The rising prevalence of congenital heart diseases is one of the major opportunities in the market. According to the Centers for Disease Control and Prevention (CDC), approximately 32,000 babies are born with congenital heart defects each year in the United States. Additionally, companies are expanding their global footprint to increase pediatric perfusion access worldwide. For instance, LivaNova established direct sales and service coverage in Brazil and expanded its product portfolio in China in 2021.
Market Drivers
The Global Pediatric Perfusion Market Demand is expected to witness steady growth owing to the increasing prevalence of congenital heart diseases. According to a CDC report, congenital heart defects affect nearly 1% of all newborns each year in the US. Additionally, around 40,000 babies are currently living with serious heart defects in the country. The rising medical tourism in developing nations for pediatric cardiac surgeries is also fueling the market growth. Further, technological advancements in perfusion devices with improved biocompatibility and function are supporting market expansion over the forecast period.
PEST Analysis
Political: Regulations for pediatric medical devices are stringent. Product approvals involve multiple clinical trials and significant documentation regarding quality and safety. Stringent regulations aim to provide maximum protection to pediatric patients.
Economic: Rising healthcare expenditure, diseases affecting children, and advancement in medical technologies are driving the pediatric perfusion market growth. However, high costs associated can limit widespread adoption.
Social: Rising awareness among parents regarding best pediatric care available and willingness to spend on children’s health drives the market. Social campaigns aim for early detection and management of congenital diseases.
Technological: Advancements in micro-pump technology, pediatric circuits, and perfusion techniques have enabled complex surgeries with better outcomes. Developments focus on customized products tailored for neonates and infants.
The global pediatric perfusion market in terms of value is highly concentrated in North America and Europe. Developed healthcare infrastructure, high spending on pediatric care, and presence of major market players drive high market shares in these regions.
The Asia Pacific region is expected to be the fastest growing market during the forecast period. Factors such as rising healthcare spending, growing pediatric population base, and increasing adoption of advanced medical devices are expected to support robust growth. Countries like China and India offer high growth potential due to their large population bases and improving medical technologies.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
