The Global Centrifugal Blood Pump Industry is on track for continued growth, according to a recent market analysis. The market achieved a significant milestone in 2023, reaching a value of US$124.6 million. This strong foundation positions it for further expansion, with a projected Compound Annual Growth Rate (CAGR) of 4.0% leading it to reach a value of US$184.5 million by 2033.
The industry’s remarkable expansion is a testament to its tenacity, flexibility, and dedication to adopting cutting-edge technologies. It is projected that the years 2023 and 2033 will be revolutionary, marked by developments that will completely reshape the centrifugal blood pump market.
Centrifugal pumps have emerged as key players in this industry, showcasing enhanced blood-handling capacity and notable energy efficiency. Their compact size, lower capital investment, and minimal maintenance costs further contribute to their appeal. The escalating preference for centrifugal blood pumps over roller pumps by hospitals and ambulatory surgical centers, owing to their diverse advantages, is poised to fuel substantial market growth in the years to come.
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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. COVID-19 in the first few months of 2020 has hurt the Global Centrifugal Blood Pump Industry. 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 of well-trained medical staff and advanced facilities.
Key Takeaways from Global Centrifugal Blood Pump Industry Study
- The growth forecast for the centrifugal blood pumps market remains strong as it is projected to exhibit a 4% CAGR between 2020 and 2030
- U.S. to spearhead growth in North America, accounting for over 90% of centrifugal blood pumps sold
- U.K. will showcase marginal yet steady growth of 2.4% CAGR
- Germany and France will continue exhibiting a 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 pumps with unique spherical thrust bearings.
These pumps also show the least blood trauma during cardiac surgery in comparison to other pumps available in the market, including roller pumps. Advances in various cardiac assist devices to curb the incidence of adverse healthcare occurrences will continue creating growth prospects for the market.
Key Companies Profiled in the Global Centrifugal Blood Pump Industry:
- 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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Global Centrifugal Blood Pump Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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