Key market players are aiming at strategic alliances with service providers to address the requirements of an expanding patient base.
FMI states in its recent study that the centrifugal blood pump market will record a CAGR of 4% through 2030. Demand for centrifugal blood pumps is anticipated to continue surging particularly due to the increase in heart diseases of people all across the world.
“A slew of cardiovascular products was launched for the management of cardiac disorders over the last decade and development of more are currently underway. With leading manufacturers expecting the demand to surge amid COVID-19, centrifugal blood pump sales are set to grow steadily through 2030.” says the FMI analyst.
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Centrifugal blood pump Market – Important Highlights
- The demand for electronic centrifugal blood pumps is estimated to rise in the forecasted period, owing to its increased energy efficiency
- Hospital sectors are anticipated to be the leading end-users
- North America led by the US is estimated to be the major shareholder in the market owing to its expansion in healthcare spending.
- China is estimated to be the lead market for centrifugal blood pumps in the forecasted period, due to its rapid increase in the geriatric population
Centrifugal blood pump Market – Drivers
- The rapid increase in health problems like heart diseases around the world
- Increasing in geriatric population
- Favorable government policies like an increase in healthcare spending are further driving the market.
Centrifugal blood pump Market – Restraints
- Low-cost alternatives by China-based pump manufacturers is expected to be a hurdle in the growth of the global centrifugal pump market during the forecast period
- A low rate of energy-efficiency is expected to restrain the growth of global centrifugal pump market growth over the period.
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COVID-19 Impact on Centrifugal blood pump Market
During this time there has been a disruption in the supply and demand chain which has caused an impact on the revenue of the centrifugal blood pumps in a negative way. However, this is estimated to be a temporary effect and the market is expected to have a turnaround. The pandemic has led to a decrease in the patient’s flow in the hospitals, and doctor chambers. This has caused a reduction in the number of cardio surgeries and that in turn has affected the centrifugal blood pumps market.
Competitive Landscape
Key market players are aiming at strategic alliances with service providers to address the requirements of an expanding patient base.
For example, In Feb 2018, LivaNova PLC agreed to acquire TandemLife, a privately held company that was focused on advanced cardiopulmonary temporary support solutions. Some of the leading companies operating in the centrifugal blood pump market are Medtronic Plc, Thoratec Corporation (Abbott), Terumo Corporation, and so on.
