The global pediatric perfusion market consists of medical devices such as heart-lung machines, oxygenators, and blood filters utilized to support cardiopulmonary bypass surgeries in infants and young children. Pediatric perfusion enables surgeons to operate on an arrested heart during open-heart surgeries for conditions like congenital heart disease. In addition, pediatric perfusion equipment comes in small sizes designed specifically for pediatric patients weighing less than 40 kgs and helps maintain a patient’s circulation and oxygenation during surgery.
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 companies are focusing on developing innovative technologies by leveraging advanced materials for miniaturized pediatric cardiopulmonary bypass equipment.
The growing prevalence of congenital heart diseases among infants and children worldwide is driving the demand for pediatric cardiac surgery and associated perfusion equipment. According to the U.S. Centers for Disease Control and Prevention, approximately 1 in 100 babies born in the U.S. have some type of heart defect requiring medical intervention.
Furthermore, major players are expanding their presence in emerging markets of Asia Pacific and Latin America to tap the opportunities in these regions. For instance, in January 2022, Terumo launched the Capiox Eds pediatric oxygenator in India to fortify its position in pediatric cardiopulmonary bypass equipment in Asia.
Market key trends
Technological advancements are one of the key trends witnessed in the Global Pediatric Perfusion Market Demand. Vendors are focused on developing equipment integrated with the latest technologies including virtual reality and artificial intelligence. For example, Medtronic offers the Medtronic Affinity NT pediatric oxygenator incorporated with the EnTrack perfusion management platform, which utilizes biomarkers and machine learning algorithms to personalize perfusion care for pediatric cardiac patients. Meanwhile, BL Lifesciences launched the Bio-Console CC Mobile System, an innovative heart-lung machine featuring wireless connectivity and compact design for pediatric cardiac procedures. Such innovations are expected to further aid pediatric perfusion and drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: High investment and regulatory requirements make it difficult for new players to enter the market.
Bargaining power of buyers: Presence of many established players increases competition and provides buyers with better options and prices.
Bargaining power of suppliers: Suppliers do not have significant influence due to availability of substitution and dependence of players on technology development.
Threat of new substitutes: New technologies by established players can disrupt the market, hence players focus on innovation.
Competitive rivalry: Being a specialized market, players focus on product innovation to gain competitive advantage.
Geographical Regions
North America accounts for the largest share of the global pediatric perfusion market in terms of value, due to growing number of surgeries and presence of advanced healthcare facilities. It is also the most lucrative market.
Asia Pacific region is expected to witness the highest CAGR over the forecast period owing to growing healthcare expenditure, increasing surgeries, and developing healthcare infrastructure in emerging countries like China and India. Growing pediatric population base also contributes to market growth in the region.
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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)