Global Artificial Lung Market: Overview
Globally, number of cases related to respiratory failure and cardiopulmonary collapse has grown rapidly. This has resulted in increasing demand for artificial lung that acts as an external support system providing oxygenation of blood and removal of carbon dioxide from the blood. Though presence of artificial lung dates back to 1939, and since then significant efforts are being made in improving the efficiency of artificial lung. Researcher and scientists are also making persistent efforts in developing and improving artificial lung, with which it can be used at larger scale and with greater ease.
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Thus, with growing importance of artificial lung, Transparency Market Research is coming up with a new report on the global artificial lung market. In this report, researchers have made significant efforts in elaborating on the key points relating to the growth of this market. Analysts have presents all the key factors contributing in the growth of artificial lung. Major growth drivers, restraints, opportunities, and strengths are thorough discussed in the report. Regional growth opportunities are also discussed in the report.
Global Artificial Lung Market: Notable Developments
Competition in the global artificial lung market is taking a different turn, as more and more players are investing in research and development activities. Leading players are also collaborating with research institutes to develop and enhance the quality of product.
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One of the recent example of a company establishing association with research institute is Breethe, Inc. (Baltimore-based medical device company) who obtained exclusive rights University of Maryland. The company has access to the intellectual property of the university related to the development of portable, wearable blood pump oxygenator that will work as an artificial lug system patient experiencing cardiopulmonary collapse and respiratory failure.
Other players in the market are also making similar efforts that will benefit the growth in the global artificial lung market. Some of the leading players influencing the growth in the global artificial lung market include Xenios, Miromatrix Medical, Lung Biotechnology PBC, Haemair, Michigan Critical Care Consultants, MedArray, Breethe, ALung Technologies, McGowan Institute for Regenerative Medicine, and The Charles Stark Draper Laboratory.
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Global Artificial Lung Market: Drivers and Restraints
Factors responsible for accelerating the growth in the global artificial lung market are:
Rising incidence of respiratory disorder and growing issues with lungs has augmented growth in the global artificial lung market. Moreover, it is also used as an oxygenator while performing cardiac surgeries. Owing to this factor, different companies are making efforts in developing competitive oxygenators that are increasing competition in this market.
Difficulty in the availability of donor of lung, and to overcome donor shortage for lung transplant has also augmented growth in the global artificial lung market. In fact, based on the data revealed by the International Society of Heart and Lung Transplantation (ISHLT) there are nearly 4000-lung transplant procedure performed every year. This has created huge gap between the demand and availability of organs. This factor is also driving growth in the global artificial lung market.
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Global Artificial Lung Market: Regional Outlook
Regionally, North America is projected to lead the global artificial lung market in the next few years. Presence of key regional players, increasing efforts made in medical research and development, and high investment made in developing and improving artificial lung has made this region lead the global artificial lung market. Moreover, rising awareness among individuals has further augmented growth in North America artificial lung market.
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