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According to Coherent Market Insights, the adult and pediatric hemoconcentrators market was valued at US$ 10.7 million in 2017, and is projected to exhibit a CAGR of 3.3% over the forecast period (2018–2026).
Key Trends and Analysis of the Adult and Pediatric Hemoconcentrators Market:
A hemoconcentrator is a device used for removal of excess fluid during cardio bypass surgery. High prevalence of cardiovascular diseases around the globe is expected to be a major factor for high demand for hemoconcentrators in the market and drive global adult and pediatric hemoconcentrators market growth. For instance, according to the data published by World Health Organization (WHO) in 2017, cardiovascular disease is the leading cause of deaths, globally. Annually, more people die from cardiovascular disease than from any other cause in the world.
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According to the data published by American Heart Association in 2018, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease or the after-effects of stroke. Cardiovascular disease, listed as the underlying cause of death, annually accounts for around 836,546 deaths in the U.S.
Major players in the market are involved in strategic mergers and partnership activities, in order to expand its product portfolio, presence, and increase share in global adult and pediatric hemoconcentrators market.
For instance, in 2015, Italy-based Sorin S.p.A, a manufacturer of hemoconcentrators with presence in France, Italy, Japan, and Texas, merged with Cyberonics, Inc., a U.S.-based company. The newly formed company was named LivaNova, Plc. With this, the merged company is expected to strengthen and expand its presence in the global market.
In 2016, MEDIVATORS Inc. (a Cantel Medical Corporation company), a manufacturer of Hemocor HPH family hemoconcentrators, expanded its direct sales operations in Canada by acquiring endoscope reprocessing business assets from its Canadian distributor, Vantage Endoscopy, Inc., a subsidiary of Diploma Canada Holdings Ltd.
However, stringent rules by regulating bodies such as product recalls by U.S. Food and Drug Administration (FDA) might hamper adult and pediatric hemoconcentrators market growth. For instance, in 2015, U.S. Food and Drug Administration recalled Terumo Custom Cardiovascular Procedure Kit X-Coated Adult Pak. The custom cardiovascular procedure kits contain recalled component Medivators HPH700, the high performance hemoconcentrators.
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Key Market Takeaways:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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