Artificial Lung Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033

The Business Research Company’s Artificial Lung Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 28, 2024 /EINPresswire.com/ -- The global artificial lung market has demonstrated rapid growth in recent years, with the market size increasing from $2.06 billion in 2023 to $2.31 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.9%. This growth trajectory is anticipated to continue, with the market projected to reach $3.63 billion by 2028, at a CAGR of 12.0%. The historic growth is largely driven by increasing awareness among healthcare professionals, greater market penetration, expanding applications in home care settings, a surge in medical tourism, and advancements in healthcare infrastructure.

Rising Prevalence of Respiratory Diseases Fuels Market Growth
The primary driver behind the market's expansion is the rising prevalence of respiratory diseases. Factors such as increasing air pollution, climate change, and lifestyle changes contribute to a growing burden of respiratory conditions. Artificial lungs play a critical role in managing these diseases by providing essential oxygenation and removing carbon dioxide from the blood. For instance, in June 2024, the Australian Institute of Health and Welfare reported that approximately 34% of the Australian population, or 8.5 million people, suffered from chronic respiratory conditions. This includes 11% living with asthma and 2.5% with chronic obstructive pulmonary disease (COPD). Such statistics underscore the urgent need for effective respiratory support solutions.

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Key Players and Major Innovations
Leading companies in the artificial lung market include Terumo Corporation, Getinge AB, Abiomed Inc., MicroPort Scientific Corp., and Charles Stark Draper Laboratory Inc., among others. These companies are at the forefront of developing innovative solutions to enhance patient care. For example, in December 2021, ALung Technologies Inc. received FDA approval for its Hemolung Respiratory Support System, an artificial lung device designed for extracorporeal CO2 removal. This device addresses acute respiratory failure by providing effective carbon dioxide removal for up to 5 days in adults when conventional methods are inadequate.

Market Trends Shaping the Future
Several key trends are influencing the artificial lung market. These include the integration of wireless technology and artificial intelligence (AI), advancements in genomics and medical technology, and the development of smaller, more portable artificial lungs. These innovations are expected to drive the market forward, enhancing the efficiency and accessibility of respiratory support systems.

Market Segmentation
• Product Type: Single Roller Pump Heart Lung Machines, Double Roller Pump Heart Lung Machines, Bubble Artificial Lung, Membrane Artificial Lung
• Application: Cardiac Surgery, Lung Transplant Operation, Acute Respiratory Failure Treatment, Other Applications
• End-Users: Hospital, Emergency Center, Other End-Users

Regional Insights: North America Leads the Market
North America emerged as the largest region in the artificial lung market in 2023. The region's advanced healthcare infrastructure and significant investments in medical technology contribute to its leading position. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Artificial Lung Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Artificial Lung Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on artificial lung market size, artificial lung market drivers and trends, artificial lung market major players, competitors' revenues, market positioning, and market growth across geographies. The artificial lung market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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