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.
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.
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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. 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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.