Life Support Systems Market: Introduction
- Life support systems comprise medical equipment used to keep a patient alive in situations such as major organ failure including brain, heart, and kidney
- The organs and organ systems that often fail and require life support are:
- Breathing (respiratory system)
- Heart and blood pressure (cardiovascular system)
- Kidney (renal system)
- Intestines (gastrointestinal system)
- In case of failure of vital organ systems such as brain and spinal cord (central nervous system), life support focuses on keeping the other body systems functioning so that the nervous system has time to return to a state where it can again support the other body functions
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Key Drivers of Global Life Support Systems Market
- According to the World Health Organization (WHO), population aged 60 years and above is projected to rise from 900 million in 2015 to 2 billion in 2050. Increase in geriatric population leads to surge in incidence of age-related problems such as cardiovascular diseases and respiratory diseases. This is anticipated to boost the growth of the global life support systems market.
- Technological advancements in life support systems is expected to increase the adoption these devices in developed countries. This in turn is likely to fuel the growth of the global market in the next few years.
- Rise in prevalence of infectious diseases such as COVID-19 is projected to increase demand for life support systems such as ventilators in critical conditions. Most people who suffer from COVID-19 experience mild to moderate symptoms and recover without special treatment. However, in severe cases, the infection leads to multiple organ failure, acute & severe respiratory disorders, pneumonia, and even death.
- According to the World Health Organization (WHO), cardiovascular disease accounts for nearly 17.9 million deaths every year, which is estimated to be 31% of all global deaths. The rise in number of people suffering from cardiovascular diseases can be attributed to sedentary lifestyle along with smoking, tobacco & alcohol consumption, and unbalanced diet. Hence, rise in prevalence of cardiovascular diseases is projected to fuel the growth of the global market during the forecast period.
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Restraints of Global Life Support Systems Market
- Several small-scale hospitals, clinics, and other medical centers do not invest in life support systems because of high cost associated with the equipment
- Not every patient can bear the high cost of life support systems. However, few patients opt for these systems, but eventually find it difficult to avail this service for long. Significantly high bills associated with the use of life support systems limit their adoption.
North America to Lead Global Life Support Systems Market
- In terms of region, the global life support systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global life support systems market in 2019 and the trend is projected to continue during the forecast period. Increase in geriatric population, presence of major players, and government initiatives for spreading awareness about heart diseases are the major factors driving the life support systems market in the region.
- Europe was the second largest market for life support systems in 2019 due to surge in number of strokes (nearly 650,000 every year). The number is anticipated to rise due to increase in the geriatric population.
- The market in Asia Pacific is expected to grow at a rapid pace during the forecast period due to rise in prevalence of chronic diseases, cardiovascular diseases, and respiratory diseases
- The Middle East and Latin America are likely to experience rise in demand for life support systems owing to increase in health care infrastructure in the region
- A number of government initiatives in the health care sector in countries in Africa is likely to lead to moderate growth of the market in the region during the forecast period
Key Manufacturers Operating in Global Life Support Systems Market
Key manufacturers operating in the global market are:
- Koninklijke Philips N.V.
- Medtronic plc
- ResMed Corp.
- Vyaire Medical, Inc.
- Getinge AB
- ZOLL Medical Corporation
- LivaNova plc
- Fisher & Paykel Healthcare Limited.
- Hamilton Medical
- Smiths Medical
Global Life Support Systems Market: Research Scope
Global Life Support Systems Market, by Product Type
- Extracorporeal Oxygenator
Global Life Support Systems Market, by End-user
- Ambulatory Surgical Centers
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.
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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?
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