Headline : North America ECMO Market Report 2023: Surging Product Developments and Approvals to Drive Growth

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DUBLIN, March 27, 2023 /PRNewswire/ -- The "North America ECMO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Modality, Application, and Age Group" report has been added to  ResearchAndMarkets.com's offering.

The North AmericaECMO market is expected to grow from US$ 227.85 million in 2022 to US$ 277.36 million by 2028. It is estimated to record a CAGR of 3.3% from 2022 to 2028. Surging Product Developments and Approvals to Drive North America ECMO Market Growth in FutureAdvancements in medical technology and innovations and an increase in investments in R&D by manufacturers have resulted in the launch of various medical devices, including ECMO. Market players are involved in various product development activities. In October 2020, FDA granted 510(k) clearance to Abiomed's ECMO system called Abiomed Breethe OXY-1 System. It can be used for treating patients suffering from COVID-19 and cardiogenic shock. The system provides cardiopulmonary bypass support for patients whose lungs cannot provide sufficient end organ oxygenation. Similarly, in April 2020, Getinge received a temporary expansion of the availability of devices used for ECMO therapy in the US.

As per this extension, Cardiohelp and HLS Advanced Sets can be used for 6 hours for COVID-19 patients with respiratory/cardiopulmonary support. Further, in February 2020, FDA cleared Novalung, a heart and lung support system used to treat acute respiratory and cardiopulmonary failure. Novalung is the first extracorporeal membrane oxygenation system to be cleared for more than six hours of use as extracorporeal life support.

Many product approvals and developments in the ECMO market are enabling healthcare professionals to provide improved services. These developments help system manufacturers meet the rising demand for technically advanced systems that can efficiently treat patients suffering from cardiac and respiratory failure conditions. Thus, growing product development and approvals of ECMO products are expected to drive the growth of the North America ECMO market during the forecast period.North America ECMO Market OverviewThe North America is the largest market for ECMO. The US, Canada, and Mexico are main contributors to the regional market. The US dominated the North America ECMO market in 2022. According to the US Centers for Medicare & Medicaid Services, the national healthcare expenditure in the US increased by 9.7% in 2019 to reach US$ 4.1 trillion in 2020. Furthermore, national health spending is expected to grow at a 5.4% annual rate from 2019 to 2028, and it is expected to reach US$ 6.2 trillion by 2028. The rising healthcare expenditure is estimated to increase the adoption of various equipment for patient care, which would fuel the demand for ECMO in the country during the forecast period.

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