The global medical perfusion technology market is expected to reach US$ 962.60 million by 2027 from US$ 707.10 million in 2019. The market is estimated to grow at a CAGR of 4.1% from 2020 to 2027.

Factors such as rise in prevalence of cardiovascular diseases, significant growth of pharmaceutical and biotechnology industries, increase in need for organ transplantation, and rise in cell-based research activities play a vital role in the growth of the medical perfusion technology market. However, the challenges such as expensive organ transplant surgeries and limited numbers of donors for organ transplant surgeries are likely to impact the growth of the market during the forecast period. On the other hand, technological developments in the emerging nations are likely to provide a significant opportunity for the market growth in the coming years.

Cardiovascular diseases (CVDs) are the disorders of the heart and blood vessels, which include cerebrovascular disease, coronary heart disease, and rheumatic heart disease. Some of the major risk factors that lead to CVDs are tobacco consumption, unhealthy diet, and physical inactivity. CVDs are the leading cause of deaths across the world. Along with the lifestyle and habit, age factor is also a main reason for increasing prevalence of cardiovascular diseases. The aging population commonly show the structural and functional alteration of vessels accumulation throughout their life, which leads to the risk of cardiovascular diseases. According to a study published by the Centers of Disease Control and Prevention in 2020, heart disease causes death of an estimated 655,000 Americans each year. Moreover, according to a study published by the World Health Organization (WHO) in 2020, around 17.9 million people across the world die because of cardiovascular diseases. Further, the coronary heart disease contributes to most CVD deaths, followed by stroke and heart failure.

The countries in Europe are also witnessing prevalence of cardiovascular conditions and subsequent deaths. For instance, according to a study published by the European Society of Cardiology, in 2019, 6 million new cases of CVD were diagnosed in the European Union (EU). Moreover, according to the same report, in 2019, around 11 million new cases of cardiovascular conditions were diagnosed in the whole Europe. In addition, the CVD accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. Such massive prevalence and death rate due to cardiovascular conditions is anticipated to drive the adoption of perfusion technologies across the world. The devices help to bypass functions of heart and lungs during the heart surgery and maintain the continuity of blood and the oxygen circulation in the body. This benefit offered by perfusion technology is likely to have positive impact on its adoption, which would ultimately drive the market by 2027.

Based on software type, the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. In 2019, the adverse event reporting software segment held the largest share of the market, by software. However, the fully integrated software segment is anticipated to grow at the highest rate during the forecast period, owing to its accuracy to avoid data redundancy by eliminating errors and tracking individual case safety reports.

In terms of technique, the medical perfusion technology market is segmented into hypothermic machine perfusion and normothermic machine perfusion. The hypothermic machine perfusion segment held larger share of the market in 2019. However, normothermic machine perfusion is estimated to register higher CAGR of 4.4% in the market during the forecast period.

Based on organ type, the medical perfusion technology market is segmented into heart, lung, kidney, and liver. The kidney segment held the largest share of the market in 2019. However, the heart segment is estimated to register the highest CAGR of 4.8% in the market during the forecast period.

In terms of component, the market is segmented into perfusion pumps, oxygenators, heart-lung machines, monitoring systems, cannulas, and others. In 2019, the oxygenators segment accounted for the largest share of the market, by component. In addition, the segment is also expected to grow at the fastest rate during the coming years, owing to the increasing number of cardiovascular surgeries, liver transplantation, and kidney transplantation.

Central Drugs Standard Control Organization, Commission for Protection against Health Risks, Contract Research Organizations, and Drug Safety and Effectiveness Network are among the major secondary sources referred to while preparing the report on the medical perfusion technology market.