Abstract: The present invention is a cardiopulmonary bypass and extracorporeal oxygenation apparatus that provides a pulsatile blood flow output. The apparatus comprises: a primary pump, which primary pump is preferably a continuous pump; an oxygenator in fluid communication with the primary pump; a pulse wave generator in fluid communication with the oxygenator and positioned downstream from the primary pump. The pulse wave generator comprises: (i) a collapsible chamber having an inlet opening and an outlet opening formed therein; (ii) a first one-way valve connected to the inlet opening and positioned to permit the flow of blood from the primary pump through the collapsible chamber. A compression assembly is operatively associated with the collapsible chamber and configured to alternately compress said collapsible chamber and permit the expansion of the collapsible chamber.