Organ Care Products Market worth over $250mn by 2027
Published Date: April 14, 2021 Authors: su, Sumant Ugalmugle
Organ Care Products Market size is set to surpass USD 250 million by 2027, according to a new research report by Global Market Insights, Inc.
Rapidly changing lifestyle, leading to adoption of several unhealthy habits is contributing to increasing incidence of organ failures. This has resulted into growing demand for transplantations, thereby creating need for organ care products globally. For instance, in the U.S., about 39,000 transplants were performed in 2020 along with more than 107,000 people on national transplant waiting list. Risk of mortality in such patients will drive the product demand in the coming years. Moreover, expansion of healthcare facilities to broaden accessibility of resources for transplants in low-income countries will stimulate the market growth.
Increasing rate of organ failure in elderly population will stimulate the organ care products market expansion
Prevalence of chronic diseases in elderly population is one of the major factors contributing to demand for organ transplantation. According to the Centers for Disease Control and Prevention, nearly 14.2% of the U.S. population aged 45 years and older reported with coronary heart disease or stroke. Additionally, as per data by the European Commission, in 2016, about 64,387 people died from kidney diseases in the European Union (EU). With rising incidence rate, specifically in geriatric population due to organ dysfunction related to certain factors associated with aging, the market will proceed at robust rate over the coming years.
Rising prevalence of chronic cardiovascular diseases leading to heart failure will augment the market value
Heart segment accounted for about 25% of revenue share in 2020. According to the World Health Organization, cardiovascular diseases (CVDs) are responsible for about 17.9 million deaths every year. Higher risk of heart failure among patients with CVDs will fuel the demand for heart transplant. Considerably increasing number of patient admissions with heart condition in hospitals as well as ambulatory centers will further strengthen the organ care product demand in the future. With technological advancements in heart transplant surgeries and growing patient pool, the acceptance of organ care products for heart transplantation will considerably grow during the forecast period.
Browse key industry insights spread across 100 pages with 67 market data tables & 11 figures & charts from the report, “Organ Care Products Market Size By Organ Type (Kidney, Liver, Heart, Lungs), By Product Type (Trolly, Portable), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Greater convenience offered during transportation will propel the demand for portable organ care systems
Portable segment held for 41.6% of the organ care products market share in 2020 led by product developments in organ care systems to improve its mobility and flexibility during treatment procedures. Portable systems offer ease and convenience in operational process to physicians, thus minimizing procedure complexity and enhancing time-effectiveness. Integration of revolutionary technologies enabling maximization of the potential of donor organ further boosts the product demand in the coming years.
Increasing procedural volume associated with organ transplantation in Europe will influence the regional growth
Europe organ care products market captured more than 18% of revenue share in 2020. Growing healthcare spending, affordability and accessibility to treatment care and availability of advanced product are anticipated to impel the growth for Europe region. Number of patients waiting for organ transplant and rising organ transplant procedures will create significant demand for organ care systems in the region. With business expansion of major players and increasing product sales, the region will witness lucrative growth during the forecast timeframe.
Eminent leaders are concentrating on adoption of various growth strategies including portfolio expansion to strengthen their market position
Some of the prominent companies involved in the organ care products market are TransMedics, XVIVO Perfusion AB, Bridge to Life and Paragonix Technologies, Inc., among other. These industry participants have undertaken various strategies such as new product development, collaborations and mergers to expand their market footprint.