APAC organ care products market is predicted to expand at a CAGR of more than 15.5% till 2027 owing to considerable rise in organ transplantations in emerging countries including China and India.
Selbyville, Delaware, April 15, 2021 (GLOBE NEWSWIRE) --
According to latest report “Organ Care Products Market by Organ Type (Kidney, Liver, Heart, Lungs), Product Type (Trolly, Portable), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of organ care products will cross $250 million by 2027. Rising demand for efficient organ care products to enhance safety of donor organs during transplantation will foster the market growth.
The COVID-19 has impacted various industrial sectors to greater extent with movement restrictions and strict regulations on some healthcare procedures. It has significantly influenced the procedural rate of solid organ transplants in some of majorly affected countries. The pandemic has affected transplant listing and referral processes, thereby leading to decreased transplant procedures. Thus, industry has experienced moderate impact during pandemic, however, with relaxation of restrictions in the latter period of 2020, the companies recovered their revenues considerably. Thus, the industry will continue to grow at substantial pace in foreseeable future with increasing multitude of organ failure due to prevalence of chronic diseases.
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Technological advancements in organ transplant procedures will boost the adoption of developed organ care systems, thereby offering unprecedented opportunities for the organ care products market expansion during the forecast timeline. The efficiency of advanced system during organ transportation and preservation has fueled the product usage. To augment the product demand and expand customer base, leading the industry players are extensively focusing on expansion of product applications that will further escalate the sales volume. Introduction of fully portable perfusion systems to monitor and maintain organs at metabolically active state will further favor the industrial growth in the coming period.
Liver segment in the organ care products market is projected to witness 13.4% growth rate till 2027. As per the data by Global Observatory on Donation and Transplantation, about 34,074 liver transplants were performed in 2018. Additionally, excess consumption of acetaminophen, autoimmune disease, metabolic diseases and toxins contributes in increasing number of liver failures. Miniaturized and portable liver care systems will further impel the product demand in facilities. Thus, increasing product sales with growing demand will positively impact the segment revenue during the forecast timeframe.
Trolly segment dominated more than 57% of the organ care products market share in 2020 led by high product cost and its associated benefit of reusability. Trolly based systems are being widely used in organ care centers. Ease and convenience in handling these systems are poised to drive the segment growth in the coming years.
Asia Pacific organ care products market is estimated to attain a CAGR of over 15.5% through 2027 on account of considerable increase in organ transplantations in emerging countries including China and India. Large population base suffering from chronic kidney and cardiovascular diseases are at higher risk of organ failure that will offer immense growth opportunities to the market. This will also attract industry leaders with opportunity for the regional expansion. Increasing treatment accessibility and rising acceptance of advanced products in these countries will further foster the industry growth. Moreover, growing medical tourism with lower treatment cost for liver transplants and other surgeries will play a vital role in propelling the growth for APAC region.
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Major players operating in the market include TransMedics, XVIVO Perfusion AB, Bridge to Life and Paragonix Technologies, Inc., among others. Companies are implementing various strategies such as product innovations, partnerships and collaborations to gain competitive advantage for the business expansion.
Table of Contents (ToC) of the report:
Chapter 3 Organ Care Products Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By organ type
3.4.2 By product type
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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