New York, USA, July 03, 2020 (GLOBE NEWSWIRE) — According to a new report published by Research Dive, the Organ Care System Market for Heart is likely to grow at a 16.5% CAGR, and will surpass $37.2 million by 2026, globally. The market is studied on the basis of mode of handling segment and region. The report provides detailed insights on opportunities, drivers, restraints, and top market players in the industry. As per our analysts, the rise in number of heart transplantations is one of the chief factors driving the growth of organ care system market for heart. Increase in number of patients with cardiovascular diseases and government concerns will provide significant growth opportunities for the market. On the other hand, high treatment cost and lack of awareness in organ donation will restraint the market growth. Asia-Pacific will provide significant opportunities for the market players, owing to the increasing government initiatives regarding organ donation programs in the developing countries of the region.
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Growing Cardiovascular Diseases to Boost Investment Opportunities
The global market for organ care system for heart is majorly driven by the growing number of patients with cardiovascular diseases. All over the world, cardiovascular diseases contribute to 37% of all the deaths occurred, and thus, heart transplantation is the only solution to control this. The governments are taking initiatives to create awareness for organ donation, which will further enhance the market growth. The organ care system has created a huge potential in ensuring the whole heart transplant process, which is a complex medical procedure. It is probable that an increasing number of cardiovascular disorders and heart transplants would increase the demand for organ care systems. In addition to this, alcohol consumption and tobacco usage are increasing frequently among people, and they lead to heart strokes and heart attacks. This will also provide a significant boost to the organ care system market size for heart during the projected period.
COVID-19 Impacted Analysis on Organ Care System Market for Heart! https://www.researchdive.com/covid-19-insights/223/organ-care-system-market-heart
Trolley based System to be Most Lucrative
On the basis of mode of handling, the global organ care system market for heart is segmented into portable and trolley. The trolley based organ care system for heart contributed to a revenue of $6.3 million in 2018, and is set to witness a growth of 15.3% by the end of 2026. The trolley based system is launched by TransMedics, and this is the only device which received approved from the U.S. Food and Drug Administration (FDA). Over the forecast period, the portable system will witness a robust growth in the upcoming years and projected to reach $4.7 million by 2026, with 18.0% CAGR. This s mainly due to its portability and easy handling.
Asia-Pacific Region to Create Enormous Opportunities for Investors
The market is studied across North America, Europe, Asia-Pacific, and LAMEA on the basis of region. The Asia-Pacific organ care system market for heart will generate a revenue of $4.6 million by 2026, and is expected to grow at 12.0% CAGR during the forecast period. This is primarily due to increasing initiatives taken by government of India in implementing programs such as the National Organ Transplant and others. Along with Asia-Pacific, North America organ care system market for heart is anticipated to experience a strong growth and is expected to reach $22.2 million by 2026. The presence of healthcare technologies and the presence of top market players will help in the growth of organ care system market for heart in this region.
Key Players of the Industry
Top key players in organ care system market for heart include TransMedics Inc. and Paragonix Technologies Inc. The key participants are concentrating on advancing and upgrading technologies and also introducing new products to the market. In an annual meeting conducted in March 2019, Paragonix Technologies demonstrated “Paragonix SherpaPak Cardiac Transport System” at the International Society for Heart and Lung Transplantation (ISHLT). This is an organ storage system and organ can be stored up to 4 hrs. The market players are continuously implementing new approaches, and increasing efforts on R&D activities for a strong hold in the global market.
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