The expanding number of patients having cardiovascular diseases and the accelerating rate of heart transplantations will help the organ care products market to gain substantial growth during the forecast period of 2021-2031.
Organ Care Products Market: Snapshot
The expanding number of patients having cardiovascular diseases and the accelerating rate of heart transplantations will help the organ care products market to gain substantial growth during the forecast period of 2021-2031. Organ transplantation mechanisms have developed considerably over the years. Innovations and substantial research has led to the emergence of products that support organ preservation for longer periods.
Organ care products are devices developed for preserving the organs donated by the donors for an extended period. The organs can thus be used at the right time for the right transplant procedure and prevents last-minute panic regarding the availability of organs. The benefits associated with these products will help in increasing the growth prospects of the organ care products market.
The organ donation rate has increased substantially over the years. According to the United Network for Organ Sharing (UNOS), over 39000 organ transplants were conducted in 2020 in the U.S. The statistics also state that in the U.S., every 9 minutes, a new person is added to the transplant waiting list. These statistics help understand the extensive need for organs, eventually highlighting the growing demand for organ care products.
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Organ Care Products Market: SWOT Analysis
Strengths
Rising Occurrence of Cardiovascular Diseases
Unhealthy lifestyle, irregular food habits, stress, and many other factors are leading to an increase in the incidence of cardiovascular diseases. As per the data by the World Health Organization (WHO), cardiovascular diseases are the leading cause of death across the globe. As serious patients need heart transplantation for smooth functioning, the demand for organ care products increases exponentially.
Growing Geriatric Population
The expanding geriatric population will have a profound impact on the growth trajectory of the organ care products market. The rate of organ failure in the elderly is more. Hence, this population requires organs on a large scale. These factors bode well for growth.
Weaknesses
Lack of Awareness about Organ Donation
The awareness about the importance of organ donation is low among the global populace. The myths surrounding organ donation are also impacting the overall rate of organ donation. The number of people agreeing to donate organs of brain-dead people is negligible. Without awareness, the rate of organ donation is unlikely to increase, eventually impacting the growth structure.
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High Costs
The high costs associated with organ transplantation procedures will hinder the growth structure of the organ care products market to a considerable extent, The costs deter many people from undertaking transplantation procedures. These aspects will damage the growth opportunities.
Opportunities
Government Initiatives
The government bodies of various countries are promoting and raising awareness about organ donation. Further, various days are observed for spreading the importance of organ donation among a large chunk of the populace. For instance, World Organ Donation Day is observed on August 13 every year for creating awareness and debunking the myths surrounding organ donation.
Technological Advancements
The players in the organ care products market are investing extensively in increasing the investments across research and development activities. An upgrade in the existing products and the launch of new products by the players through these activities will help increase the growth rate.
Threats
Transport Disruptions
The disruptions in transport due to the COVID-19 lockdown restrictions will have a negative impact on the growth trajectory of the organ care products market.
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Slow Approval Speed
The slow approval process by the regulatory authorities will ruin the growth prospects of the organ care products market considerably.
Organ Care Products Market: Regional Aspects
The organ care products market in North America will observe a dominating streak across the forecast period. The presence of key players and the growing awareness among the people about organ donation will invite extensive growth.
Some well-established players in the organ care products market are Water Medical system LLC, OrganOx Limited, TransMedicsInc, and Paragonix Technologies Inc.
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