The global organ care system market for heart generated a revenue of nearly $10.97 million in 2018 and is predicted to generate a revenue of $44.02 million by 2026 supported by a CAGR of 19.4%.
The market has witnessed a significant growth previously, and due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020. Growing demand of heart surgery in hospitals majorly due to increasing congestive heart failure (CHF) among people is predicted to boost the market. According to the publication of Journal of the American College of Cardiology (JACC), nearly 650,000 Americans are diagnosed with CHF, which has impacted positively on the market. Our analysts have estimated the condition of the global organ care system market for heart during the COVID-19 outbreak, and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|16.6%||19.4%||283||USD 14.8 Million||USD 15.6 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Growing pervasiveness of tobacco and alcohol consumption among the people is increasing the risk of heart failure. According to WHO, nearly 17.9 million people every year around the world suffer from cardiovascular diseases and approximately 37% result in death, which is increasing the importance of organ care system market for heart. Additionally, government is providing initiatives for conducting awareness programs on organ donation in developing countries.
However, risk associated with storage of donated heart due to cold ischemia, inadequate organ assessment, lack of organ optimization, and less availability of donors are hampering the market growth. Moreover, less availability of time for finding correct match of heart is also a significant factor that is foreseen to limit the market growth in the near future.
The COVID-19 pandemic has impacted the organ care system market for heart positively. The global organ care system market for heart is chiefly driven due to the impact of COVID-19 on heart that is leading to cardiac arrest. According to recent publication, several doctors from China and Italy added that COVID-19 patients are also suffering from heart problems in addition to respiratory problems. These factors are significantly driving the adoption of organ care system market for heart and will impel the market growth during the COVID-19 outbreak.
Moreover, several publications from American Heart Association (AHA) and statement from neurologist in Columbia University added that 40% severely ill people suffering from COVID-19 suffered from cardiac arrest. For example, a separate publication mentioned that out of 416 COVID-19 patients admitted in China, 19% patients showed the signs of heart damage and 51% patients died due to cardiac arrest. These factors may be the cause of death due to widespread of COVID-19 and hence organ care system market for heart has been positively impacted during this pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global organ care system market for heart will witness significant growth in 2020 and is anticipated to follow the trend until the end of the forecast period. The rapid growth is majorly attributed to the increasing concern for smoking and drinking that may cause cardiac arrest and lead to death. According to University of Texas Health Science Center located in Houston, people with underlying heart conditions are vulnerable to death due to cardiac arrest. In addition, risks associated with COVID-19 impact on heart resulting in severe chest pain and shortness of breath may lead to stroke, which may result in death.
Besides, the market might witness an additional growth due to the increasing endowment and money for research & development activities by global prominent players to improve heart transplantation process. For example, in 2019 company named as TransMedics Group Inc., successfully completed the adult human heart transplant surgery from donation after circulatory death (DCD) in U.S. at Massachusetts General Hospital. According to recent studies, coronavirus-infected people are also suffering from heart failure due to clotting of blood that leads to sudden stroke, which has positively impacted on the global organ care system market for heart.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Organ Care System Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity