The global organ care system market for lungs registered a revenue of nearly $1,394.8 million in 2018 and is anticipated to grow at a 21.8% CAGR, surpassing $6,577.5 million by 2026.The market has witnessed a significant growth previously, and due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the growing unhealthy habits such as smoking and alcohol consumption among people. This growth will be majorly driven by increasing number of deaths due to organ failure and rise in pollution.
Besides, the market might witness a drift in product availability, as the manufacturers in China have completely shut down their operations. The International Society of Heart and Lung Transplantation reported that the total number of lung transplantations operated in the world, has been increased approximately almost to 40000 cases annually and are operated in a limited number of centers. Lack of physical activity among people is increasing at a very fast pace. Our analysts have estimated the condition of the organ care system market for lungs during the COVID-19 outbreak and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|19.0%||21.8%||280||USD 1,960.7 Million||USD 2,065.6 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
The organ care system is one of the medical devices introduced by Transmedics, which allows donor organs to be maintained for longer periods of time before transplant. The use of the organ care system provides better preservation of organs after separation from the donor’s body by freezing and keeping them in an environment alike to the body of a human. This has led to the increased demand of these organ care systems. Hence, all these factors are helping in the growth of the global market.
As per the survey conducted by International society of Heart and Lung Transplantations, 77% of the lungs have been damaged in U.S. due to improper or unavailability of cold storage. Complications arise post transplantation, which affects the patients’ health, if the storage is not appropriate. In addition, lung transplantation is more risky compared to other transplantation of organs such as kidney and liver. Moreover, unavailability of lung donors is one of the biggest restraints. These factors adversely affect the growth of organ care system market for lungs.
The COVID-19 pandemic has impacted the organ care system market positively. As per the World Health Organization, it has been observed that around 2 billion people will fall under the old age population by 2050. Countries such as the U.S., Japan, and the U.K., are contributing to a higher population of the elderly. The COVID-19 has a huge impact on the geriatric population, and specifically for the people who have a history of heart or lung related diseases, these factor is anticipated to be one of the major driver for the growth of OCS for lungs market in the near future.
All above-mentioned factors are significantly driving the adoption of organ care systems market for lungs and will impel the market growth during the COVID-19 outbreak. Moreover, increase in chances of deaths due to weak immune system has been increased at a very fast pace during this pandemic. The angiotensin converting enzyme 2 (ACE2) receptor, is the main component responsible for breathing. It restricts the virus from entering the body and also plays a vital role in protecting the lungs in the later phases of the disease.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global organ care system market 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 adoption of organ care systems due to increasing number of organ failures across the globe during this pandemic. This market is expected to retain its growth even after the control of the pandemic. Moreover, scientists are significantly making continuous improvements in healthcare sector to develop enhanced safety in transplantations. All these mentioned factors offer lucrative investment opportunities in the market.
Based on a recent study, scientists are witnessing surge in demand for organ care systems for lungs from patients who have suffered from severe diseases including cancer, breathing issues, diabetes, blood pressure, and other serious symptoms. Organ care system helps in preserving donor organs and reduces the waiting time on an urgent transplantation. These systems can take care of the required organs and keep them ready for transplant if and when the need arises. This has also helped in driving the growth of the organ care system market for lungs in recent years.
How can we help you?
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 (for Lung) 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