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.
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.
Slow Approval Speed
The slow approval process by the regulatory authorities will ruin the growth prospects of the organ care products market considerably.
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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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
