Heart Transport Systems Market Projected to Grow at 10.2% CAGR by 2027
Heart transport systems are apparatuses that are used for maintenance and nourishment of heart while it is being transported from harvest in preparation for transplantation. Heart transportation is a complicated process since heart can only be preserved for around 4 hours in an ice box. In the recent past, novel technologies have been developed such as LifeCradle product by Organ Transport Systems that can preserve heart for 12 hours.
Market Dynamics- Drivers
Growing prevalence of cardiovascular diseases, which often require heart transplant surgeries coupled with proactive government initiatives in funding for research and development in heart transplant surgeries are expected to drive the global heart transport system market during the forecast period. According to The International Society for Heart and Lung Transplantation, in 2014, around 586 heart transplant surgeries were performed worldwide. Furthermore, increasing stress among the populace along with sedentary work, high fat intake, and congenital defects in heart also increase demand for heart transplant. Hence, these factors are expected to drive the market in the near future.
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Market Dynamics- Restraints
However, high cost required for heart transplant surgeries is expected to restrain the global heart transport systems market growth in the near future.
The Global Heart Transport Systems Market – Regional Insights
Among regions, North America accounted for the largest share in the global heart transport systems market in 2017. This is owing to increasing number of people diagnosed with coronary artery disease, heart failure, and cardiomyopathy. According to the U.S. Pediatric Cardiomyopathy Registry, the annual incidence of cardiomyopathy in the U.S. was around 1.13 per 10, 00,000 children younger than 18 years of age. Europe accounted for the second largest share in the market in terms of revenue, owing to increasing research and development activities in heart transport systems. Furthermore, Asia Pacific heart transport systems market is expected to witness the fastest growth during the forecast period. This growth is attributed to increasing geriatric population in the region increases prevalence of cardiovascular disease. For instance, according to a report published by Asia Pacific Journal, in 2018, 7 out of 10 deaths are expected to cause due to cardiovascular diseases by 2020.
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Current and future of global Heart Transport Systems Market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
Regions/countries that are expected to witness the fastest growth rates during the forecast period.
The latest developments, market shares, and strategies that are employed by the major market players.
Competitive Landscape
Key players in the market are focused on gaining product approvals regulatory authorities, in order to gain competitive edge in the market. For instance, in December 2018, Paragonix Technologies received approval from the U.S. Food and Drug Administration (FDA) for its Paragonix Sherp, a cardiac transport system.
Major players operating in the global heart transport systems market include, Paragonix Technologies, Inc., Organ Transport Systems, Pulse Heart Transportation System, and others.
Global Heart Transport System Market Taxonomy
On the basis of disease indication, the global heart transport systems market is segmented into:
- Heart Failure
- Cardiomyopathy
- Congenital Heart Defect
- Coronary Heart Disease
- Others
On the basis of end user, the global heart transport systems market is segmented into:
- Hospitals
- Cardiac centers
- Research centers
On the basis of geography, the global heart transport systems market is segmented into:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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The post Heart Transport Systems Market is expected to cross growth line at CAGR of 10.2% during forecast period 2021-2027 | Coherent Market Insights appeared first on Gatorledger.
