The COVID-19 outbreak has helped the global organ care system market to grow at a positive rate. The manufactures of the industry are investing more in R&D activities to grow exponentially during the forecast period.
The COVID-19 pandemic has positively impacted the global Organ care system (OCS) for liver market and a slight increase in the growth rate is observed from the previous predictions. As per new Research Dive published report, the global OCS for liver market is anticipated to grow at a CAGR of 9.3% by 2026, generating a revenue of $42.7 million in the period of forecast from 2019 to 2026. To better understand the pandemic effect on the global market, the report includes comprehensive analysis on growth opportunities, restraints, drivers, vital segments, and strategies adopted by major market players.
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Highlights of the Report
As per our analysts, the rising cases of end stage liver failure coupled with the increasing number of liver transplants carried out all over the world is a significant factor impelling the growth of global OCS for liver market. The projected market size for the OCS for liver industry prior to COVID-19 chaos was $24.8 million in 2020 and this number is predicted to increase up to $25.2 million post-coronavirus pandemic. The growing prevalence of chronic diseases in liver and the rising consumption of alcohol are other factors responsible for the market growth. Conversely, the unavailability of donors and the high costs associated for treatment of liver disease are likely to restrict the market growth during the forecast period.
Implementing Several Strategies to Grow Exponentially Pandemic Crisis
The leading players of the OCS for liver industry OrganOx Limited, TransMedics Inc., Preservation Solution Inc., Organ Assist B.V., Organ Transport System Inc., Preservation Solution Inc., Bridge to Life Ltd., Paragonix Technologies Inc., Water Medical System LLC, Organ Recovery Systems Inc., and XVIVO Perfusion AB. These players are investing more in research and development activities to grow exponentially and maintain a strong market position.
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For instance, Transmedics along with J.P Morgan and Morgan Stanley initiated offering successive trials showing decreased complications in transplant of liver.
Moreover, in January 2019, the UK national institute for health and care approved the liver perfusion machine of OrganOx. This technology is addressed as a ‘game changer’ by many industry experts.
Global Industry to Witness Impressive Growth Post-COVID-19 Chaos
Research Dive states that the global OCS for liver market is anticipated to experience a robust growth post-coronavirus pandemic. In order to meet the demand of supply, the manufacturers of the industry are taking efforts t advance and improve the organ care systems. Moreover, the rising demand for OCS and the growing cases of liver chronic diseases are factors predicted to propel the market growth after COVID-19 pandemic.
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