The COVID-19 pandemic has hugely impacted the global organ care system (OCS) for liver market in a positive way. The positive growth of the market is primarily owing to the increase in number of liver transplantation all across the globe. Most of the manufacturing companies are investing more in R&D activities, which is anticipated to propel the market growth during the forecast period. For instance, Transmedics initiated offering a successful trial by showing reduced complications in liver transplant.
The global organ care system for liver market is likely to witness a positive growth rate due to the COVID-19 pandemic all across the globe. According to a new research report published by Research Dive, the global OCS for liver market is estimated to surpass $42.7 million and grow at a CAGR of 9.3% during the period of forecast from 2019 to 2026. Comprehensive analysis on drivers, restraints, growth opportunities, vital segments, and key strategies implemented by major market players are further provided in the report to better understand the pandemic effect on the global industry.
Our analysts stated that the growing cases of liver transplantation and end stage liver failure are the major factors boosting the growth of global OCS for liver market. The estimated market size of the air OCS for liver industry post COVID-19 pandemic is $25.2 million in 2020, which is an impressive increase from $24.8 million before the pandemic situation. Furthermore, the growing prevalence of chronic diseases and the increasing consumption of alcohol are other factors expected to fuel the market growth during the forecast period. However, the high cost associated with treatment of liver disease and the lack of availability of donors are predicted to hamper the market growth in the coming years.
Progressing in the Pandemic Situation
The major players functioning in the global OCS for liver market include TransMedics Inc., Organ Transport System Inc., Bridge to Life Ltd., Water Medical System LLC, XVIVO Perfusion AB, Organ Recovery Systems Inc., Paragonix Technologies Inc. Preservation Solution Inc., Organ Assist B.V., Preservation Solution Inc., and OrganOx Limited. These players are funding and investing more in research and development to grow exponentially in these uncertain times.
For instance, the U.S.-based company in portable ex-vivo perfusion and assessment of donor organs for transplantation, Transmedics instigated offering subsequent successful trials showing minimized complications in liver transplant. Morgan Stanley and J.P. Morgan are acting as a joint leading managers in this offering.
Also, in January 2019, the national institute for health and care in the UK has approved the OrganOx’s liver perfusion machine. This technology is hailed as a game changer by many industry experts.
As per the report, the global OCS for liver market is projected to witness an impressive growth post-COVID-19 pandemic. The manufacturers of the industry are substantially taking efforts to improve and advance the organ care systems in order to meet the demand of supply. The demand for OCS has also increased due to the coronavirus crisis and this demand is expected to continue to increase post COVID-19 chaos. In addition, increase in number of liver chronic diseases is another factor expected to contribute to the growth of the global market after COVID-19 pandemic.