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Perfusion System Market
Perfusion system is a device used to deliver oxygenated blood to the body parts during the time of surgery. The devices are used in heart surgeries where perfusion experts thrust patients' blood by employing artificial blood pumps, this replaces the function of the heart while the cardiac surgeon operates. Perfusion system are also used in chemotherapy for the treatment of melanoma present in arm or legs. With the help of this technique, the flow of blood of the limb is stopped for a while and anticancer drugs are put directly into blood of the limb. The global perfusion system market is likely to grow with the increasing prevalence of various chronic disorders and rising number of organ transplantations.
The outbreak of novel coronavirus has caused a disturbance in almost all the industries. The coronavirus pandemic has also affected the global perfusion system market. Due to the coronavirus, the flow of patients into the hospitals has been reduced which has led to the decline in the surgeries performed. There has been a shortage of system in many regions due to the disruption in supply-chain, this is hampering the growth of the global perfusion system market.
The major factor driving the growth of the global perfusion system market is the rising prevalence of cardiovascular and respiratory diseases. In 2012, WHO reported that 17.5 million cardiovascular disorders-related deaths (31%) were reported across the globe; this number is expected to grow to more than 23.6 million by 2030. Furthermore, the increasing number of organ transplantations, growing incidence of multiple organ failures coupled with aging population will drive the growth of the global perfusion system market. Many NGO and Government initiatives to promote organ donation is expected to accelerate the growth of the perfusion system market during the forecast period. Other factors such as growing pharmaceutical research in emerging markets and rising preference for continuous research are also likely to fuel the global perfusion system market growth.
However, high cost of organ transplantation and cell-based research, ethical concerns, and stringent regulations by government authorities can be a restrain for growth of the global perfusion market.
Perfusion system market has been segmented on the basis of product type, technique, and end-user.
Based on the product type, the global perfusion system market can be segmented as:
Based on the technique, the global perfusion system market can be segmented as:
Based on the end-user, the global perfusion system market can be segmented as:
Based on the product type, bioreactor perfusion system is expected to have a major share in the global perfusion system market. Based on the technique, hypothermic machine perfusions system is expected to dominate the market due to its higher rate of adoption across the globe. Based on the end-user, hospitals segment is expected to be the most profitable segment due to the higher flow of patients and advanced medical facilities.
North America is expected to dominate the global perfusion system market due to the increasing number of cardiothoracic surgeries and organ transplant in the region. North America is expected to be followed by Europe due to the higher adoption of the devices in the region. Asia-Pacific is expected to have a rapid growth rate in the perfusion system market during the forecast period due to the increasing adoption of advanced technologies and rising prevalence of cardiovascular and respiratory diseases in the region. Furthermore, a rapid growing population in countries like India and China is likely to expand the market in the region.
The key participants operating in the global perfusion system market are: Koninkliijike Philips N.V, Toshiba Corporation, Harvard Bioscience, Inc., Medtronic PLC, General Electricals Inc, Siemens AG, Terumo Corporation, Samsung Electronics Co, Ltd., Hitachi Ltd, Harvard Bioscience, Inc., and others.