Market Research Future (MRFR) has recently published a report on global heart transplant market highlighting a robust CAGR of 11.2% across the forecast period 2017 to 2023. The vast prevalence of Coronary Artery Diseases (CAD) is one of the key drivers of the market growth. CAD is one of the leading causes of death in the world and accounted for 15.9% of all deaths in 2015. The number of people affected by CAD reached 110 Million and resulted in 8.9 Million deaths.
The growing number of the geriatric population has catapulted the market growth as more than half of the patients suffering from heart failure belong to 60 and over age group. A study on aging population revealed that the global population of 65 and over would double up by 2050. Furthermore, the availability of skilled surgeons and convenience of medical tourism has boosted the heart transplant market. India is one of the leading players in medical tourism, and 90% of the heart transplant surgeries performed by Indian healthcare service providers are successful.
The rising incidences of heart failures in children are also fueling the growth in the market. According to the Registry of the International Society for Heart and Lung Transplantation, approximately 12% of the patients undergoing heart transplant are children. The most common causes of heart failure in children are congenital heart defect and cardiomyopathy.
The market for heart transplant has been expanding incessantly; for instance, Sri Lanka’s first successful heart transplant surgery was performed on July 7th, 2017 at the Kandy General Hospital. The amplifying count of the available skilled cardiac surgeon has been fueling demand in the market. However, the post-operative complications, high cost of surgery, stringent suitability criteria for patients, etc. are some of the restraints to the market growth.
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Some of the key players of heart transplant market profiled by MRFR are SynCardia Systems, LLC (U.S.), Apaxis Medical, Inc., Optum Inc. (U.S.), CardiacAssist Inc. (U.S.), HeartWare International Inc., Calon Cardio, Thoratec Corporation (U.S.), CARMAT (France), and, others. Some of the tactics exercised by the prominent players to gain an edge over others are competitive pricing, upgrade medical infrastructure, acquisitions & mergers, clinical trials, research and development activities, etc.
St. Thomas-West Hospital, U.S., received FDA approval for Total Artificial Heart devices which will act like a bridged transplant for qualified recipients waiting for a total human heart transplant. The device resembles a human heart, and a patient can stay alive for up to two years while waiting for transplant surgery. This device will help to bridge the gap between demand and supply in the heart transplant market.
Heart Transplant Industry News:
February 2017 – The University of Pittsburgh Medical Center and Microsoft announced their partnership launching an initiative to build three specialty hospitals with a digital focus. UPMC declared the investment of USD 2 billion to add three tech-based hospitals to its healthcare system in Pittsburgh, including the UPMC Heart and Transplant Hospital, UPMC Hillman Cancer Hospital and UPMC Vision and Rehabilitation Hospital. Microsoft will act as creative force for developing the digital hospitals in this collaboration providing developers and leveraging its digital tools.
March 2017 – Research Team at the University of Minnesota, announced that they have discovered a groundbreaking process to successfully re-warm large-scale animal heart valves and blood vessels preserved at very low temperatures. The discovery is a major step forward in saving millions of human lives by increasing the availability of organs and tissues for transplantation through the establishment of tissue and organ banks.
November 2017 – Doctors at the Cleveland Clinic revealed the new understanding of cholesterol after a number of trials that have recently shown a 20 percent reduction in the risk of cardiovascular death, heart attack, and stroke in patients who took statins combined with a new class of cholesterol-lowering drugs (PCSK9 inhibitors) to reach ultra-low LDL levels. This means now, doctors will have the tools and the research to take the fight to LDL cholesterol. With over 400,000 coronary disease deaths and 102 million Americans living with high cholesterol levels, these new strategies hold the promise to turn the tide in 2018.
Regional Analysis for Global Heart Transplant Market
By region, the global heart transplant market has been segmented into Americas, Europe, Asia Pacific, and, the Middle East & Africa. Americas region dominates the global market and is expected to retain its position throughout the projection period. Every year approximately 3500 heart transplants are performed, more than half of which takes place in the U.S. The U.S. is one of the major revenue generators in the global market. Other factors contributing towards the growth of the Americas market are increased incidence of heart diseases, technological advancements in the medical sector, increased research & development activities, etc.
Europe will hold the second spot among the regional markets owing to the initiatives undertaken by the government and availability of funds. The market is poised to retain its position and grow steadily across the forecast period. The accelerated investments in healthcare domain are driving the growth of market in the region.
Asia Pacific is the fastest growing market owing to rapid advancements in medical tourism in the region. The lower cost of surgery in countries such as China and India as compared to the cost in developed countries has been driving the growth in the region. Asia Pacific has witnessed the adoption of ‘state-of-the-art’ healthcare infrastructure which has improved its reliability as well as is flocked with skilled cardiac surgeons. The boom in the healthcare sector, increasing healthcare expenditure, etc. are some of the factors contributing towards the growth of the market.
Middle East market dominates the Middle East & Africa region owing to major contributions from countries with well-developed healthcare infrastructure such as Kuwait, Qatar, Oman, and, South Arabia. The market in Africa will hold the least share due to political instability and poor economic condition of the population living there.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Heart Transplant Market, By Type
Chapter 7. Global Heart Transplant Market, By End User
Chapter 8. Global Heart Transplant Market, By Region
Chapter 9. Company Landscape
Chapter 10. Company Profiles
Chapter 11. MRFR Conclusion
Chapter 12. Appendix
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