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Perfusion radiology systems are the ones that are used in various hospitals, healthcare, and other diagnostic centers. These are put to use to share the data of different patients along with the laboratory results of different tests conducted with the physicians at these hospitals. Wide-scale adoption of these systems is proving to be very helpful and useful when it comes to proper maintenance of data belonging to different patients. Also, this has an important role to play in decision-making related to the clinical field.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
At the early phase of the COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global markets. These players achieved an edge over other diagnostics players capitalizing on the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis. Owing to such factors, COVID 19 is expected to have a significant impact on the perfusion radiology market.
However, the testing scale has increased during the spread of the pandemic that supports sharing of data and provides reliable lab results.
The rise in number of organ transplantations is the vital factor escalating the market growth. In addition, surge in aging population, increase in incidence of multiple organ failures, rise in government and NGO initiatives to encourage organ donation, surge in investments in cell-based research, rise in biologic manufacturing, increase in demand for non-invasive therapies and treatment, rise in incidence of organ failures, surge in healthcare outcomes and increased healthcare expenditure in both developed and developing regions, rise in initiatives to promote donations, and surge in incidences of chronic diseases coupled with the demand for organ donation are the major factors that drive the growth of the perfusion radiology market.
The European cardiovascular disease statistics of 2017 showed that more than 6 million people as a fresh set of patients contracted this disease in Europe back in 2017 and the total account of diseases touched the 11 million mark. There is a large-scale growth of both cardiovascular and nerve disorders and diseases that is likely to help the growth of the perfusion radiology market.
Most of the patients are not aware of the developed technologies related to the tests and treatment related to cardiovascular and nerve disorders and diseases. This lack of awareness amongst the target audience along with the strict regulations imposed by the government is a major restraint in the perfusion radiology market in the process of growth.
Rise in nerve disorders and cardiovascular diseases that are a result of changed lifestyle and unhealthy eating habits boosts the growth of the perfusion radiology market. The American Heart Association Statistics Committee along with the Stroke Statistics Subcommittee released stats that showed that each year approximately 795,000 people suffered from a heart attack. These stats were released in 2017. Hence, there is an urgent need for government-funded programs, healthcare centers, and other bodies to develop ways to create awareness about the technological advancements that help track progress and cure the disease.
In September 2016, Terumo partnered with CytoSorbents Corporation (U.S.), a manufacturer of the CytoSorb extracorporeal blood purification adsorber to commercialize CytoSorb extracorporeal blood purification adsorber for cardiac surgery applications in France, Sweden, Denmark, Norway, Finland, and Iceland.
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