Acknowledging the kind of accruals, this market is garnering at present; Market Research Future (MRFR) in its recently published study report confirms that the global Organ Preservation Market will grow exponentially by 2023, posting a CAGR of approximately 8% during the forecast period of 2018–2023.
Organ preservation as the name suggests refers to the preservation of various healthy organs harvested from deceased or alive donors. Organ preservation processes are just not limited to the preservation of successfully achieved organs, but these also ensure the feasibility and viability of these organs after prolonged ischemia. Usually, the devices used in organ preservation process ensure controlled temperature and regulated metabolites to impede harvested organs’ metabolism.
Additionally, fluids that would be constantly pumped would ensure that these organs remain alive and active, even when on the move. Such preserved organs are later used for various transplant procedures such as heart, kidney, uterus, eyes and many others. Spreading awareness about the organ preservation process is a predominant factor, driving the growth of the organ preservation market. Moreover, the substantial investment transpired in this field are supporting the market to grow pervasively, garnering exponential accruals.
Additional factors substantiating market growth include the increasing number of facilities, worldwide and the growing focus of federal agencies to develop public preservation units. Furthermore, the increasing prevalence of cardiovascular disorders, renal disorders along with rising elder population are fostering the market growth, increasing the organ failure patient population.
Also, the rising cases of alcoholic fatty liver disease which can further lead to liver failure fuel the growth of the market. Additionally, various government legislative reforms propel the market growth, providing regulatory guidelines to medical device manufacturing companies and pharmaceutical companies.
On the flip side, the high cost involved with the preservation processes is expected to obstruct the market growth during the forecast period. Nevertheless, factors such as the growing population, the wide uptake of advanced technologies, and the availability of infrastructure for implementation of organ preservation are expected to support market growth, providing huge impetus.
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Global Organ Preservation Market – Segmentations:
By Preservation Solutions: Perfadex, University of Wisconsin (UW) Solution, Custodiol HTK, Celsior Solution, Citrate Solutions, and Collins Solution among others.
By Organ Type: Liver, Kidney, Heart, and Lungs among others.
By Preservation Technique: Static Cold Storage and Dynamic Cold Storage among others.
By End-user: Organ Banks, Hospitals and Clinics, among others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Global Organ Preservation Market – Regional Analysis:
The North America region accounts for the leading market for organ preservation, holding the largest market share, globally owing to the increasing awareness about organ preservation. Simultaneously, factors such as the growing number of service providers, growing investments in public banking and reduction in the cost involved in preservation process are further expected to support the regional market to create a large revenue pocket during the forecast period.
Moreover, factors substantiating the market growth include the availability of specialized technique, the presence of a considerable number of organ preservation centers, strong support from the government and various organizations, and great patient fulfillment with the high quality, low-cost services provided in the region.
The organ preservation market in the European region accounts for the second-largest market owing to the increasing healthcare expenditure, availability of advanced treatment facilities, and government initiatives. The European region is projected to register a striking CAGR during the review period. Increasing cardiovascular issues are contributing to the market growth in the region.
Whereas, the increasing demand for more organ preservation centers drives the growth in the APAC market. Owing to the proliferating infrastructures and rising funding in healthcare, mainly in countries like China and India the organ preservation in the Asia Pacific region is emerging as one of the lucrative markets, globally.
Global Organ Preservation Market – Competitive Landscape:
The market for organ preservation appears fragmented and fiercely competitive with the presence of various big & small-scale players forming a competitive edge. Key players try to gain a competitive advantage through the strategic partnership, acquisition, collaboration, product & technology launch, and expansion. These players invest heavily in the development of facilities to achieve their mission success.
Some of the leaders driving the global organ preservation market include Bristol-Myers Squibb, Xvivo Perfusion AB, Essential Pharmaceuticals LLC, Franz Kohler Chemie GmbH, BioLife Solutions, Inc., Claris Lifesciences Limited, Lifeline Scientific, ToleroTech, Inc., 21st Century Medicine, and CryoLife, Inc.
December 04, 2018 – Global Transplant Solutions (Canada), a leading global player involved into the organ procurement, organ preservation solutions and transplant announced the receiving of a USD 150,000 MN investment from SC Launch, SCRA’s entrepreneurial program. The company has received FDA clearance for two products in the United States market. The company is awaiting FDA clearance for four additional solutions.