The global Organ Preservation market accounted for USD 229.1 Million in 2020 and is expected to reach USD 360.8 Million by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
Organ Preservation Market
The global Organ Preservation Market accounted for USD 229.1 Million in 2020 and is expected to reach USD 360.8 Million by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
The major boosters for the organ preservation market comprise increasing solid organ transplantation processes. Moreover, the rising aged population everywhere on the planet paired with increasing multi-organ breakdown incidences is additionally likely to bolster the organ preservation market in years to return. Additionally the present, rising government initiatives to support organ donation also will power the event of the organ preservation market. On the opposite hand, limited scope at the extent of end-users and therefore the high price of purchase are likely to hinder the expansion of the organ preservation market in coming years.
Despite these limitations, R&D within the organ preservation market is probably going to be a catalyst for the organ preservation market shortly. For instance, in July 2015, UW Hospital invented a replacement organ preservation method that will replace UW Solution, thereby towering the organ preservation market.
Besides, the COVID-19 outbreak, there's a drastic increase in the demand for medical facilities across the world. The increasing corona cases across the world are forcing governments of developed and emerging countries to extend their patient management capacities. COVID-19 has delayed and disrupted the treatment of many patients with organ replacement, however, healthcare management along with the government are planning well to overcome the situation or to manage the treatment of organ replacement amid the pandemic. The improvement in the organ preservation process is another major factor that will positively impact the market growth.
The growth of the organ preservation market is mainly driven by the increasing incidence of the growing geriatric population, multi-organ failure, the rising number of organ transplants and organ donors, and increasing initiatives to encourage organ donations. However, the high cost of organ transplantations and religious concerns in specific geographies are expected to limit market growth to a certain extent.
Based on technique the organ preservation market is segmented into static cold storage (SCS), hypothermic perfusion preservation (HPP), and others. By technique, the segment witnessed a big market share of Static cold storage in 2018. This system is employed for the preservation of the kidneys, liver, lung, pancreas, and heart. The low cost and requirements of SCS ensure its adoption among end-users. The benefits of normothermic machine perfusion provide its high rate of growth within the solutions market within the forecast period of 2021 to 2028.
Based on preservation solutions the organ preservation market is segmented into Viaspan, Custodial HTK – (Histidine-Tryptophan-Ketoglutarate) Solution, Renograf, Perfadex, Human Biosystem (HBS) Solution, Life, and Others. Perfadex solution is widely used for the preservation and perfusion of Lungs, making it the gold standard for lung storage. UW solution accounts for the very best share in 2019. It is used for the flushing and storage of kidneys, liver, and pancreas.
Based on organ type the organ preservation market is segmented into kidneys, lungs, liver, heart, and other organs. The demand for lungs is expected to grow at a faster rate in the period 2021 to 2028, mainly due to the rising prevalence of COPD and other target diseases & disorders necessitating lung transplantation. The kidney established a significant market share in 2020.
North America held the most important market share in 2018 and is predicted to take care of its dominance over the forecast period. Rising acceptance of innovative healthcare technologies, high prevalence of chronic kidney diseases and coronary failure, better reimbursement policies, and increasing investments in improving healthcare infrastructure are the main factors promoting the expansion. Furthermore, the rising geriatric population and an increasing number of organ transplantation procedures also are expected to market the regional market growth.
Major players active in the global Organ Preservation market are BioLife Solutions, Inc., BioTime, Inc., Claris Lifesciences Limited, CryoLife, Inc., Bristol-Myers Squibb, Lifeline Scientific, Dr. Franz Köhler Chemie GmbH, Teva Pharmaceutical Industries Ltd., Preservation Solutions, Inc., ToleroTech, Inc., among others. These players are set to foster the development of the global Organ Preservation market in the forecast market.
The global Organ Preservation market is segmented as follows:
The global Organ Preservation market was valued at USD 229.1 Million in 2020.
The global Organ Preservation market is expected to reach USD 360.8 Million by 2028, growing at a CAGR of 5.6% between 2021 to 2028.
The demand is on a rise owing to the increasing cases of organ failure across the globe, initiatives encouraging organ donation, geriatric population, and the presence of key players in developing and developed countries.
Regionally, North America has been leading the worldwide Organ Preservation market and is anticipated to continue in the dominant position in the years to come.
Major players active in the global Organ Preservation market are BioLife Solutions, Inc., BioTime, Inc., Claris Lifesciences Limited, CryoLife, Inc., Bristol-Myers Squibb, Lifeline Scientific, Dr. Franz Köhler Chemie GmbH, Teva Pharmaceutical Industries Ltd., Preservation Solutions, Inc., ToleroTech, Inc., among others.