Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "Organ Preservation Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [University of Wisconsin Solution, Custodiol HTK, Perfadex, Hypothermosol, and Others], Application, Organ Type, and End User" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 255,917.42 million in 2022 and is expected to reach US$ 399,497.49 million; it is estimated to register a CAGR of 7.8% from 2023 to 2028.
Organ preservation solutions are used to protect organs prior to transplantation because organs in the outer environment often collapse once removed from the human body. Organ conservation plans are implemented to save and maintain the value of organs for future applications such as transplantation and research. The development of organ preservation technologies is expected to be fueled by growing interest in organ transplantation procedures across the globe. Similarly, developing mechanically propelled techniques for saving organs support the growth of organ preservation solution market.
Emerging regions such as Asia Pacific, the Middle East & Africa, and Latin America are growing significantly in the biotechnology & pharmaceutical sectors. Governments of countries in these regions are supporting various initiatives, funding, programs, and conferences related to organ preservation solutions. Saudi Arabia, Iran, and Pakistan have three different and dominating models of practice.
Saudi Arabia's concept entails the establishment of a national organ procurement center as a government body charged with supervising organ donation and transplantation. The Iranian approach is based on living donor kidney grafts. Pakistan's approach is a financing mechanism for end-stage organ failure care in other developing nations. The organ preservation solution market growth is driven by economic and demographic development, a rise in healthcare expenditures, and improved public-private healthcare funding, among others.
Moreover, the public has embraced the new organ donation system in China. According to a recent web-based poll, 75% of respondents favored donation after cardiac death, and 61% expressed an interest in being a donor. With an annual death toll of 846,510 injury-related fatalities, China has a sizable pool of potential donors. Donation following cardiac death is also universally approved by transplantation experts; there is a tremendous need to modify the existing quo and pioneer new procedures in China. The International Transplantation Society has also recognized the new program, which adheres to international ethical norms.
On the other hand, the R&D activities in the pharmaceutical and biotechnology sectors are growing rapidly. According to the Indian Economic Survey 2021, the Indian pharma market was valued at US$ 42 billion in 2021 and is likely to reach US$ 65 billion by 2024.
For fiscal 2021, the average R&D expenses constituted ~7.2% of the total revenues of the pharma companies. Wockhardt is India's leading research-based global healthcare firm with relevance in pharma, biotechnology, and a chain of advanced super specialty hospitals.
In 2021, the company claimed to spend Rs 6,217.8 million on R&D, accounting for 66.9% of its turnover. They have spent 15% of their revenues compared to the previous year. Wockhardt's has three R&D centers in India, the UK, and the US. It is the only company in the world to hold QIDP status for six antibiotics. Thus, the abovementioned factors are expected to propel the growth of the organ preservation solution market.
Based on type, the organ preservation solution market is segmented into University of Wisconsin solution (UW), Custodiol HTKs, perfadix, hyperthermosol, and others. In 2022, the University of Wisconsin solution (UW) segment held the largest share of the market. However, the hyperthermosol segment is expected to register the highest CAGR in the coming years owing to increasing number of the cardiovascular surgeries, liver transplantation, and kidney transplantation. The University of Wisconsin solution segment accounted for the largest market share in 2022.
However, the hypothermosol segment is expected to record the highest CAGR of the organ preservation solution market during the forecast period. The University of Wisconsin solution segment is growing due to the solution's increased usage and several benefits. In comparison to previous treatments, the solution enables the preservation of human liver transplants for more than 15 hours. Additionally, it enables the safe transfer of organs across long distances. It is primarily used to preserve the liver and aids in enhancing the success percentage of liver transplantation.
Apart from the advent of cyclosporine, one of the most significant elements in the history of liver transplantation has been the development of preservation solutions, particularly UW. Additionally, the University of Wisconsin (UW) solution is the most commonly used cold storage solution, which has increased early pancreas graft function and decreased the incidence of preservation pancreatitis.
Although other preservation techniques have been developed, UW continues to be the most widely used solution for abdominal organ preservation. Increased liver transplantation is expected to drive the segment growth and contribute to the organ preservation solution market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 211 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 255917.42 Million |
| Forecasted Market Value by 2028 | 399497.49 Million |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global, United States |
Market Dynamics
Drivers
- Rising Need for Organ Transplantation
- Increasing Prevalence of Chronic Diseases Leading to Kidney Failure
- Rising Geriatric Population
Restraints
- Expensive Organ Transplant Surgeries
- Limited Number of Donors for Organ Transplant Surgeries
Opportunities
- Rising Prevalence of Cardiovascular Diseases (CVDs)
Future Trends
- Growth Opportunities in Emerging Nations
Companies Mentioned
- Waters Medical Systems LLC
- Xvivo Perfusion
- Transmedics
- Organox Limited
- Paragonix Technologies, Inc
- Dr. Franz Koehler Chemie GmbH
- Accord Healthcare
- 21St Century Medicine
- Shanghai Genext Pharmaceutical Technology
- Bridge to Life Ltd
- Perfusion Solutions, Inc.
- Lifeline Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/aqcykz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
