Newark, NJ, May 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global organ preservation market is expected to grow from USD 205 million in 2019 to USD 354.8 million by 2027, at a CAGR of 7.1% during the forecast period 2020-2027. North America is expected to hold the largest market share with the rise in the number of cardiovascular diseases and increase in the aged population in the region. The reimbursement policies and other initiatives by the government in the treatment of advanced medical diseases is further expected to fuel market growth. The Asia-Pacific region is expected to register a high growth rate due to rising awareness among the people leading to increased organ donations. The advancements in technology in organ transplantation in these countries will lead to a rise in market share. Along with that, massive investments by the governments in the healthcare infrastructure and improved public education will contribute to market growth.
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The leading players in the market include Biolife solutions, Inc., Bridge to Life Ltd., BioTime, Inc., Dr. Franz Kohler Chemie GmbH, Cryolife, Inc., Essential Pharmaceuticals, LLC, Lifeline Scientific, Inc., Paragonix Technologies Inc., OrganOx Limited, Preservation Solutions Inc., ToleroTech Inc., Teva Pharmaceutical Industries Ltd., Waters Medical Systems LLC, TransMedics, Inc., and Xvivo Perfusion AB. The players focus on innovations in technology, and pricing strategy to strengthen their position in the market. In 2020, Paragonix Technologies Inc. announced the clearance of its Donor Lung Preservation System and Pancreas Transport System from FDA. The firm with its continuous innovation will be able to increase its market share.
On the basis of transportation technique, the market can be divided into static cold storage, hypothermic machine perfusion, and normothermic machine perfusion. The static cold storage technique is expected to dominate the market due to its low cost and favourable transportation requirements. The technique is used for the liver, kidneys, heart, and lungs. The hypothermic machine perfusion is also expected to show a high growth rate in the forecast period due to its improved technology of preservation and ex-vivo conditioning. On the basis of preservation solutions, the market is divided into UW, Custodial HTK, Perfadex and, other solutions (EuroCollins and Celsior). The UW solution has the largest market share in the segment and is used for the preservation of heart, kidney, liver and, pancreas. The Perfadex solution is extensively used for the conservation of lungs. On the basis of organ type, the market can be divided into kidneys, liver and, lungs. Lungs segment is expected to grow at a rapid pace due to increasing lung disorders and diseases.
The growth of the market is driven by increasing number of organ failures across the world, giving rise to demand for transplantation surgeries. With the rising awareness of organ donation by NGOs and government, the organ donors are increasing, contributing to market growth. The risk of failure of organs is high in aged people, and the rise in geriatric population will result in the growth of the market. With technological advancements, more organs could be preserved and for a more extended period, thereby contributing to market growth. The high cost of preserving the organs is anticipated to act as a restraint to the growth of the market.
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About the report:
The global organ preservation market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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