Jul 23, 2020 8:00 PM ET
Organ Preservation Market size estimated to be $206.3 million in 2019, growing at a CAGR of 7% during the forecast period 2020-2025
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Jul 23, 2020
Organ Preservation Market
size is estimated to be $206.3 million in 2019, growing at a CAGR of 7% during the forecast period 2020-2025.Increasing geriatric population, along with the rise in multi-organ failure and government initiatives for organ transplantation is a significant factor driving the organ preservation market during the forecast period 2020-2025.Futhermore, organ preservation is the supply line for organ transplantation. In addition the liver, pancreas and kidneys can be successfully preserved for up two days by flushing the organs with the University of Wisconsin (UW) organ preservation solution and storing them at hypothermia (0-5 degree C).Moreover, according to the Centers for Disease Control and Prevention about 647,000 Americans die from heart disease every year-that is 1 in every 4 deaths. Therefore, such incidences are contemplate to the increase the number of heart transplant which in turn is boosting the organ preservation market. Furthermore, the use of Enterprise Resource Planning (ERP), Process Development Execution System (PDES) and Electronic System Laboratory Information Management is also contributing to its market growth.
By Solution- Segment Analysis
By Solution the Organ Preservation Market is segmented into University of Wisconsin (UW), Custodial HTK, Perfadex, Collins and Others. Among these the University Of Wisconsin (UW) accounted for the largest market share in 2019 owing to its increase in use and several benefits of the solution. In addition this solution allows extended preservation of human liver grafts for more than 15 hours as compared with Euro-Collins solution. Furthermore, it also allows easy transportation of organ over large distances without any damage. Moreover, this solution is majorly used for liver preservation and helps in achieving successful liver transplantation. Therefore increasing number of liver transplantation is anticipated to boost its market growth during the forecast period 2020-2025.
By End-Use- Segment Analysis
Hospitals accounted for the largest market share in 2019 owing to the increasing number of multi-organ failure and organ transplantation around the world. Furthermore, trained doctors in the hospitals usually perform transplantation thereby hospital are a major place for transplants. In addition most of the transplants are done in hospital or surgical centers thereby driving the demand of organ preservation market during the forecast period 2020-2025.
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Geography- Segment Analysis
North America dominated the Organ Preservation Market with a region share 39% in 2019 followed by Europe and APAC. Increasing adoption of advanced medical technology and rising development by companies operating on organ preservation is a major factor driving the organ preservation market during the forecast period 2020-2025.Futhermore, growing awareness among people regarding organ transplants and government initiatives are further contributing to its market growth.
Drivers – Organ Preservation Market
- Increasing Number of Multi-Organ Failure
Increase in Number of Multi-Organ Failure around the world is a major factor driving the Organ Preservation Market during the forecast period 2020-2025.Futhermore, according to the Human Resource and Service Administration about 39,718 transplants were performed in 2019 and 20 people die each day waiting for an organ transplant.
- Advancements In Organ Preservation
Advancements in Organ Preservation is a major factor contributing to its market growth during the forecast period 2020-2025.Organ preservation advances stand to increase local and global access to transplantation, improve transplant outcomes and accelerate progress in related areas immune tolerance induction and xenotransplantation. Novel preservation technologies along with their technologies facilitated by preservation advances could potentially save millions of lives in the coming years.
Challenges – Organ Preservation Market
- High Cost of Organ Transplantation
High Cost of Organ Transplantation serves as a major setback for the growth of organ preservation market during the forecast period 2020-2025.In September, 2019 the average cost of a heart transplant is approximately $1,382,400 according to a consulting firm Milliman. Therefore, high cost of transplants disrupts the smooth functioning of the organ preservation market.
Organ Preservation Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the Organ Preservation Market. Organ Preservation Market top 10 companies are XVIVO Perfusion AB, Paragonix Technologies, Dr.Franz Kohler Chemie GMBH, Teva Pharmaceutical Industries Ltd, Bio Life Solutions Inc, Tolero Tech Inc, Essential Pharmaceuticals Ltd, 21st Century Medicine, Cryolife Inc and Claris Lifesciences Limited.
- June 2018:United Therapeutics and XVIVO Perfusion collaborated to reduce organ shortage through expansion of Organ Evaluation service.
- The University of Wisconsin (UW) accounted for the largest market share in 2019 owing to its increase in use and several benefits of the solution.
- Hospitals accounted for the largest market share in 2019 owing to the increasing number of organ transplantation around the world.
- The hypothermic machine perfusion technique is projected to be the fastest growing with CAGR of 6.2% during the forecast period 2020-2025.
- In 2019, North America dominated the Organ Preservation Market owing to the increased adoption of advanced medical technology and rising development by companies operating on organ preservation is a major factor driving the organ preservation market during the forecast period 2020-2025.
- Increase in Number of Multi-Organ Failure around the world is a major factor driving the Organ Preservation Market during the forecast period 2020-2025.
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