Organ preservation market has seen immense growth in the past few years. This process of preserving organs starts mainly after the organs are removed from the donor’s body, and are placed in sterile containers cold enough to preserve organs. The advancements in technology, especially in the area of organ preservation and techniques for maintaining the viability of organs between donation and transplantation, have led to better transplant outcomes and rise in demand as well. With the growing technology, rising cases of organ failure, and increase in organ donation, the worldwide market for organ preservation is expected to witness healthy growth ahead.
What the market looks like?
The global organ preservation market which is estimated to be valued at USD 165.9 Million in 2016 is expected to reach USD 241.2 Million in 2021, growing at a CAGR of 7.8% during the forecast period 2016-2021.
Based on preservation solution, the University of Wisconsin (UW) solution segment is estimated to hold the largest share of the global organ preservation market in 2016, and is also likely to grow at the highest CAGR over the forecast period. This growth can be attributed to its abundant usage in the storage of kidney, liver, and pancreas, positive and better outcomes of transplantation, lesser histological damages, and enhanced physiological function of organs. On the basis of technique, the static cold storage segment is likely to be the largest market in 2016, and hypothermic machine perfusion is expected to grow at the highest CAGR. The growth of this segment can be mainly credited to the improved long-term graft survival rates, decreased vasospasm, and its ability to provide metabolic support.
Based on the type of organ, the kidneys segment is estimated to be the largest market, and also exhibit the highest growth rate as well. Growing number of cases of kidney failure, improvements in graft survival, and long-term graft function are the major reasons responsible for the growth of this segment.
Geographically, North America is expected to be the largest market, owing to the rising cases of kidney failure, growing number of organ transplants, favorable scenario in reimbursements in Canada, and advancements in technology by the players in the U.S. However, the market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period, mainly due to the new regulatory framework in China and increased organ donation in this region.
Factors influencing the market growth
Growing number of cases of multi-organ failure in aging population, advancing technology, increasing number of solid-organ procedures, and increased initiatives from government and NGOs for promoting organ donation are the major factors driving the global market for organ preservation.
On the other hand, the soaring cost of organ transplantation procedures is likely to restrain the growth of this market. Moreover, the market is facing some challenges like the considerable gap between the number of organs being donated and organs required on an annual basis and the limited medical reimbursements when it comes to organ donation and transportation.
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Key market players and strategies implemented for sustenance
Organ Recovery Systems (U.S.), Xvivo Perfusion AB (Sweden), Essential Pharmaceuticals LLC (U.S.), Dr. Franz Kohler Chemie GmbH (Germany), and Waters Medical Systems LLC (U.S.) are some of the leading players operating in the global market for organ preservation. New and innovative product launches, approvals, mergers & acquisitions, and expansions are the major strategies being adopted by these companies in order to maintain their position in the market.