Organ Preservation Solutions Market Is Projected to Expand at a CAGR of 10.5% from 2019 to 2027
Transparency Market Research (TMR) (www.transpare) has published a new report titled, ‘Organ Preservation Solutions Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Organ Preservation Solutions Market was valued at US$ 193.4 Mn in 2018 and is projected to expand at a CAGR of 10.5% from 2019 to 2027.?
Overview
- Organ Preservation solutions are used for preserving organs before transplantation surgeries. This solutions maintains organ viability, rapidly cool down the organ and minimizes cellular injury. This solutions enables the organ for proper storage, transportation, and transplantation into the recipient.
- Europe dominated the global organ preservation solutions market in 2018 and the trend is anticipated to continue during the forecast period. Rise in organ failure and growing need of organ transplantation in the region are expected to drive the market in Europe.
- North America is the second major revenue generating region in organ preservation solution market. As per Organ Donation Statistics, 36,528 organ transplantation were performed in the year 2018 in the United States. Also, more than 113,000 people in the United States, are in the waiting list in the July 2019 for organ transplantation.
- Asia Pacific is likely to be a highly lucrative market for organ preservation solution expected to expand at a high CAGR during the forecast period.
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Rise in Organ Transplantation Procedures to Drive Market
- Rise in incidences of organ failure in kidney, liver and heart patients across the globe is augmenting the demand for organ transplant procedures. This has further led to rise in the demand for organ preservation solutions that help maintain the organs’ viability from the time of donation to transplantation. Market growth for organ preservation solutions will also be propelled by the rise in the number of elderly people worldwide since, risk of organ failure in people of this age group is higher.
- As per, American Society of Nephrology states, an aged patient’s body shows less graft rejection and that has led to increased preference for organ transplants by surgeons for them.
Custodial HTK Segment to Dominate Market
- Based on solution type, the global organ preservation solutions market has been Viaspan, Custodiol HTK, Renograf, Hypothermosol, Perfadex, Lifor, HBS Solution, siRNA Transplant Solutions, and others.
- The Custodial HTK segment held major share of the global organ preservation solutions market in 2018 and the trend is anticipated to continue during the forecast period. The attributable factors are growing organ transplantation in which solutions are utilized to preserve various organs such as kidney, lungs, liver and pancreas. Also, it is a vintage preservation solution and hence has gained considerable popularity in the industry which has resulted in increasing preference for Custodiol over other solutions in the market.
- For instance, Custodiol is utilized extensively for preserving kidneys according to the U.S. National Institute of Health (NIH) journal. Moreover, as per research, Custodiol solution is used for 2 million procedure in the Europe region.
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Hypothermic Perfusion Preservation Technique to be Highly Lucrative Segment
- In terms of preservation technique, the global organ preservation solutions market has been divided into Hypothermic Perfusion Preservation, Static Cold Storage, and Others.
- The static cold storage segment is a standard solution utilize for organ preservation, and hypothermic perfusion preservation is expected to grow at highest CAGR during forecast period. Few attributable factors includes the efficiency of hypothermic perfusion technique in continuous supply solution to the organ and hence prevents any tissue injury.
Europe to Dominate Global Market
- In terms of region, the global organ preservation solutions market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global organ preservation solutions market in 2018, followed by North America.
- Europe accounted for major share of the global organ preservation solutions Market in 2018, followed by North America owing to increase in organ transplantation surgeries in the region. Moreover, rising incidences of kidney, liver and other organ failure drives the need of transplant surgeries and increase the demand of organ preservation solutions in the market. Various countries of the region like Spain follow opt out policy where a person, if has not opted for denial of organ donation, will be considered as an organ donor after death (brain death) automatically. This increases the number of donors in the region and hence will drive the growth of the market.
- The organ preservation solutions market in Asia Pacific is anticipated to expand at a highest CAGR from 2019 to 2027. This can be attributed to increasing awareness about the organ transplantation, technological advancement, and increasing demand of organ preservation solutions for the same. Rising incidences of death due to organ failure, rapid economic growth in developing economies such as India, China, Indonesia and others are another attributable factors for the market growth in the region.
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Competitive Landscape
The global organ preservation solutions market is consolidated in terms of number of players. Key players in the global market include
- Franz Köhler Chemie GmbH
- Bristol-Myers Squibb
- XVIVO Perfusion AB
- Teva Pharmaceutical Industries Ltd
- BioLife Solutions, Inc.
- ToleroTech, Inc.
Companies strive to maintain their leading position in the market by adopting various business strategies such as launch of innovative products and acquiring various competitors. Recent Merger & Acquisition strategy enabled companies to expand their product line and strengthen geographic presence across globe.
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