The organ preservation market is expected to reach USD 332.8 million by 2027, exhibiting a CAGR of 6.5% during the forecast period, according to a new report by Grand View Research, Inc. The increasing geriatric population, rising initiatives towards encouraging organ donation, and increasing cases of organ failure across the globe are the key factors driving the growth.
Increasing cases of organ failure across the globe and rising number of organ transplantation procedures are the key drivers impacting the growth of the market for organ preservation over the forecast period. According to the report published by the U.S. Department of Health and Human Services in 2019, around 40,000 organ transplantation procedures were performed in the country. It also reported that around 8.7% of organ transplantation procedure increased from 2018 to 2019.
Similarly, as per the report published by the European Commission in 2018, around 34,000 organ transplantations were performed in Europe, of which; the numbers of kidney transplants, liver transplants, heart transplants, and lung transplants were 21,227, 7,940, 2,287, and 1,980, respectively. An increase in the number of organ donors is also expected to positively impact the market.
For instance, as per the report published by the U.S. Department of Health and Human Services in 2019, the rate of deceased donors increased 10.7% from 2018 to 2019 in the U.S. and almost 7,400 living donor transplants were recorded in 2019. Therefore, such instances are expected to positively influence the market, thereby propelling the market growth.
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www.grandviewresearch.com/industry-analysis/organ-preservation-market
Further key findings from the report suggest:
- In terms of revenue, University of Wisconsin (UW) organ preservation solutions segment held the largest market share in 2019 owing to the increasing usage of this solution. The wide applicability and several advantages associated with this organ preservation solutions are also expected to propel the segment growth.
- Heart segment is anticipated to witness fastest growth over the forecast period owing to the increasing success rate and rising cases of cardiovascular diseases across the globe.
- Static cold storage segment dominated the market in 2019 owing to its increase in use across the globe.
- Asia Pacific organ preservationmarket is expected to witness the fastest growth over the forecast period owing to the rising number of procedures in the region.
- Prominent market players are XVIVO Perfusion; TransMedics; 21st Century Medicine; CryoLife, Inc.; and Bridge to Life Ltd.
