Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The organ preservation solutions market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The market is growing on account of the increasing incidences of multiple organ failure globally. Additionally, the market’s growth can also be attributed to factors such as the increasing geriatric population, growing demand for an organ transplant, developing healthcare infrastructure, and others. According to the data collected from the Health Resources & Service Administration (HRSA) and the U.S. Department of Health and Human Services, 17 people in the United States die waiting for an organ transplant each day. Additionally, it has further been reported that nearly 39,000 transplantations were performed in the country in 2020.
The market is segmented based on solution type into custodiol HTK, perfadex, lifor, viaspan, HBS solution, renograf, UW solution, celsior solution, and others, out of which the UW solution segment is anticipated to grab the largest share by the end of 2021 on account of its increasing use in the preservation of kidneys, liver, and pancreas. Although various preservation solutions have been developed so far, the UW solution still remains the gold standard for the storage of various abdominal organs, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of technique, the static cold storage technique segment in the global organ preservation solutions market is expected to capture a larger share by the end of 2021. Moreover, the hypothermic machine perfusion technique is projected to grow with a significant CAGR over the forecast period. The market segment’s growth can be primarily attributed to the fact that hypothermic machine perfusion is a widely used technique for kidney storage/preservation. In addition to this, the hypothermic machine perfusion technique is capable of preserving an organ for a longer duration, which is further anticipated to fuel their demand in the upcoming years.CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of organ type, the market has been segmented into kidney, heart, lungs, liver, and others, out of which the kidney segment is expected to capture the larger share on account of the growing incidences of kidney failure worldwide.
On the basis of end-user, the market has been divided into hospitals, clinics, organ banks, and others.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific organ preservation solution market is predicted to be the fastest-growing market over the forecast period owing to the increasing prevalence of chronic diseases and rising awareness among people regarding the availability of new treatment methods. Furthermore, in 2021, the market in North America is projected to capture the largest share in terms of revenue, owing to the rising prevalence of cardiovascular diseases in the elderly population leading to organ failures. In addition, the presence of a robust healthcare infrastructure accompanied by increasing government initiatives and reimbursement policies is also expected to enhance the growth of organ preservation solutions in the forthcoming years. Alternatively, the market in Europe is also anticipated to occupy a significant share in the organ preservation solutions market on account of the rising geriatric population. As per the analysis of the European Commission, more than 20.3% of the European population were aged 65 and older in 2019. Since the risk of chronic diseases is high in the geriatric population, the demand for organ transplantation is increasing significantly in the region, thus driving the market’s growth.
The global Organ Preservation Solutions Market is further classified on the basis of region as follows:
Our in-depth analysis of the global organ preservation solutions market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising number of organ transplantation procedures owing to the growing incidences of multiple organ failure are the key factors driving the market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
The high cost of organ preservation and transplantation in lower economic regions is estimated to hamper the market growth.
The market in the Asia-Pacific region will provide ample growth opportunities owing to the increasing healthcare expenditure and growing need for organ transplantation procedures.
Some of the key players dominating the organ preservation solutions market are ESSENTIAL PHARMACEUTICALS LLC, Bristol-Myers Squibb Company, XVIVO Perfusion, BioLifeSolutions, Inc. & Bridge to Life Ltd. among others.
The company profiles are selected based on the company's revenue from the product segment and its geographical presence, which determine the revenue-generating capacity of the company as well as the new products being launched into the market.
The market is segmented by solution type, technique, organ type, end-user, and region.
With respect to the solution type, the University of Wisconsin (UW) solution segment is projected to capture the largest market share owing to the growing preference for these solutions in liver preservation.
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