Future Revenue Growth Prospects in the Global Organ Preservation Market
The organ preservation market is projected to reach USD 317 million by 2026 from USD 230 million in 2021.
(EMAILWIRE.COM, March 28, 2022 ) Market Size Estimation:
The Organ Preservation Market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by solution, technique, organ type, end user, and region).
Revenue Growth Expectations:
The organ preservation market is projected to reach USD 317 million by 2026 from USD 230 million in 2021, at a CAGR of 6.6%.
Major Growth Influencing Factors:
The growing geriatric population, increasing cases of multi-organ failure, rising number of organ transplants and organ donors, and growing initiatives to encourage organ donations are the major drivers for the growth of this market.
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Data Triangulation:
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Restraint: High cost of organ transplantation
Organ transplantation is a resource-intensive procedure involving highly paid doctors and surgeons, expensive transportation, and pricey drugs that make it expensive. The charges associated with inpatient care, organ procurement, preservation, post-operative recipient care, and anti-rejection medication increase the overall cost. Patients also need to incur additional costs of traveling, lodging, meals, hospital visits, and other medical testing expenditures for evaluation or follow-ups scheduled at the transplant center for an advised time period of medical supervision. For low-income patients, such expenses directly compete with expenditure on necessities such as food, clothing, and shelter, which often renders organ transplantation procedures inaccessible without external aid.
Opportunity: Growing healthcare investments
Governments across the globe are focusing on strengthening their healthcare infrastructures to provide enhanced healthcare facilities. For example, in India, the Brihanmumbai Municipal Corporation allocated nearly USD 924 million (INR 7,000 crore) or 15% of its 2022–2023 budget to upgrade health services and establish 100 health centers with more than 100 diagnostic tests for preventive and primary treatment in BMC areas. These infrastructural developments will lead to an increased number of hospitals that treat more brain-dead patients who might be suitable donors. The increasing number of testing laboratories will also improve the time concerned with donor-recipient cross-matching, subject profiling, genotyping, and other related diagnostic tests during the pre-transplantation period. These developments are expected to create new opportunities for the organ preservation market.
Challenge: Significant gap between the number of organs donated and organs required annually
Currently, there is a significant gap between the number of organs donated and the number of organs required. In the US, the total number of patients on the waiting list for organs was over 100,000 (106,588 as of January 2022). Only 41,354 transplants were performed by the end of 2021 (Source: Organ Procurement and Transplantation Network, US). The limited number of organs donated annually is mainly due to a lack of awareness related to organ donation, poor legislative measures, and the increased risk of organ trafficking. Governments of various countries are also implementing reformed laws (such as opt-out laws that presume every citizen is an organ donor except for some exempted conditions) and initiatives to encourage people to donate organs.
The organ transplant centers segment accounted for the largest share of the organ preservation market in 2020
Based on end user, the organ preservation market is segmented into organ transplant centers, hospitals, and specialty clinics. The organ transplant centers segment accounted for the largest share of the organ preservation market in 2020. The increasing number of transplant centers across the globe is the key factor driving the acceptance of this end-user segment and propelling the market growth.
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North America accounted for the largest share of the organ preservation market in 2020
In 2020, North America accounted for the largest share of the organ preservation market, followed by the Asia Pacific, Europe, Latin America, and the Middle East & Africa. The large share of this region can be attributed to factors such as the growing demand for and adoption of organ transplantation as a result of the rising number of chronic diseases such as end-stage diseases. The need for preservation solutions to protect the viability of organs in ex-vivo environments in the region is also a key factor contributing to the large share of North America in the organ preservation market.
The Organ Preservation Market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by solution, technique, organ type, end user, and region).
Revenue Growth Expectations:
The organ preservation market is projected to reach USD 317 million by 2026 from USD 230 million in 2021, at a CAGR of 6.6%.
Major Growth Influencing Factors:
The growing geriatric population, increasing cases of multi-organ failure, rising number of organ transplants and organ donors, and growing initiatives to encourage organ donations are the major drivers for the growth of this market.
Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=261269915
Data Triangulation:
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Restraint: High cost of organ transplantation
Organ transplantation is a resource-intensive procedure involving highly paid doctors and surgeons, expensive transportation, and pricey drugs that make it expensive. The charges associated with inpatient care, organ procurement, preservation, post-operative recipient care, and anti-rejection medication increase the overall cost. Patients also need to incur additional costs of traveling, lodging, meals, hospital visits, and other medical testing expenditures for evaluation or follow-ups scheduled at the transplant center for an advised time period of medical supervision. For low-income patients, such expenses directly compete with expenditure on necessities such as food, clothing, and shelter, which often renders organ transplantation procedures inaccessible without external aid.
Opportunity: Growing healthcare investments
Governments across the globe are focusing on strengthening their healthcare infrastructures to provide enhanced healthcare facilities. For example, in India, the Brihanmumbai Municipal Corporation allocated nearly USD 924 million (INR 7,000 crore) or 15% of its 2022–2023 budget to upgrade health services and establish 100 health centers with more than 100 diagnostic tests for preventive and primary treatment in BMC areas. These infrastructural developments will lead to an increased number of hospitals that treat more brain-dead patients who might be suitable donors. The increasing number of testing laboratories will also improve the time concerned with donor-recipient cross-matching, subject profiling, genotyping, and other related diagnostic tests during the pre-transplantation period. These developments are expected to create new opportunities for the organ preservation market.
Challenge: Significant gap between the number of organs donated and organs required annually
Currently, there is a significant gap between the number of organs donated and the number of organs required. In the US, the total number of patients on the waiting list for organs was over 100,000 (106,588 as of January 2022). Only 41,354 transplants were performed by the end of 2021 (Source: Organ Procurement and Transplantation Network, US). The limited number of organs donated annually is mainly due to a lack of awareness related to organ donation, poor legislative measures, and the increased risk of organ trafficking. Governments of various countries are also implementing reformed laws (such as opt-out laws that presume every citizen is an organ donor except for some exempted conditions) and initiatives to encourage people to donate organs.
The organ transplant centers segment accounted for the largest share of the organ preservation market in 2020
Based on end user, the organ preservation market is segmented into organ transplant centers, hospitals, and specialty clinics. The organ transplant centers segment accounted for the largest share of the organ preservation market in 2020. The increasing number of transplant centers across the globe is the key factor driving the acceptance of this end-user segment and propelling the market growth.
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North America accounted for the largest share of the organ preservation market in 2020
In 2020, North America accounted for the largest share of the organ preservation market, followed by the Asia Pacific, Europe, Latin America, and the Middle East & Africa. The large share of this region can be attributed to factors such as the growing demand for and adoption of organ transplantation as a result of the rising number of chronic diseases such as end-stage diseases. The need for preservation solutions to protect the viability of organs in ex-vivo environments in the region is also a key factor contributing to the large share of North America in the organ preservation market.
Contact Information:
MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results