- According to Transparency Market Research’s latest report on the global organ preservation solution market for the historical period 2017–2018 and forecast period 2019–2027, rise in organ transplantation, aging population, technological advancements, entry of new players, and increase in access to health care are projected to drive the global organ preservation solution market.
- According to the report, the global organ preservation solution 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
Technological Advancements, and Rise in aging global population: Key Drivers
- Technological advancements is a major driver accelerating the growth of the organ preservation solutions market. Manufacturers constantly strive to introduce technologically advanced preservation solutions to overcome various challenges such as short duration of organ survival prior to transplantation and tissue edema. For instance, persufflation is promising and simple preservation technique which would improve oxygenation which will improve the grafting during preservation and transplantation.
- Elderly population are likely to suffer from dysfunctioning of various organs such as kidney, liver and pancreas. In most cases, surgeons prefer organ transplantation as surgeries performed to correct the cause of dysfunction are usually not successful. It has been proven that transplanted organs show higher efficiency in functioning when grafted in the elderly with minimal graft rejection. Thus, increasing geriatric patient population throughout the globe would boost the growth of this market in the near future. As per research, in year 2018, 62% of the people received organ transplantation were in age group of 50 years or older, and 21% of the organ transplants were more than 65 years or older. Also, in the United States, the oldest organ donor was of age 92 years.
- The World Health Organization (WHO) has estimated that the global elderly population will reach around 2 billion by 2050; it was around 524 million in 2010. Moreover, the global geriatric population is expected to grow at the fastest rates in developed countries such as Italy, Germany, the U.K., the U.S. and Japan. Brazil, China, Thailand and South Korea are expected to have a large geriatric population in the shortest span of time in the future. Japan, the U.S. and the U.K. are also expected to follow a similar pattern. This increase in geriatric population would support the growth of the market in the future.
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Less availability of organ donor likely to Hamper Market
- The global organ preservation solution market is driven by the organ transplantation or surgeries which is likely to impact the organ preservation solution market. Although, less availability go organ donor for kidney, liver, heart and other transplants are negatively impacting the organ preservation solution market. People from nations such as Japan, India and Israel are conservative in their thoughts due to religious concerns.
- The decreasing trend in the number of organ donors is widening the demand and supply gap and may hamper the growth of the market. Shortage of donor organs has led to a shift in preference of surgeons towards increasing use of artificial organs. Moreover, lack of reimbursement affects demand for organ transplantation in the developing region.
Global Organ preservation solution market: Competitive Landscape
- This report profiles major players in the global organ preservation solution market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
- The global organ preservation solution market is fragmented, with the presence of a number of international, regional players as well as local players.
- Various players operating in the global organ preservation solution market are Dr. Franz Köhler Chemie GmbH, Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd, XVIVO Perfusion AB, BioLife Solutions, Inc., 21st Century Medicine, Bridge to Life Ltd., Accord Healthcare, OrganOx Limited, and other prominent players.
Global Organ preservation Solution market: Key Developments
Key players in the global organ preservation solution market are engaged in reimbursment scenarios, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies of key players are likely to fuel the growth of the global organ preservation solution market. A few expansion strategies adopted by players operating in the global organ preservation solution market are:
- In August 2019, XVIVO Perfusion has received European patent approval of Perfadex Plus for cold preservation lung organ. In year 2018, Perfadex plus was launched in principle markets such as U.S. and Europe and thus patent application of Perfadex plus was submitted across all markets. This products likely to save the time and minimizes the mistakes during the preservation preparation and transplantation.
- In June 2018, XVivo Perfusion Company received USFDA marketing approval in the United States for its product Perfadex Plus introduced for the cold preservation of the lungs. The product was initially launched in European countries. This USFDA approval would enable the U.S. market to utilize this opportunity during lung transplantation. As per research, 40%of the lung transplants are performed in the United States.
- In July 2017, Accord Healthcare completed acquisition of Essential pharmaceuticals Custodiol HTK Solution along with which Accord has a right to sell organ preservation solution in Canada & United States.
The report on the global Organ preservation solution market discussed individual strategies, followed by company profiles of manufacturers of organ preservation solutions. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global organ preservation solution market.
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