Fact.MR, Dubai: The global organ care market is expected to witness a steady growth during the forecast period 2021 to 2031.
Ongoing technological advancements in organ transplantation procedures driving the growth of the organ care market
Fact.MR, Dubai: The global organ care market is expected to witness a steady growth during the forecast period 2021 to 2031. As per a study by Fact.MR, the market valuation of organ care products is likely to surpass US$250 Mn through 2031.
As per the World Health Organization (WHO), the geriatric population is expected to reach 2 billion by the end of 2050. The growing prevalence of chronic diseases makes aged people more vulnerable to lung failure, liver failure, kidney failure, cardiovascular disorders, and other conditions. This is a key factor fueling the demand for organ care products.
According to the European Association for the Study of Liver, cirrhosis is the 11th leading cause of death and liver cancer is the 16th most common disease-causing death across the globe. Liver cirrhosis accounts for nearly 1.8% of all deaths in Europe, as per a report by World Health Organization (WHO).
Liver cirrhosis might lead to organ failure. In the event, liver transplantation might emerge as a viable treatment solution. Organ care becomes indispensable during such situations, allowing donor organs to be maintained and preserved for a longer duration prior to transplant.
As per the study by the Department of Health & Human Services of the U.S., the number of organ donors has increased up to 40% by 2019. This substantial increase in the number of organ donors in the last decade has augmented the market growth of organ care in the U.S.
“Leading market players are emphasizing on developing a new product to cater to the surging demand for efficient organ care products to increase the safety of donor organs, “says a Fact.MR analyst.
Key Takeaways
- Rising incidence of organ failure due to chronic ailments and willingness to spend on advanced care are fueling the demand in the organ care market in the U.S.
- Growing cases of liver failure registered in the U.K. has been creating prospects for organ care.
- Asia Pacific is emerging as a lucrative market for organ care owing to increasing organ transplantations conducted in emerging countries such as India and China.
- Nearly 10% of the world’s population is affected by Chronic Kidney Disease (CKD), as per National Kidney Foundation, making the kidney segment, a center point for the market growth.
- Trolley based modality is likely to dominate the organ care market share in 2021.
Key Drivers
- Growing awareness about organ transplantation procedures is spurring the growth of the organ care market
- Increasing the number of organ donors will create growth opportunities for the markets.
- Rising incidence of organ failure will fuel the demand for organ care.
Key Restraints
- High cost of treatment is hampering the demand for the organ care market.
- Extended period requisite for approval of novel organ care products poses a challenge for the growth of the organ care market.
- Lack of skilled professionals for the organ care system is negatively affecting the growth of the market.
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Competitive Landscape
Key players operating in the organ care market profiled by Fact.MR includes OrganOx Limited, Organ Assist B.V., XVIVO Perfusion AB, TransMedics Inc., Paragonix Technologies Inc., Preservation Solution Inc, Water Medical System LLC, Organ Recovery Systems Inc., Bridge to Life Ltd., Organ Transport System Inc. Prominent players in the organ care market are launching new products and collaborating with other companies to increase their market share. For instance,
- Paragonix Technologies, Inc. and Waters Medical Systems, LLC announced a product supply agreement, wherein Waters Medical Systems agreed to supply its IGL Cold Storage Solution (CSS) for SherpaPak™ Kidney Transport System and Celsior®.
- OrganOx’s Limited launched its novel liver perfusion machine in January 2019. It also received approval from the National Institute for Health and Care Excellence of the U.K.
More Insights on the Organ Care Market
Fact.MR offers unbiased analysis of the organ care market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of organ type (Kidney, Liver, Heart, and Lungs), modality (Portable and Trolley Based), and end users (Hospitals, Ambulatory Surgical Centers, and Specialized Clinics) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR