Albany, NY -- (SBWIRE) -- 05/18/2018 -- Global Organ Preservation Solutions Market: Snapshot
The global market for organ preservation solutions is expected to witness substantial growth throughout the forecast period. The rising number of opportunities through strategic partnership with research organizations and medical institutions is projected to help the prominent players in expanding their consumer base. In addition, the growing focus on advanced in the medical sector is likely to contribute widely towards the development of the overall market in the next few years. However, the limited medical reimbursements for organ transplantation and donation are estimated to curb the growth of the overall market in the next few years.
According to the study, in 2012, the global market for organ preservation solutions was worth US$0.06 bn and is estimated to reach a value of US$0.20 bn by the end of 2019. Thanks to the rising awareness among consumers regarding the benefits of donation of organs, the global market is predicted to register a progressive 16.50% CAGR between 2013 and 2019.
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Growing Awareness Concerning Organ Donation to Accelerate Growth
The rising NGO and government initiatives to encourage organ donation and the increasing number of solid-organ transplantation procedures are some of the vital factors expected to fuel the growth of the global organ preservation solutions market in the near future. Additionally, the tremendously rising cases of organ failures worldwide and technological developments in this field are predicted to supplement the growth of the market. However, the high cost of organ transplantation is estimated to restrict the growth of the market in the near future.
On the basis of solution, the global organ preservation solutions market has been divided into viaspan, RENOGRAF, hypoThermosol, custodiol HTK, PERFADEX, lifor human bioSystems, and siRNA Transplant Solutions. Furthermore, the key segments of the global organ preservation solutions market in terms of preservation are static cold storage, hypothermic perfusion preservation, and others. Innovations in the preservation methods is expected to offer promising opportunities for the leading market players.
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Rising Number of Organ Donors to Supplement Growth of Europe Organ Preservation Solutions Market
From a geographical perspective, the global organ preservation solutions market can be divided into Europe, Asia Pacific, North America, and the Rest of the World. In 2012, Europe led the global market and is expected to remain in the leading position in the next few years. Thanks to the technological advancements in this field, the Europe market for organ preservation solutions is projected to register a progressive growth rate in the near future. In addition, the substantial contribution from Spain is expected to accelerate the growth of the market in the near future.
Furthermore, the rising number of organ donors and the policy of being an organ donor after death are some of the factors estimated to contribute towards the growth of the Europe market. The increasing awareness regarding the need for organ donation among the people and the rising number of initiatives taken by government to encourage organ donation are some of the other factors projected to fuel the growth of the market in the near future.
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Some of the leading players operating in the organ preservation solutions market across the globe are Teva Pharmaceutical Industries Ltd., Claris Lifesciences Limited, BioTime, Inc., XVIVO Perfusion AB, Dr. Franz Köhler Chemie GmbH, Lifeline Scientific, CryoLife, Inc., ToleroTech, Inc., Bristol-Myers Squibb, BioLife Solutions, Inc., and 21st Century Medicine. The rising number of players in the market are projected to strengthen the competitive scenario of the global organ preservation solutions market in the next few years.