Transparency Market Research, In Its Latest Report Projects that the Market for Organ Preservation Solutions will post a 16.5% CAGR through 2019
Albany, NY -- (SBWIRE) -- 04/02/2014 -- Transparency Market Research announced its new report on the Organ Preservation Solutions market that was first valued at USD 0.06 billion in 2012. However, the current market value is predicted to reach USD 204.9 million by 2019 at a CAGR growth rate of 16.5% for the market revenue forecast period 2013 to 2019.
An organ preservation solution is a method of preserving the organs of the body when they are not inside the body system. It is a medically proven technique of letting the organs become vulnerable to the exterior environment outside the human body. Hence, the organs that are removed from the human body are then preserved in specific adjustments using medical solutions. Organ preservation solutions have been playing a key role in increasing the number of organ transplants. They are intended for different purposes such as organ development of biologics and drugs, and organ transplant procedures and research.
Today, the medical industry has a growing demand for organ transplants in forms of different organ types including liver and kidney too. Such aspects are likely to infuse significant demand for organ preservation solutions in the long run.
The global market for organ preservation solutions has been predicted to grow at a CAGR rate of 16.5% during the forecast period 2013 to 2019. Moreover, it is projected to reach market revenue of USD 204.9 Million in the same forecast period. The Organ preservation solutions report studies the deep insights of this market and foresights every major solution for preserving organs. Amongst the proposed solutions, Viaspan and Custodiol are together accounted for over 75% of the total market share. During this market forecast period 2013 to 2019, the Custodiol market is predicted to rise and grow at a CAGR of 17.1%.
The organ preservation solutions market is primarily driven by the rising incidences of organ failures in the patients due to changes in lifestyles such as fast food consumption, smoking, and alcohol, and increasing number of patients who are eagerly waiting to get an organ transplant done. The market also gets its popularity due to the rise in geriatric population, particularly in the developed regions such as U.K and U.S. All these conditions and locales are likely to propel the growth of this specific market. Another major reason for this growing sector is the rise in per capita healthcare expense and the advancing imbursement setups arranged for the organ transplant procedures in nations such as U.K, U.S., as well as now in India too.
Additionally, there are interesting techniques which are implemented to preserve the organs in the appropriate spaces. These include hypothermic perfusion preservation (HPP), static cold storage (SCS), and many others. Organ preservation solutions is extensively utilized for preserving different organs such as liver and kidney as it is highly capable of preserving a variety of organs unlike solutions such as HBS and Perfadex solution.
Unlike the SCS that does not allow any continuous contact of the organ with solution, the HPP is a much better and adaptable technique to use. It is a machine perfusion process that maintains a constant supply to the organs needed by the solution whereby, the survival duration of the organs increases accordingly. The HPP market is anticipated to grow at a CAGR of 19.2% during the forecast period 2013 to 2019.
Earlier, in 2012, the European region had been accounted for the largest share of market revenue and until the present times, it still continues to prove its growth with a rate of 49.96% for 2012 (%). This is due to the presence of a large number of voluntary organ donors in this region. Nevertheless, other countries such as North America (42.23%), Asia-Pacific (5.66%), and RoW (2.15%) help propel the growth of the organ preservation solutions market as well.
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