In terms of revenue, the Global Organ Preservation Market is expected to reach USD 297.7 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.00% from 2022 to 2028.
Recently, owing to changing lifestyles and increasing cases of multiple organ failure has surged the demand for Organ Preservation Market. Also, the increasing geriatric population and rise in chronic diseases have fuelled the demand for the Organ Preservation Market.
Key Highlights from Report:
- The UW solution sub-segment of the Organ Preservation segment is anticipated to dominate the Organ Preservation Market. This solution is important for helping the organ (Kidneys, liver, others) to flush the bacteria present. This makes it most prominent in the growth of this segment.
- The static cold storage sub-segment of the technique segment is accounted for the largest market share in 2021 for the Organ Preservation Market. This is considered to be a conventional method that is highly adopted and considered as the gold standard technique for Organ Preservation as the hypothermia induced in this technique results in reduced kinetics of metabolic activities from the donor organ. This technique is used to preserve the kidneys, liver, lungs, pancreas, and heart.
- North America is the largest regional segment. This surge is attributed to the rising demand for generic drugs in developed economies such as the U.S. and Canada. The growing healthcare industry and flexible market players drive this region. Also, technological advancements and the high potential and availability of healthcare professionals make this region flourish during the forecast period.
The most common cause of death in ICUs is mainly caused by sepsis i.e., organ failure. According to statistics, 26–50% of patients diagnosed with sepsis develop acute renal failure, and up to 20% show acute respiratory failure. The elderly population is at a high risk to develop sepsis as the organs get weaker as they age. Another reason for multiple organ failure is the cause of diabetes. Tuberculosis and liver cirrhosis are more common among geriatric individuals and may make it necessary for individuals to undergo organ transplants.
As per the Organ Procurement and Transplantation Network (OPTN), the growth of the geriatric population has a large impact on the number of organ transplantation procedures carried out, as the number of older people receiving organ transplants has grown. For instance, the US observed an increase in the number of organ transplants in the above-65 age group from 8,691 in 2019 to 8,895 in 2021. As per the UN World Population Ageing Report, there were 728 million people aged 65 years or more globally in 2020; this is expected to cross 1.5 billion by 2050, which indicates the potential for demand growth. As a result, the growth in this population segment, given its high susceptibility to conditions causing organ failure, will be a key driver of market growth.
North America is expected to dominate the Global Organ Preservation Market in 2021 and is likely to continue the same trend during the forecast period. This region has the most advanced healthcare professionals and funds for investing in Organ Preservation drugs. Also, growing technological advancements with the availability of surplus know-how in executing this technology make this region prominent for the market to flourish in coming years. On the other hand, developing countries such as India, China, and Indonesia are showing huge potential in their respective organizations. However, insufficient funds, lack of skilled labour and social issues make it difficult for the market to grow.