Global Organ Preservation Solution Market: Snapshot
The global organ preservation solutions market is expected to rise substantially during the forecast period owing to increasing number of opportunities due to strategic partnership with medical institution and research organizations. Rise in advanced technology in medical sector will supplement the market growth. Various nations globally are showing upswing in per capita healthcare expenditure which can boost the market growth in the coming years. Increasing geriatric population is augmenting the global market for organ preservation solutions. Rising number of government and NGO initiatives to promote organ donation is one of the prime reasons for growth of the market. This has led to increasing amount of solid organ transplantation procedures in the healthcare sector. Moreover, rise in failure of organ is fueling the global organ preservation solutions market.
According to a report by Transparency Market Research, the global organ preservation solutions market is anticipated to rise at a tremendous CAGR of 16.50% during the forecast period of 2013 to 2019. The global market was worth US$0.06 bn during 2012 and is expected to attain a valuation of US$0.20 bn by the end of the forecast period.
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Rise in Number of Organ Failures to Boost the Global Organ Preservation Solutions Market
The global organ preservation solutions segment is divided into siRNA transplant solutions, Human Biosystems solution (HBS), RENOGRAPF, hypothermosol, lifor, PERFADEX, custodiol HTK solution, and viaspan. Among these, Custodiol HTK Solution held the largest amount of shares in 2012 and is anticipated to grow in the forecast period. Rise in preservation of various organs such as kidneys, pancreas, liver, and lungs are the prime reason for the rise of this segment in the global organ preservation solutions market.
The global organ preservation technique segment is divided into static cold storage and hypothermic perfusion preservation. Among these, the preservation technique segment is led by static cold storage. This segment is rising in demand owing to its user friendly and cost effective techniques for physicians. However, hypothermic perfusion preservation is expected to experience higher demand during the forecast period due to the benefits of organ preservation it provides for longer period. Moreover, organ donors are decreasing in count and demands for organs are rising globally thus, leading to rise in demand for hypothermic perfusion preservation.
Rising Organ Donors to Supplement Growth of Europe Organ Preservation Solutions Market
The global organ preservation solutions market is spread across various regions such as Asia Pacific, Europe, North America, and rest of the world. The global market was dominated by Europe in 2012. This region is likely to be in the lead in the coming few years due to technological advancement rapidly increasing in this region. The European market for organ preservation solution is expected to progress at a steady rate during the forecast period. Spain is contributing substantially to the European market. This in one of the leading factor for rise of organ preservation solutions in this region. Europe market is also witnessing rise in number of organ donors and the policy of being an organ donor are promoting the growth in this region. The rise in demand for organ donation in this region is supplementing the demand for the market. Rise in government initiatives encouraging organ donation is another factor leading to the rise in market of the organ preservation solutions.
Some of the leading companies operating in the global organ preservation solutions market are CryoLife, Inc., Lifeline Scientific, BioTime, Inc., Claris Lifesciences Limited, and BioLife Solutions, Inc.