Organ Preservation Market worth $317 million by 2026


Posted March 11, 2022 by mmvaidya

Governments across the globe are focusing on strengthening their healthcare infrastructures to provide enhanced healthcare facilities.
 
COVID-19 Impact on Organ Preservation Market

COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The pandemic has disrupted healthcare systems worldwide, with hospitals being overwhelmed due to the increasing influx of patients. Temporary hospitals were also set up to deal with the growing number of cases.

The coronavirus disease has had an impact on all facets of healthcare, including the execution of life-saving procedures like organ transplantation by altering the process of organ donation and recovery. The spread of COVID-19 has profoundly impacted organ donation and transplantation worldwide. It has disrupted these actions and significantly reduced donation and transplant activities across the globe, leading to a decline in the demand for organ preservation products. In many countries, transplants from deceased donors were limited to only urgent situations and transplants from living donations were put on hold during the period of the outbreak.

This resulted in lost opportunities for a large number of vulnerable patients on transplant waiting lists. The pandemic has also resulted in a decrease in the number of potential deceased organ donors, saturation of healthcare systems and ICU capacities, limited access to donor and recipient testing for the infection, and challenges in travel/transport logistics for retrieval teams and donated organs.

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Expected Revenue Growth:

The organ preservation market is projected to reach USD 317 million by 2026 from USD 230 million in 2021, at a CAGR of 6.6%.

Major Growth Boosting Factors:

The growing geriatric population, increasing cases of multi-organ failure, rising number of organ transplants and organ donors, and growing initiatives to encourage organ donations are the major drivers for the growth of this market.

Restraint: High cost of organ transplantation

Organ transplantation is a resource-intensive procedure involving highly paid doctors and surgeons, expensive transportation, and pricey drugs that make it expensive. The charges associated with inpatient care, organ procurement, preservation, post-operative recipient care, and anti-rejection medication increase the overall cost. Patients also need to incur additional costs of traveling, lodging, meals, hospital visits, and other medical testing expenditures for evaluation or follow-ups scheduled at the transplant center for an advised time period of medical supervision.

For low-income patients, such expenses directly compete with expenditure on necessities such as food, clothing, and shelter, which often renders organ transplantation procedures inaccessible without external aid. Organ transplantation is highly inequitable, but governments could promote more low-cost interventions or provide financial aid for high-cost surgeries, especially for low-income patients. Thus, the high cost of transplant procedures is one of the major factors restricting the growth of the organ preservation market. However, the cost of organ transplants performed in China and India is comparatively lower than in developed nations, encouraging medical tourism to these countries.

Opportunity: Growing healthcare investments

Governments across the globe are focusing on strengthening their healthcare infrastructures to provide enhanced healthcare facilities. For example, in India, the Brihanmumbai Municipal Corporation allocated nearly USD 924 million (INR 7,000 crore) or 15% of its 2022–2023 budget to upgrade health services and establish 100 health centers with more than 100 diagnostic tests for preventive and primary treatment in BMC areas.

These infrastructural developments will lead to an increased number of hospitals that treat more brain-dead patients who might be suitable donors. The increasing number of testing laboratories will also improve the time concerned with donor-recipient cross-matching, subject profiling, genotyping, and other related diagnostic tests during the pre-transplantation period. These developments are expected to create new opportunities for the organ preservation market.

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Key Players:

The major players operating in this market are Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company Limited (US), Beckman Coulter Inc. (US).Merck KGaA (Germany), Terumo BCT (Japan), GE Healthcare (US), Bio- Rad Laboratories Inc. (US), Corning Inc. (US), Roche Diagnostics (Switzerland, Alfa Laval (Sweden), Miltenyl Biotech (Germany), pluriSelect Life Science (Germany), STEMCELL Technologies Inc. (Canada), Akadeum Life Sciences, Inc (US), Bio- Techne (US), Bio Legend (US) and Invent Biotechnologies (US).

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Contact Email [email protected]
Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags organ preservation , organ preservation market
Last Updated March 11, 2022