Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global organ care products market is expected to grow from USD 95 Million in 2020 and to reach USD 271 million by 2028, growing at a CAGR of 14% during the forecast period 2021-2028.
The factors driving the market are boosting of organ failure in the elderly population, the growing occurrence of chronic cardiovascular diseases, expanding prevalence of kidney failure, huge demand for transplantation of organs, technological advancements in organ transplant & preservation methods, fast fluctuating lifestyle, implementation of various unhealthy habits, rise in consumption of alcohol, the emerging occurrence of obesity, adoption of smoking and mounting air pollution. The factors restraining the market growth are lack of human donors, lack f awareness about organ donation and the high cost of organ transplantation. Efficient use of existent donor organs for transplant, the booming occurrence of kidney failure, strong demand for donor organs, an emerging number of patients on a waiting list and expanding need for organ preservation are anticipated to provide market growth opportunities.
An organ care product is a medical device designed to permit donor organs to be preserved for more extended periods before transplant. These procedures let the transplant team assure more outstanding working of transplant organs. It is a technology used to preserve transplant/donor organs at a suitable temperature. This method is also noted as "heart in a box." The organs of interest are withheld in optimum surroundings and can be entirely managed before transplant. The approach confers with the traditional systems of preserving organs by freezing or running them in an environment and condition similar to that of the human body by perfusing the donor's blood via the organs.
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Key players operating in the market are Water Medical system LLC, TransMedics Inc, Paragonix Technologies Inc, XVIVO Perfusion AB, Organ Assist B.V, Bridge to Life Ltd, OrganOx Limited, Preservation Solution Inc, Organ Transport System Inc and Organ Recovery Systems Inc. To acquire a significant market share in the global organ care product market, the pivotal players are now concentrating on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In June 2019, TransMedics declared FDA approval for its Organ Care System Lungs. The gadget will be used for ex-vivo assessment and preservation of both criteria donor lungs and a larger pool of donor’s lungs.
The Kidney segment dominated the market and held the largest market share of 27.0% in the year 2020
On the basis of type, the global organ care products is segmented into kidney, liver, heart and lungs. The The kidney segment dominated the market and held the largest market share of 27.0% in the year 2020. This growth was attributed to its significant increase in the number of kidney transplants, Substantial requirement for donor kidney conservation, surging execution of organ care products in kidney transplant mechanism, the high occurrence of kidney failure and massive patients on the waiting list. As stated by National Kidney Foundation, there are more than 80 million people in the United States who are at substantial risk of kidney failure. Beyond, people with kidney disease and transplant recipients are at high risk of developing severe complications from COVID-19. In 2020, coronavirus infection that exploits kidney patients became the number one cause of mortality in the U.S.
Trolly segment dominated the market and held the largest market share of 57.0% in the year 2020
On the basis of product, the global organ care products market is segmented into Trolly and Portable. The trolly segment dominated the market and held the largest market share of 57.0% in the year 2020. This growth was attributed to the increasing number of installations in various transplantation centers, Ease and convenience in handling, high product cost and associated benefit of reusability.
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Regional Segment of Organ Care Products Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global organ care products market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the largest market share of 62.0% in the year 2020. This growth is accountable to the existence of significant industry players such as Bridge to Life Ltd, paragonix technologies, Preservation Solution Inc in the region, accessibility of advanced technology, growing cases of organ failures and a rise in need for organ donors coupled with an increasing number of transplantation procedures.
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About the report:
The global organ care products market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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