Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Organ Transplantation Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The Global Organ Transplantation Market size is projected to reach US$ 6.7Bn by 2028, with CAGR of 9.9% during 2021-2028
Increased occurrence and prevalence of chronic diseases often cause cataclysmic damage to tissues and organs. Organ loss is typically irreparable and leads to lifelong dependence on pharmaceutical drugs. In these drastic conditions, transplants remain the foundation for the regeneration of a healthy life. Organ transplantation has grown all over the world and developments in the field of medical biotechnology have taken place. There is a strong demand, particularly among developing countries, for organ transplantation services. A wide world population is faced with a high prevalence that can be caused by organ and coronary disorders, tissue dysfunction, diabetes, cancer, reindeer disorders.
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The leading healthcare industries are based more on the fixed demand for the organ worldwide, which is creating a more influential impedance in the pockets of the organ transplantation industry. The elderly population is vulnerable to this risk of organ failure and a large number of geriatric individuals are also forced into the market. In addition, the growing crisis in the organ market and the shortage of organ donors are critical factors in limiting business growth. Recent technical developments that reduce the amount of organ loss fully support organ transplantation and support market growth. The ability to increase demand for organ donation significantly between 2020 and 2027 is unaffected by these other factors.
In the meantime, with the expected 7 years of expansion, the market is still subject to some restrictions. Some of these restraints to the market are as follows; exposures to failure or malfunctioning of the artificial organ; insecurity of the body within or infection of the transplant; blockage of the body’s immune system where it is not recognized or falsified, the expense of performing services.
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Regional Stance
North America dominated the industry in 2020 with a share of over 40 percent and is expected to dominate over the entire study period. Well-developed healthcare systems and the presence of several leading manufacturers of biotechnology and medical products, such as Arthrex, Inc., Medtronic; Zimmer Biomet, and Stryker, fuel the growth of the industry.
In the last decade, the gap between demand for organs and availability, such as kidney, liver, and heart, has widened. Governments and NGOs in various countries are also taking steps to inspire people to donate organs and save lives. New standards and regulations governing the procurement of organs support and encourage the donation process. The Hospital Organ Donation Program started in April 2020 with the Human Resources & Care Administration. As a result, the number of organ donors increased in the previous year.
Due to increased work in stem cells, in vitro tissues, and organ growth, the Asian Pacific market is expected to record the fastest CAGR in the forecast era. Moreover, growth in health infrastructure is expected to boost regional demand in many Asian countries, including India and Indonesia.
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About the Market
Organ transplantation is one of the major advances of medical treatment. Organ transplantation is a surgical procedure in which the organ in the body is separated and transferred to another body to restore the missing or injured organ. Acceptance of the recipient or his or her relatives is one of the most important aspects of organ transplantation. The collection of organs is illegal and a serious offense without proper authorisation. Body transplantation typically occurs from a dying brain patient who has certain organs that are stable and will support someone else’s life. Nevertheless, a substantial number of individuals are discouraged from volunteering without information about organ donation and moral and ordinary values. The lack of organ for organ failure care is therefore expected to advertise market demand. The disparity between demand and organ supply is immense for the management of organ failure.
Key Players & Strategies
Manufacturers concentrate on new product growth, merger & acquisition, and collaboration to increase their current product range and improve their market position. Participants include major global Novartis AG, Medtronic, Pfizer Inc., Sanofi, Preservation Solutions, Inc., TransMedics, Inc., Terumo Corporation, Organ Recovery System, AbbVie Inc., Stryker, Transonic, and Others.
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