Global Transplantation Market Poised to Register Significant Growth and Reach USD 24.09 billion by 2026
According to BlueWeave Consulting, the Global Transplantation Market worth is expected to reach USD 24.09 billion by 2026 from USD 13.7 billion in 2019, at a CAGR of 8.4% during the projection period.
The market is driven by growing prevalence of chronic diseases and increasing incidence of burns & accidents across the world and eventual organ failures. It thrives on demand for organ transplants, tissue products, immunosuppressant drugs and preservation solutions. Also, the technological advancements in products and transplants support the market growth coupled with high success rate of transplant procedures. The wide prevalence of organ-threatening diseases such as diabetes, cancer, heart diseases, renal diseases lead to organ failures requiring transplantation. Market players respond with new product launches or application to cater to the transplantation needs with their existing organ & tissue procurement and preservation transplant services. Besides, rising regulatory approvals for innovative products and applications as well as new guidelines for organ donations improve the market prospects of transplantation.
Transplantation essentially involves removal of organ or tissue from one body and placement of the same in the recipient’s body, to replace the failed or damaged organ. The human organs such as kidney, lung, liver, pancreas, cornea and skin can be transplanted. Transplants help rebuild healthy body and live healthy life. Advancements in technology have helped increase the success rate of transplantation world over. The substantial rise has been noticed in tissue transplants with advanced products. Besides, advanced software and systems facilitate convenient preservation of tissues and organs.
The Global Transplantation Market is segmented based on Product Type (i.e., Tissue Products, Immunosuppressive Drugs, Preservation Solution), Application Type (i.e., Organ Transplant, Tissue Transplant) and End-User (i.e., Hospitals, Transplant Centers, Others.
“Tissue Product Segment and Tissue Transplant Application Segment dominate the Transplantation Market.”
Tissue Products secure major part of revenues and the segment is expected to retain its share because of the high demand and advancements in products (such as 3D Bioprinting) during the forthcoming period. The rising number of cochlear, orthopaedics soft tissues, heart valves and bone marrow transplantation procedures combined with new product development propel the segment growth. The Immunosuppressant Drugs and Preservation Solutions are supplementary products for organ transplants and are expected to witness moderate growth.
In terms of application, the market is divided into Organ Transplant and Tissue Transplant. The Tissue Transplant Application segment holds approximately 60% share of the market and is expected to retain the same with substantial CAGR during the forthcoming period. The demand for tissue transplant is attributed to escalating commonly performed procedures for replacement of skin, cornea, bones, veins, valves, tendons among others. Even increasing burn and accidental injuries also lead to more demand for tissue transplants.
“Key Growth Drivers of the Transplantation Market are Increasing Demand for transplants and their high success ratio.”
The prevalence of chronic and acute diseases eventually leads to organ or tissue failures, requiring transplantation. The major causes for organ failure are loss of blood, leukaemia, sepsis, drug abuse, severe trauma, among others. Besides, the patients and medical professionals are increasingly adopting transplantation due to its high success rate. In cases of burns, accidents and many diseases transplantation gives a new life. New diseases are also being treated with transplants with the advancement of transplant science. The growing incidence of these diseases among large population ensures the growth of transplantation market during the projected period. Besides, the market players introduce new products and technologies strengthening the market growth.
“North America makes its presence felt in Transplantation Market.”
North America Healthcare sector is massive characterized by presence of highly-skilled professionals, well-developed healthcare facilities, use of advanced technology, health-conscious and aware population, substantial healthcare expenditure outlay and major pharmaceutical and existence of healthcare devices manufacturing companies. It is a major market for transplantation and is expected to grow substantially because of the presence of key players, large number of transplant centres and technological advancements. France, UK and other European countries have also established healthcare infrastructure, assuring bright market prospects for the transplantation. Asia Pacific is also anticipated to register accelerated CAGR during the projection period on account of growing healthcare infrastructure, awareness about stem cells and government initiatives in favour of organ donations.
“The leading players” in the market are Abbvie, Inc., Arthrex, Inc., Medtronic PLC, Teva Pharmaceuticals, Zimmer Biomet, Strykers, Novartis AG, Veloxis Pharmaceuticals, 21st Century Medicine, BiolifeSolutions, Inc. and others.