Recently Published Report on “Transplantation Market Size, Share, Growth, Trends, Segmentation, Company Analysis, Regional Outlook and Forecast 2020 - 2027”.
OTTAWA, Jan. 28, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global transplantation market size is expected to hit around USD 27.07 billion by 2027 from USD 13.10 Billion in 2019. The global transplantation market is growing at a CAGR of 9.5% during the forecast period 2020 to 2027.
Organ transplantation is one of the major advancement in the modern day medicine. It is a medical procedure in which missing or damaged organ of one body is replace from the organ of another body. One of the prime aspects in organ transplantation is the consent of patient or any family member, without so it is considered as illegal or a crime. The organ transplantation is most processed when the brain of the patient is dead and other body organs are healthy. This process of organ transplantation should be done right after the patient’s death within couple of hours. This is very beneficial for the treatment of failed organs such as lungs, kidney, liver, and many more. Kidney transplantation is most widely procedure followed by liver transplantation. However, the number of organ donors are quite less compared to the patients those require transplantation. As per National Kidney Foundation, every month more than 3,000 new patients are added to the list of kidney waiting patients worldwide.
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Increasing prevalence of chronic disease along with organ failure are the prime factors driving the transplantation market growth. Over consumption of alcohol & other harmful substances fuels along with unhealthy diet propel the market growth for organ transplantation. However, religious belief of people as well as lack of awareness for organ donation restricts the market growth. There is a huge gap between the demand for organ transplantation and the actually available donors.
North America dominated the transplantation market with significant revenue share of nearly 40% in 2019 and analyzed to continue its dominance over the analysis period. Well-developed infrastructure for healthcare centers coupled with the significant presence of major medical devices as well as biotechnologies manufacturing companies that in turn supports the market growth.
The Asia Pacific encountered the highest CAGR over the forecast period due to increasing investment for medical driven research activities to develop organs and in vitro tissue. Furthermore, developing healthcare infrastructure in various Asian countries such as Thailand, India, Indonesia, and Philippines analyzed to propel the market growth in the region.
In 2019, tissue product segment was the highest revenue contributor in the global transplantation market, accounting for a market value share of nearly 58%. Prominent growth in the transplantation procedures such as heart valves, cochlear, orthopedic soft tissues, and bone marrow significantly propels the growth of the segment.
By application, tissue transplantation encountered maximum revenue share of around 60% in the global transplantation market in the year 2019 and expected to grow at the fastest rate over the forecast period. This is primarily due to increasing cases of burn and accidents expected to fuel the demand for tissue products in the coming years.
Hospital segment dominated the global transplantation market with value share of approximately 49% in the year 2019 and analyzed to retain its dominance over the forecast period. This is attributed to the increasing number of tissue and organ transplantation at hospitals. However, transplant centers registered the highest growth rate during the forecast period due to increasing need for large number of health centers to cater the patient requirement.
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In 2019, North America emerged as the global leader in the transplantation market with revenue share of around 40%. Rapid development in the medical sector along with rising prevalence of organ failure triggers the growth of the region in the global market. In addition, high healthcare expenditure coupled with well-developed healthcare sector is the prime factors contributing to the prominent growth of the region.
On the other hand, the Asia Pacific encountered the rapid growth rate during the forecast period owing to rising investment on healthcare sector along with significant government initiatives towards creating awareness among the people for organ donation. Additionally, rising number of patient suffering from chronic disease are likely to boost the demand for tissue and organ transplantation.
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Key Players & Strategies
The global transplantation market is highly fragmented due to the significant presence of all scale vendors that include small, medium, and large market players. Industry participants have their main focus on mergers & acquisitions, new product launch, and regional expansions to gain prominent traction in overall market revenue share. In addition, merger & acquisition help vendors to expand their geographical reach as well as product portfolio. For instance, in June 2015, Zimmer Holdings, Inc. acquired Biomet. The acquisition helped company to strengthen its distribution channel as well as product portfolio.
Some of the key players operating in the market are Arthrex, Inc., Abbvie, Inc., Teva Pharmaceuticals, Medtronic PLC, Zimmer Biomet, Strykers, Novartis AG, BiolifeSolutions, Inc., 21st Century Medicine, and Veloxis Pharmaceutical among others.
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