The Tissue And Organ Transplantation Market is estimated to be valued at US$ 18.05 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The tissue and organ transplantation market involves replacing damaged or diseased organs and tissues with healthy ones from donors. The major products in this market include tissues such as skin, heart valves and cornea as well as organs including kidney, liver and heart. These life-saving transplantation procedures are performed to treat organ failure, congestive heart disease and other end-stage organ disorders. Immunosuppressant drugs are also utilized post transplantation to prevent organ rejection.
Market Dynamics:
The rising prevalence of chronic diseases globally is a major driver of the tissue and organ transplantation market. Conditions like cardiovascular diseases, diabetes, cancer and kidney failure are leading to increasing demand for organ transplants. According to WHO, cardiovascular diseases account for over 17 million deaths annually worldwide. Moreover, unfavorable lifestyle habits like smoking, alcohol consumption and obesity have amplified the risk of developing these conditions. Additionally, growing geriatric population is another factor augmenting the market growth as elders are more susceptible to organ failures. Between 2030 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. However, lack of organ donors still remains a major challenge for the industry.
Segment Analysis
The global tissue and organ transplantation market can be segmented based on the type of transplantation such as kidney transplantation, liver transplantation, heart transplantation, lung transplantation, pancreas transplantation and small bowel and small intestine (multivisceral) transplantation. Among these, kidney transplantation dominates the market and is expected to continue its dominance over the forecast period. This is because kidney diseases have become more prevalent across the world and kidney transplantation is considered as the preferred treatment option for patients with end-stage renal disease.
PEST Analysis
Political: Governments across the world are focusing on increasing organ donation rates through various awareness campaigns which is positively impacting the market growth. However, some countries also have legal and ethical issues related to organ donation which acts as a restraint.
Economic: The rise in healthcare expenditure worldwide along with increasing disposable incomes is expected to drive the demand for tissue and organ transplantation procedures. However, the high costs associated with these procedures can hamper market growth.
Social: Growing public-private partnerships to boost organ donation is a key social trend. However, lack of donor organs still remains a major challenge.
Technological: Advanced technologies like 3D bioprinting of organs and implanted bioartificial organs are being researched which can help address the organ shortage issue in future.
Key Takeaways
The Global Tissue And Organ Transplantation Market is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases and aging population. The market size for 2023 is estimated to be US$ 18.05 Bn.
Regional analysis: North America dominates the global market currently owing to rising healthcare expenditure, presence of key players and advanced healthcare facilities. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by improving healthcare infrastructure and increasing disposable incomes in the region.
Key players operating in the tissue and organ transplantation market are CryoLife, Inc., Folio Biosciences, Arthrex, Abbvie, Inc., Zimmer Biomet, Medtronic PLC, Novartis AG, Stryker Corporation, BiolifeSolutions, Inc., Teva Pharmaceuticals, and Veloxis Pharmaceutical. These players are focusing on new product launches, collaborations and geographic expansions to increase their market share. For instance, in 2022, Medtronic announced the acquisition of Affera to expand its portfolio of organ transplantation technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
