The global transplantation market size is expected to reach USD 25.8 billion by 2027, growing at a CAGR of 9.3%, according to a new report by Grand View Research, Inc. Growing cases of organ failure have resulted increased demand for transplantation procedures. Rising demand for tissue products, immunosuppressants, and organ preservation solutions is a major factor anticipated to boost the market growth during forecast period. Thus, many biotechnology and medical device manufacturing companies are concentrating on the development of advanced transplant products.
Technological advancement in organ transplantation methods is another key factor supporting the market growth. Introduction of advanced tissue products, such as DeNovo NT Graft, Chondrofix Osteochondral Allograft, and DuraMatrix Collagen Dura Substitute Membrane provides higher benefits during treatment. In addition, computerized support systems with advanced systems and software allow easy & effective maintenance of tissues. Thus, availability of such advanced techniques supports market growth.
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Further key findings from the report suggest:
- Tissue products was the largest revenue-generating segment due to rising demand for tissue and organ transplant procedures
- Tissue products segment is expected to expand further at a significant CAGR owing to advancement in transplantation products
- The transplant centers end-use segment is projected to register the highest CAGR during the forecast period owing to rising popularity of these centers for transplant procedures
- The hospitals segment led the market in 2019, in terms of revenue, owing to a large number of transplant procedures performed in hospitals
- North America was the leading regional market in 2019 and is projected to maintain its dominance during the forecast period owing to well-developed healthcare infrastructure
- Moreover, presence of a large number of research laboratories, biotechnology, and medical devices manufacturing companies in North America is projected to contribute to the region’s growth