The global “transplantation market” size is expected to reach USD 14.67 billion by 2028, exhibiting a CAGR of 10.6% during the forecast period. The increasing awareness regarding organ donations coupled with government initiatives can have an excellent impact on the global market in the forthcoming years, states Fortune Business Insights, in a report, titled “Transplantation Market, 2021-2028.”The market size stood at USD 5.47 billion in 2020.
An Overview of the Impact of COVID-19 on this Market
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Acquisition of Hawaii Cellular Therapy and Transplant Laboratory (HCTTL) by Eurofins Transplant Diagnostics to Aid Development
Eurofins’ US Transplant Diagnostics announced the successful acquisition of the Hawaii Cellular Therapy and Transplant Laboratory (HCTTL).HCTTL signed an agreement with Eurofins VRL to enlarge VRL’s substantial US geographic footprint. Moreover, the acquisition will improve the long-standing pillar of the Hawaiian transplant community and increase VRL’s network of laboratories that are now located in 11 states. It will serve Organ Procurement Organizations, Tissue Banks, and commercial companies needing testing donated biological materials. The merger is expected to push this market’s growth due to the transplant network andEurofins Transplant Diagnostics’ strategies to strengthen its position in the transplantation market. The joint transplant diagnostics portfolio of Viracor-Eurofins laboratory and Transplant Genomics innovative testing of subclinical rejection detection testing will advance Eurofins’ US Transplant Diagnostics and transplant care.
Increasing Cases of Chronic Diseases to Aid Development
The surging cases of chronic diseases such as cancer, kidney failure, COPD, lupus, and others will spur the market’s opportunities in the foreseeable future. According to the American Lung Association, over 9 million adults over than age of 18 suffered from chronic bronchitis in the U.S in the year 2018, with over 200,000 new cases of lung cancer was recorded in the U.S. Furthermore, the increasing number of cases of organ failures has surged the demand for transplant procedures, which, in turn, will aid the growth of the market. According to the American Journal of Lung Transplantation the number of lung transplant surgeries in the U.S reached record high of more than 200 in the year 2017. There was an increase of 133 lung transplants from the previous year.
The Hospital Segment to Hold a Significant Share
Based on product type, the market is classified into tissue products, immunosuppressive drugs, and preservation solutions. The tissue segment is expected to account for the largest due to the advent of new, improved outcomes, including Chondrofix Osteochondral Allograft, DeNovo NT Graft, DuraMatrix Collagen Dura Substitute Membrane.
Based on application, the market is divided into organ transplant and tissue transplant. The tissue transplant segment is expected to account for the highest transplantation market share in the market during the forecast period.
Based on end-users, the market is classified into hospitals, transplantation centers, and others. The hospital segment is expected to hold the lion’s share due to the more significant number of transplants in these facilities.
Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.
North America to Lead the Market
- The market size in North America stood at USD 2.29 billion in 2020. The growth is attributable to the well-established healthcare infrastructure in the US.
- Asia Pacific is expected to experience the highest CAGR due to the growing number of chronic diseases coupled with the rising geriatric populace.
- Europe is expected to hold a significant share due to increasing R&D investments by companies.
R&D Investments by Companies to Push Development
The market is dominated by numerous companies operating in the market. Companies are focused on developing novel products to achieve effective transplant procedures. Besides, companies’ adoption of various strategies such as partnerships, mergers, and acquisitions will influence growth in the region. For instance, in September 2020, CollPlant Biotechnologies announced the collaboration and expansion of United Therapeutics Corporation.
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