Perfusion Systems Market Foreseen to Grow Exponentially at 3.4% CAGR Over 2022

An up-to-date commerce and business study by Transparency Market Research (TMR) notifies that the global perfusion market is highly competitive and the rivalry will only intensify further in the near future, owing to the growing demand for transplantation that has attracted a number of local and international players to this market. The report identifies General Electricals Inc., Hitachi Ltd., Koninkliijike Philips N.V., Medtronic PLC, Samsung Electronics Co, Ltd., Shimadzu Corporation, Siemens AG, Toshiba Corporation, Accuray Incorporated, Xvivo Perfusion AB, Organ Assist B.V., Organ Recovery Systems, Waters Medical Systems, Paragonix Technologies, Inc., TransMedics, Inc., OrganOx Ltd, and Bridge to Life Ltd. as some of the key companies currently holding a position of strength in the global perfusion systems market.

Demand to Increment at CAGR 3.4%, Forecast Period 2017 to 2022

As per the estimations of the TMR report, the demand in the global perfusion systems market will expand at a CAGR of 3.4% during the forecast period of 2017 to 2022. By the end of 2022, the revenue in the global perfusion systems market is projected to be worth US$1,164.1 mn, substantially up from its evaluated valuation of US$985.6 mn in 2017. Going forward, the vendors of this market are expected to concentrate on catering to the rising demand for technologically advanced products that help in enhanced ex-vivo perfusion and expand their distribution channels. This report on the perfusion systems market notes that several products are under clinical trials in the U.S. and Europe, which may gain approval towards the end of the forecast period and help the companies solidify their position against their competitors.

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Based on product, the global perfusion systems market gains maximum demand for cardiopulmonary perfusion systems, which promises to produce a revenue of US$637.5 mn by 2022, accounting for 54.8% of the total demand. The demand for cardiopulmonary perfusion systems is anticipated to expand at an above-average CAGR of 3.5% during the forecast period of 2017 to 2022. Geographically, the TMR report picks out North America as the most profitable region, which served a demand for perfusion systems worth of US$385.0 mn in 2017 and will increment it to US$457.8 mn by 2022.

Prevalence of Respiratory and Cardiovascular Diseases Driving Demand

Some of the key factors augmenting the demand in the global perfusion systems market are: increasing prevalence of cardiovascular and respiratory diseases, increased investments in cell-based research, incremented biologic manufacturing, and escalating number of organ transplantation as a result of increasing geriatric population, multiple organ failure, and government support. As per the statistics provided by the National Institute of Diabetes and Digestive and Kidney Diseases (NIH), about 661,000 people suffered from kidney failures in 2015 in the U.S and the number is swelling further. The Centre for Disease Control (CDC) report that in 2014, approximately 75,000 people were waiting for organ donations, while only 8,000 actual deceased donations were performed that year. In this scenario, the need for proper preservation and transport facilities is a must, a cause that is aided by perfusion systems.

Growing preference of continuous manufacturing and growing research activities pertaining to pharmaceuticals in several emerging economies are some of the new opportunities opening up for the companies currently functional in the global perfusion systems market.

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High Cost of Transplantation Challenging Prosperity

On the other hand, extremely high cost of organ transplantation, ethical concerns, vast gaps in supply and demand, and high cost of cell-based research are some of the restraints obstructing the prosperity of the global perfusion systems market. According to the National Kidney Foundation, as of 1st November 2017, there were 121,678 people were on the waiting list for transplantations in the U.S.

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This release was published on openPR.