Organ preservation solutions are used to protect organs prior to transplantation as they often collapse once removed from the human body. Organ preservation processes are employed for preserving organs for future applications such as transplantation and research. The growing global interest in organ transplantation procedures is likely to encourage developments in organ preservation techniques. In line with this, the development of mechanical techniques for would drive the demand for organ preservation solutions in the coming years
The organ preservation solutions market is characterized by the presence of various small and big companies. The market players are adopting the strategies such as new product launches, geographic expansions, and technological advancements to expand their market share. In September 2020, XVIVO Perfusion acquired Organ Assist, a Dutch MedTech company, and finances the acquisition through a private placement of new shares. Further, in June 2017, Essential Pharmaceuticals was acquired by Accord Healthcare. Under the terms of the agreement, Accord has acquired the rights to sell Custodiol HTK Solution of Essential Pharmaceuticals in the US and Canada.
The emerging regions such as Asia Pacific, the Middle East & Africa, and Latin America are growing significantly in the biotechnology and pharmaceutical sectors. The governments of countries in these regions are supporting through various initiatives, funding, programs, and conferences. For instance, there are three different and dominating models of practice in the developing countries. Saudi, Iranian, and Pakistani. Saudi Arabia's concept entails the establishment of a national organ procurement center as a government body charged with supervising organ donation and transplantation. The Iranian approach is based on living donor kidney grafts. Pakistan's approach is a financing mechanism for end-stage organ failure care in poor nations. The growth of the organ transplantation solutions market is driven by economic and demographic development, a rise in healthcare expenditures, and improved public-private healthcare funding, among others. Besides, in China, the public has embraced the new organ donation system. According to a recent web-based poll, 75% of respondents favored donation after cardiac death, and 61% expressed an interest in being a donor. With an annual death toll of 846,510 injury-related fatalities, China has a sizable pool of potential donors. Donation following cardiac death is also universally approved by transplantation experts; in China, there is a tremendous desire to modify the existing quo and pioneer new procedures. Additionally, the International Transplantation Society has recognized the new program, which adheres to international ethical norms.
On the other hand, the R&D activities in the pharmaceuticals and biotechnology sectors are growing aggressively. The emerging economies are currently seeking assistance from the developed nations for advanced technologies and novel procedures. However, the well-established players are turning to the emerging nations for their expansions as these nations have enormous potential to offer market growth. Countries such as Australia, Canada, China, France, Germany, India, Japan, South Korea, the UK, and Spain have large biotech hubs. These countries are engaged in R&D activities for the application of biotechnology and its sub-sectors. Owing to the above-mentioned factors, the emerging regions are likely to create growth opportunities for the organ preservation solutions market in the coming years.