Growing Awareness of Organ Transplants through Mobile Applications to Benefit Demand for Organ Preservation Solutions
The mounting cases of organ failures indicate that the world is on the brink of global emergency for the demand for organ transplants. Increasing organ transplant procedures call for organ preservation that aids in maintaining organs’ viability through the duration of donation and transplant, thereby propelling the growth of the global organ preservation solutions market.
As per a research report by Transparency Market Research (TMR), the global organ preservation solutions market is poised to reach a value of US$0.20 billion by 2019, expanding at a CAGR of 16.50% from 2013 to 2019. TMR analysts estimate that the market is likely to flourish due to the rising global geriatric population. According to the U.S. Department of Health and Human Service, in 2014, 61.6% of the total people who received transplants were above the age of 50.
Why is technological advancement a vital factor in the growth of the global organ preservation solutions market?
The growth of the global organ preservation solutions market is positively influenced by the growing awareness regarding organ transplants through mobile applications and social media. For instance, in July 2016, Tinder, in partnership with Organize, has announced an organ donor registration drive slated to be effective from September 2016. Organize, which is a nonprofit group, is also partnering with Facebook to launch social media campaigns to bolster registrations for organ donations. Other than this, there are apps that make the registration for organ donation easier. All these are technological milestones in the development of the organ transplant sector.
Another factor driving the growth of the market is the rising per capita healthcare expenditure that increases the affordability of organ transplant procedures. The greater adoption of organ transplant surgeries will lead to higher uptake of organ preservation solutions.
What are the challenges faced by the vendors in the global organ preservation solutions market?
The high cost of organ transplantation procedures tends to decrease the number of enrollments for these procedures. This trend has negatively affected the players in the global organ preservation solutions market. Moreover, a shortage of organ donors has posed a threat to the growth of the global organ preservation solutions market. According to the National Kidney Foundation, there are currently 121,678 patients in the U.S. waiting for lifesaving organ transplants. This has shifted the preferences of surgeons towards artificial organs.
Why is the demand for organ preservation solutions higher in developed countries?
The awareness regarding organ transplant is on a rise in developed countries. Moreover, the rate of increase in geriatric population is higher in developed regions than in developing regions. These factors have made developed countries more lucrative markets for organ transplant solutions. Geographically, Europe is the leading regional market for the organ preservation solutions. Countries such as Spain have a policy where a person will be considered organ donor after death if he has not opted for denial of organ donation while alive. This will boost the number of organ donors in the region, thereby fuelling the growth of the regional organ preservation solutions market.