The medical perfusion technology market is expected to reach US$ 962.60 million by 2027 from US$ 707.10 million in 2019. The market is estimated to grow at a CAGR of 4.1% from 2020 to 2027.
The medical perfusion technology market is expected to reach US$ 962.60 million by 2027 from US$ 707.10 million in 2019. The market is estimated to grow at a CAGR of 4.1% from 2020 to 2027.
The scope of the medical perfusion technology market includes technique, organ type, component, and region. The market for medical perfusion technology, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the medical perfusion technology market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID–19 impact analysis across all the regions.
Factors such as rise in prevalence of cardiovascular diseases, significant growth of pharmaceutical and biotechnology industries, increase in need for organ transplantation, and rise in cell-based research activities play a vital role in the growth of the medical perfusion technology market. However, the challenges such as expensive organ transplant surgeries and limited numbers of donors for organ transplant surgeries are likely to impact the growth of the market during the forecast period. On the other hand, technological developments in the emerging nations are likely to provide a significant opportunity for the market growth in the coming years.
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Key Findings from The medical perfusion technology Market
Based on technique, the medical perfusion technology market is segmented into hypothermic machine perfusion and normothermic machine perfusion. The hypothermic machine perfusion segment held larger share of the market in 2019. However, the normothermic machine perfusion segment is estimated to register higher CAGR of 4.4% in the market during the forecast period.
Based on organ type, the medical perfusion technology market is segmented into heart, lung, kidney, and liver. The kidney segment held the largest share of the market in 2019. However, the heart segment is estimated to register the highest CAGR of 4.8% in the market during the forecast period.
Based on component, the medical perfusion technology market is segmented into perfusion pumps, oxygenators, heart-lung machines, monitoring systems, cannulas, and others. In 2019, the oxygenators segment held the largest share of the market, by component. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to the increasing number of cardiovascular surgeries, liver transplantation, and kidney transplantation.
Getinge AB, Medtronic, LivaNova PLC, Terumo Corporation, XVIVO Perfusion, OrganOx Limited, Waters Medical Systems LLC, TransMedics, Organ Recovery Systems, and Xenios AG – a Fresenius Medical Care are among the leading companies operating in the medical perfusion technology market.
The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the medical perfusion technology. For instance, in May 2019, Terumo Cardiovascular Group, a world pioneer in cardiovascular surgery technology, and Talis Clinical, a major supplier of healthcare software solutions, have announced the commercial availability of ACG-Perfusion and ACG-RemoteView Systems in North America.
Perfusion Instruments for Cell-based Research Activities
Rise in chronic conditions and advantages of the applications of biotechnology are extensively boosting the cell-based research activities. The cell-based assays play a vital role in understanding various challenges of biology of the living organisms, such as cell signaling, proliferation, apoptosis, cellular genetics, neurology, and cancer.
The cell-based assays are extensively carried out in pharmaceutical, biotechnology industries, research institutes, and academics research institutes. The pharmaceutical and biopharmaceutical industries use cell-based assays to efficiently commercialize a drug.
The cell-based assays are also extensively carried out by the contract research organizations for the clinical trial studies and other processes. Chronic diseases such as cancer and other genetic related studies are accelerating the demand for the cell-based studies. For instance, Charles River offers services for the human primary cell-based assays. According to an article published by the company, the developments in the cell-based assays are likely to continue in the future. Moreover, the company states that the cell-based assays are helpful in the drug discovery as the in vitro to in vivo correlation plays a vital role in the drug development. Thus, the increasing cell-based research activities are likely to drive the medical perfusion technology market during the forecast period.
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